SAN DIEGO, April 3, 2008 /PRNewswire-FirstCall/ -- ADVENTRX
Pharmaceuticals, Inc. (Amex: ANX) announced today that Mark Bagnall, a
member of the Company's Board of Directors, has joined the Company as
Executive Vice President, a newly created position, and Chief Financial
Officer. As Executive Vice President, Mr. Bagnall will work with the
Company's Chief Executive Officer and President to define the Company's
long-term strategy, help oversee internal execution of that strategy and
communicate with the Company's stakeholders.
Mr. Bagnall will continue as a member of the Company's Board of
Directors, but has resigned his positions on the Company's Audit,
Compensation and Nominating & Governance Committees, as well as his
position as Chair of the Audit Committee. Jack Lief, currently Chair of the
Board of Directors, will increase his involvement with the Company and
assume Mr. Bagnall's responsibilities as Chair of the Audit Committee.
The Company also announced that Gregory P. Hanson's employment
relationship with the Company ended, effective April 2, 2008. Mr. Hanson
joined the Company in December 2006 and previously served as the company's
Chief Financial Officer.
"Mark is a proven biotechnology executive and we welcome him to our
team," stated Evan M. Levine, Chief Executive Officer and President of
ADVENTRX. "His expertise in the public and private sector, as well as his
unique perspective as a long-time Board member, will prove invaluable as we
advance our product candidates towards commercialization. In addition, we
thank Greg for his service to the company, and wish him success in the
future."
"This is a great time to be joining the ADVENTRX management team,"
stated Mr. Bagnall. "The company has made tremendous progress with its
novel emulsion formulations of vinorelbine and docetaxel. I look forward to
the continued development and anticipated commercialization of these
product candidates, as well as the continued development of CoFactor, if
the data sets expected this quarter are positive. I am excited to
contribute my experience to the collective efforts required to transition
ADVENTRX to its next stage of growth as a commercial stage
biopharmaceutical company."
Mr. Bagnall has held senior management positions in the biotechnology
industry for 20 years and has been a director of ADVENTRX since 2004.
During his time in the industry he has held positions in both finance and
business development and has managed equity and debt financings, corporate
partnering and licensing deals and M&A transactions. He is a director of
two other publicly held biotechnology companies, VIA Pharmaceuticals, Inc.,
a biotechnology company focused on the development of compounds for the
treatment of cardiovascular disease, and Forticell Bioscience, Inc.
(formerly Ortec International, Inc.), a biotechnology company focusing on
advanced regenerative medicine and stem cell therapy. Mr. Bagnall most
recently served as senior vice president and chief finance and operations
officer of Metabolex, Inc., a biotechnology company developing therapeutics
for diabetes and related metabolic disorders, positions he had held since
June 2000. Prior to joining Metabolex, Mr. Bagnall held the top financial
position at four life science companies: Metrika, Inc., a privately held
diagnostics company, and three public biotechnology companies, Progenitor,
Inc., Somatix Therapy Corporation, and Hana Biologics, Inc. In addition he
is a co-founder and director of the Association of Bioscience Financial
Officers, an international organization of life science CFOs.
Mr. Bagnall received his B.S. in Business Administration from the
University of California at Berkeley, Haas School of Business, and is a
Certified Public Accountant.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company focused on
in-licensing, developing and commercializing proprietary product candidates
primarily for the treatment of cancer and infectious disease. The Company
seeks to improve the performance and commercial potential of existing
treatments by addressing limitations associated with these treatment
regimens. More information can be found on the Company's web site at
http://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, 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: successfully educating new
executives and integrating new executives with existing executives and
management; the risk that directors will undertake projects that divert
their respective attention from ADVENTRX matters, or that may pose a
conflict of interest with ADVENTRX; ADVENTRX's ability to raise sufficient
capital to fund the projects necessary to meet its anticipated or stated
goals; the results of pending clinical trials for ADVENTRX's product
candidates, including the registrational bioequivalence clinical trial of
ANX-514; the potential for ADVENTRX's product candidates to receive
regulatory approval for one or more indications, and the uncertain process
of seeking regulatory approval; other difficulties or delays in developing,
testing, manufacturing and marketing and obtaining regulatory approval for
ADVENTRX's product candidates; unexpected adverse side effects or
inadequate therapeutic efficacy of ADVENTRX's product candidates; 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:
investors, Ioana C. Hone of ADVENTRX
Pharmaceuticals, Inc., +1-858-552-0866
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