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ADVENTRX Reports Third Quarter Financial Results
Date:11/8/2010

Financial ResultsADVENTRX's net loss applicable to common stock for the nine months ended September 30, 2010 was $11.8 million, or $0.94 per share, compared to net loss applicable to common stock of $9.7 million, or $2.40 per share, for the same period in 2009. Included in net loss applicable to common stock for the nine months ended September 30, 2010 and 2009 were non-cash, deemed dividend expenses of approximately $5.6 million and $1.6 million, respectively, related to the Company's January and May 2010 and June, July and August 2009 equity financings.  

R&D expenses for the nine months ended September 30, 2010 were $2.8 million, a decrease of $1.8 million, or 39%, compared to $4.5 million for the same period in 2009.  The decrease was due primarily to a $0.6 million decrease in external bioequivalence/clinical trial study fees and expenses largely attributable the completion of patient enrollment in the ANX-514 bioequivalence study and the completion of ANX-510 studies in the first quarter of 2009, a $0.6 million decrease in personnel costs attributable to lower headcount and the absence of severance costs in 2010, and a $0.5 million decrease in external nonclinical study fees and expenses largely attributable to a decrease in research-related manufacturing expenses for Exelbine.  

SG&A expenses for the nine months ended September 30, 2010 were $3.4 million, a decrease of $0.3 million, or 9%, compared to $3.7 million for the same period in 2009.  The decrease was due primarily to a $0.4 million decrease in fees for professional legal, audit and tax services, a $0.3 million decrease in personnel costs attributable to lower headcount and the absence of severance costs in 2010, and a $0.1 million decrease in the cost of the Company's facilities lease, partially offset by a $0.3 million increase in director compensation and stock compensation expense and a $0.2 million increase in fees for accounting, investor relations and
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SOURCE ADVENTRX Pharmaceuticals, Inc.
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