SAN DIEGO, June 30 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals,
Inc. (Amex: ANX) today announced that it settled its dispute with
Theragenex, LLC and its Chairman and President and Chief Executive Officer
for payments aggregating $600,000, which payments the Company has received
in full. The parties have agreed to jointly move to dismiss the underlying
arbitration action and all related claims and counterclaims, with
prejudice. In addition, in connection with dismissing the arbitration, the
Company and Theragenex will release each other from any and all claims
related to their past relationship.
In October 2007, the Company filed a demand for arbitration against
Theragenex (doing business as TRx Pharma, LLC and/or TRx Pharmaceuticals,
LLC) and its founder, Chairman and President and Chief Executive Officer in
his individual capacity as the alter ego of Theragenex, seeking damages of
up to $10 million with respect to breach of a license agreement, dated
October 20, 2006, between the Company and Theragenex. In November 2007,
Theragenex responded to the Company's demand, asserting numerous
affirmative defenses, counterclaiming intentional misrepresentation,
negligent misrepresentation and rescission and seeking a refund of its
initial $500,000 payment under the license agreement, plus interest,
rescission of the license agreement and that the Company pay its reasonable
attorneys' fees and costs associated with the action.
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 ADVENTRX's web site at
http://www.adventrx.com.
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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