SAN DIEGO, Jan. 30 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals,
Inc. (Amex: ANX), a biopharmaceutical research and development company
focused on commercializing proprietary product candidates for the treatment
of cancer and infectious diseases, announced today that Evan M. Levine, the
company's current Chief Executive Officer, has resumed his position as
Chief Executive Officer and President, a position he held from September
2004 through September 2006.
The company also announced that James A. Merritt's employment
relationship with the company ended, effective January 29, 2008. Dr.
Merritt previously served as the company's President and Chief Medical
Officer. In connection with these events, the underlying responsibilities
of the Chief Medical Officer and President positions have been
consolidated. Joachim P.H. Schupp, M.D., who has served as the company's
Vice President, Medical Affairs since August 2006, will lead the company's
clinical group and assume Dr. Merritt's clinical responsibilities, and Mr.
Levine will resume the corporate responsibilities of the President.
"We have an experienced team that will continue to rapidly advance our
lead programs and we are excited by our continued progress and anticipate
achieving additional milestones in 2008," stated Mr. Levine. "On behalf of
our board of directors and the entire management team, we thank Jay for his
contributions to the company and wish him well," added Mr. Levine.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals seeks to improve the performance and safety of
existing treatments by addressing significant problems such as drug
metabolism, bioavailability, excessive toxicity and treatment resistance.
More information can be found on the Company's web site at
http://www.adventrx.com.
Forward Looking Statement
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, uncertainties, assumptions and other factors
that, if they do not materialize or 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 that preclinical
and clinical results are not indicative of the success of subsequent
clinical trials and that products will not perform as preclinical or
clinical data suggests or as otherwise anticipated; the results of pending
clinical trials for ADVENTRX's product candidates; the FDA's views on the
appropriateness of seeking marketing approval of certain of ADVENTRX's
product candidates under Section 505(b)(2); difficulties or delays in
developing, testing, manufacturing and marketing and obtaining regulatory
approval for ADVENTRX's product candidates, including receiving necessary
regulatory approvals for clinical trials of ANX-514; the potential for
regulatory authorities to require additional preclinical work or other
clinical requirements to support regulatory filings; patent and non-patent
exclusivity covering ADVENTRX's Section 505(b)(2) product candidates; the
risk that ADVENTRX will be unable to raise sufficient capital to fund the
projects necessary to meet its anticipated or stated goals and milestones;
and other risks and uncertainties more fully described in ADVENTRX's press
releases and periodic filings with the Securities and Exchange Commission.
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 revise or update any forward-looking statement set forth in this
press release to reflect events or circumstances arising after the date on
which it was made.
SOURCE ADVENTRX Pharmaceuticals, Inc.
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Related links:
http://www.adventrx.com
CONTACT:
Ioana C. Hone of ADVENTRX Pharmaceuticals,
+1-858-552-0866
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