Navigation Links
ADVENTRX Reverse Split Effective; Trading on Adjusted Basis Begins Today
Date:4/26/2010

SAN DIEGO, April 26 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that the Company's previously announced 1-for-25 reverse stock split is now effective, and the Company's common stock will begin trading on a split adjusted basis on the NYSE Amex when the market opens today.

The reverse stock split is intended to satisfy the NYSE Amex's determination, as previously communicated to the Company, that it is appropriate for the Company to effect a reverse stock split to address its low trading price per share and that, if a reverse stock split is not completed within a reasonable amount of time, the NYSE Amex may initiate delisting procedures. The Company also believes that a higher share price could broaden ADVENTRX's appeal to investors, in addition to reducing per share transaction fees and certain administrative costs.

The 1-for-25 reverse split reduces the number of shares of the Company's common stock outstanding from approximately 257 million to approximately 10.3 million. Proportional adjustments have been made to ADVENTRX's outstanding stock options, warrants and other equity awards and to its equity compensation plans. Par value and the number of authorized shares of common stock have not changed.  The Company will not issue any fractional shares. Stockholders will receive cash in lieu of fractional shares to which they would otherwise be entitled.

Registered holders of ADVENTRX common stock will receive a letter of transmittal from the Company's transfer agent, American Stock Transfer and Trust Company, with instructions for the exchange of their old stock certificates or the electronic adjustment of their holdings through the direct registration system, as applicable, and payment of cash in lieu of any fractional share. Registered holders may contact American Stock Transfer and Trust Company at (877) 248-6417 with questions regarding the exchange process. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions.

About ADVENTRX Pharmaceuticals

ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product candidates are designed to improve the performance of existing cancer treatments by addressing limitations associated principally with their safety and use.  More information can be found on the Company's web site at www.adventrx.com.

Forward Looking Statements

ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks and assumptions that, if they materialize or do not prove to be accurate, could cause ADVENTRX's results to differ materially from historical results or those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk of negative market reaction following implementation of the 1-for-25 reverse stock split, resulting in stock price decline; the risk that the NYSE Amex will commence delisting proceedings based on a future low selling price per share; the risk that ADVENTRX will pursue development activities at levels or on timelines, or will incur unexpected expenses, that shortens the period through which it is able to comply with NYSE Amex continued listing requirements related to stockholders' equity; the risk that ADVENTRX will be unable to raise sufficient additional capital to continue to develop, seek regulatory approval of and commercialize its product candidates; the risk of difficulties or delays in manufacturing, obtaining regulatory approval for and marketing ADVENTRX's lead product candidates; ADVENTRX's reliance on the performance of third parties to assist in the conduct of its bioequivalence trials, regulatory submissions, CMC activities and other important aspects of its product candidate development programs, and that such third parties may fail to perform as expected; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2009. ADVENTRX's public filings with the Securities and Exchange Commission are available at http://www.sec.gov/.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date when made. ADVENTRX does not intend to update any forward-looking statement as set forth in this press release to reflect events or circumstances arising after the date on which it was made.


'/>"/>
SOURCE ADVENTRX Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. ADVENTRX Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2009 Financial Results
2. ADVENTRX Receives Brand Name Acceptance for ANX-530
3. ADVENTRX Receives Refuse to File Letter from FDA on ANX-530 New Drug Application
4. ADVENTRX Announces Management Promotions
5. ADVENTRX Appoints Icahn Representative to Board of Directors
6. ADVENTRX Pharmaceuticals to Present at the 12th Annual BIO CEO & Investor Conference on February 9
7. ADVENTRX Pharmaceuticals to Present at the Lippert/Heilshorn Life Sciences Virtual Conference
8. ADVENTRX Pharmaceuticals Reports Additional Pre-Clinical Data for ANX-514
9. ADVENTRX Pharmaceuticals to Present at the BIOCOM Investor Conference on October 26
10. ADVENTRX Pharmaceuticals Announces Closing of Financing
11. ADVENTRX Announces Results From ANX-514 Bioequivalence Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... York , February 23, 2017 ... arising from increasing caseload for varicose veins in their ... the globe are prompting the adoption of endovenous laser ... on global endovenous laser therapy market, published ... aftereffects of lifestyle choices and consequences of obesity have ...
(Date:2/23/2017)... According to a new market ... Digital, Analog), MRI (Closed, Open), Ultrasound, CT, Nuclear Imaging ... User (Hospitals, Imaging Centers) - Global Forecast to 2021", ... over the forecast period of 2016 to 2021. The ... 2021, at a CAGR of 6.6% from 2016 to ...
(Date:2/23/2017)... 23, 2017 Research and Markets has announced ... - Industry Forecast to 2025" report to their offering. ... The Global Endoscopy ... over the next decade to reach approximately $47.6 billion by 2025. ... forecasts for all the given segments on global as well as ...
Breaking Medicine Technology:
(Date:2/23/2017)... , ... February 23, 2017 , ... HealthPostures, the desk ... an expert sit stand solutions representative to the Minneapolis Home and Garden Show which ... the event that is garnering national attention is the Minneapolis Convention Center. , ...
(Date:2/22/2017)... ... February 22, 2017 , ... Our ... to overwork even the sharpest brain. , Power On, a mental performance enhancer ... over clocking the brain. Each capsule contains Cognizin® Citicoline, a branded form of ...
(Date:2/22/2017)... ... February 22, 2017 , ... Secure ... to the largest network of hospitals, health information exchanges, physicians and patients, announced ... Information Technology (ONC-HIT) 2015 Edition Health IT Module Certification via Drummond Group LLC, ...
(Date:2/22/2017)... ... February 22, 2017 , ... ... understand each Medicare Advantage member’s risk, identify any gaps-in-coding, as well as ... helps transform the HCC Risk Adjustment process from a typical fragmented process ...
(Date:2/22/2017)... ... February 22, 2017 , ... Sideline Products participated in the World Horse ... host Tom Seay and his production crew. Tom Seay’s program “Best of America ... world. Saddle Sidekicks will be featured on April 6, 2017. After the broadcast, ...
Breaking Medicine News(10 mins):