Conference call scheduled for May 12, 2008 at 1:30 p.m. (Pacific Time);
simultaneous webcast at http://www.adventrx.com
SAN DIEGO, May 12 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals,
Inc. (Amex: ANX), a biopharmaceutical company focused on in-licensing,
developing and commercializing proprietary product candidates primarily for
the treatment of cancer and infectious disease, today reported financial
results for the first quarter ended March 31, 2008.
"We continue to make progress towards our 2008 corporate objectives.
Last month, we initiated patient enrollment in our registrational
bioequivalence clinical study of ANX-514 and we are diligently continuing
the preparation of our New Drug Application for ANX-530, which we
anticipate submitting around the end of the year" stated Evan M. Levine,
Chief Executive Officer and President of ADVENTRX.
"In addition, during the last quarter, we strengthened our team by
adding long-time board member Mark Bagnall as Executive Vice President and
Chief Financial Officer and Jose Hechavarria as Vice President of
Manufacturing," Mr. Levine continued. "Eric Rowinski, Executive Vice
President and Chief Medical Officer of Imclone, also joined our Board of
Directors and we expect he will play an active role advising the Company as
we continue to advance our oncology product candidates. We are committed to
building the team that can secure approval for and commercialize our lead
product candidates, and view these additions as evidence of our success in
achieving this goal."
Three-Month Period Ended March 31, 2008 Operating Results
ADVENTRX's net loss was $5.9 million, or $0.07 per share, for the
three-month period ended March 31, 2008, compared to a net loss of $5.1
million, or $0.06 per share, for the same period in 2007. Included in the
net loss for the three-month period ended March 31, 2008 were non-cash,
share-based compensation expenses amounting to $644,000, compared to
$645,000 for the same period in 2007.
Research and development, or R&D, expenses increased by $435,000, or
13%, to $3.8 million for the three-month period ended March 31, 2008, from
$3.4 million for the same period a year ago. The increase was primarily due
to a $985,000 increase in expenses related to external research-related
manufacturing and regulatory and quality assurance activities related to
ANX-530 and ANX-514, a $365,000 increase in personnel and related costs and
a $283,000 increase in expenses related to external clinical trial
activities related to ANX-514. The increase was offset in part by an
$842,000 decrease in external clinical trial expenses related to ANX-530
and ANX-510, or CoFactor(R), and a $284,000 decrease in expenses related to
external preclinical activities. R&D expenses for the three-month period
ended March 31, 2008 included non-cash, share-based compensation expense
amounting to $306,000, compared to $254,000 for the same period a year ago.
Selling, general and administrative, or SG&A, expenses decreased by
$444,000, or 16%, to $2.4 million for the three-month period ended March
31, 2008, from $2.8 million for the same period a year ago. The decrease
was primarily due to a $274,000 decrease in consulting fees related to
market research and brand name development for ANX-530 and a $213,000
decrease in patent application expenses. SG&A expenses for the three-month
period ended March 31, 2008 included non-cash, share-based compensation
expenses amounting to $338,000, compared to $391,000 for the same period a
year ago.
Interest income amounted to $299,000 for the three-month period ended
March 31, 2008, compared to $622,000 for the same period a year ago.
Balance Sheet Highlights
As of March 31, 2008, the Company had cash, cash equivalents and
investments in securities totaling $28.8 million, with cash and cash
equivalents of $20.3 million and short-term investments in securities of
$8.5 million. Stockholders' equity amounted to $25.8 million as of March
31, 2008.
Conference Call and Webcast
ADVENTRX management will host a conference call with simultaneous
webcast to discuss first quarter results, provide a corporate update and
take investors' questions today at 1:30 p.m. Pacific/4:30 p.m. Eastern
Time. Evan M. Levine, Chief Executive Officer and President, and Mark N.K.
Bagnall, Chief Financial Officer and Executive Vice President, are
scheduled to lead the call and will be joined by other members of the
Company's senior management. The conference call may be accessed by dialing
(888) 215-7013 for domestic callers and (913) 312-1235 for international
callers. The webcast will be available live via the Internet by accessing
ADVENTRX's website at http://www.adventrx.com under "Investors". Replays of
the webcast will be available on ADVENTRX's website for 30 days and a phone
replay will be available through May 17, 2008 by dialing 888-203-1112 and
entering the pass code 5439297.
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 problems associated with these treatment regimens.
More information can be found on the Company's website 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 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 that ADVENTRX will be unable to raise sufficient
capital to fund the projects necessary to meet its anticipated or stated
goals and milestones; the risk that preclinical results are not indicative
of the success of subsequent clinical trials and the results of pending
clinical trials; the potential for ADVENTRX's product candidates to receive
regulatory approval for one or more indications on a timely basis or at
all, and the uncertain process of seeking regulatory approval; other
difficulties or delays in developing, testing, manufacturing, obtaining
regulatory approval for and marketing ADVENTRX's product candidates; the
potential for regulatory authorities to require additional preclinical work
or other clinical requirements to support regulatory filings; the market
potential for ADVENTRX's product candidates and ADVENTRX's ability to
compete in those markets; the scope and validity of patent protection for
ADVENTRX's product candidates; patent and non-patent exclusivity covering
Navelbine(R) and Taxotere(R); 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 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.
[Tables to Follow]
ADVENTRX Pharmaceuticals, Inc. and Subsidiaries
(A Development Stage Enterprise)
Summary Condensed Consolidated Financial Information
(In 000s except for per share data)
Consolidated Statement of Operations Data:
Quarters Ended March 31,
2008 2007
(unaudited) (unaudited)
Revenues $- $500
Operating expenses:
Research and development 3,820 3,385
Selling, general and administrative 2,365 2,809
Depreciation and amortization 47 52
Total operating expenses 6,232 6,246
Loss from operations (6,232) (5,746)
Interest income 299 622
Loss before income taxes (5,933) (5,124)
Provision for income taxes - -
Net loss $(5,933) $(5,124)
Net loss per share - basic and diluted $(0.07) $(0.06)
Weighted average shares - basic and diluted 90,253 89,677
Balance Sheet Data:
March 31, 2008 December 31, 2007
(unaudited) (audited)
Total cash and investments in securities $28,807 $33,463
Net working capital 25,384 30,658
Total assets 29,854 34,542
Total liabilities 4,102 3,507
Stockholders' equity 25,752 31,035
SOURCE ADVENTRX Pharmaceuticals, Inc.
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Related links:
http://www.adventrx.com/
CONTACT:
Investors, Ioana C. Hone of ADVENTRX
Pharmaceuticals, +1-858-552-0866
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