JohnJohnson
08.01.2010, 06:15
NEWS $$$$ ADVENTRX Pharmaceuticals Announces Closing of Financing
SAN DIEGO, Jan. 7 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has completed the previously announced sale of shares of its Series E convertible preferred stock pursuant to a registered direct offering to institutional investors, representing gross proceeds to ADVENTRX of approximately $19 million. ADVENTRX plans to use the net proceeds from the offering to fund activities relating to the commercial launch of ANX-530, including acquiring or developing sales, marketing and distribution capabilities and the associated regulatory compliance infrastructure, and to continue the development of ANX-514 in the United States, and for general corporate purposes
The convertible preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investors at a conversion price of $0.38115 per share and will accrue a 3.73344597664961% cumulative dividend until January 7, 2015. If the convertible preferred stock is converted at any time prior to January 7, 2015, ADVENTRX will pay the holder an amount equal to the total dividend that would accrue on the convertible preferred stock from the conversion date through January 7, 2015, or $186.67 per $1,000 stated value of convertible preferred stock converted, less any dividend payments made with respect to the converted convertible preferred stock. Approximately $3.5 million of the gross proceeds will be placed in an escrow account, which amounts will be released to make the dividend and other payments described above
The investors also will receive warrants to purchase an aggregate of 12,462,285 shares of ADVENTRX's common stock. The warrants will have an exercise price of $0.3499 per share and are exercisable at any time after the closing of the transaction and before the thirty (30) month anniversary of the initial exercise date
The convertible preferred stock and warrants are being offered by ADVENTRX pursuant to effective registration statement(s) on Form S-3 filed with the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering was filed with the SEC on January 4, 2010. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the transaction
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities may only be offered by means of a prospectus. Copies of the prospectus can be obtained directly from Rodman & Renshaw, LLC at 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, or from the SEC's website at http://www.sec.gov/
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 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 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 potential for regulatory authorities to require additional preclinical work and/or clinical activities to support regulatory filings; the risk the FDA will determine that ANX-530 and Navelbine® are not bioequivalent or for the FDA to require additional preclinical work and/or clinical activities to support the acceptance or approval of an ANX-530 NDA; the risk that changes made in transferring the manufacturing process for ANX-530 may result in a lack of comparability between the commercial product and the material used in clinical trials, and that FDA may require ADVENTRX to perform additional non-clinical or clinical studies; difficulties or delays in manufacturing, obtaining regulatory approval for and marketing ANX-530, including validating commercial manufacturers and suppliers; the risk that ADVENTRX's common stock will be delisted by the NYSE Amex, including as a result of failing to maintain sufficient stockholders' equity or a sufficient stock price; the risk that the provisions of Delaware General Corporation Law will prohibit ADVENTRX from making the cumulative dividend and other payments due its Series E convertible preferred stock (or to the holders thereof), which may be a breach of its certificate of incorporation or other contractual obligations and expose ADVENTRX to corresponding liability; the risk that the performance of third parties on whom ADVENTRX relies to conduct its studies or evaluate the data may be substandard, or they may fail to perform as expected; and other risks and uncertainties more fully described in ADVENTRX's press releases and in the prospectus relating to this offering that was filed with the Securities and Exchange Commission on January 4, 2010. 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.
DATASOURCE: ADVENTRX Pharmaceuticals, Inc
CONTACT: Brian Culley, Principal Executive Officer of ADVENTRX
Pharmaceuticals, +1-858-552-0866; or Investors, Don Markley of
Lippert/Heilshorn & Associates, Inc., +1-310-691-7100, , for
ADVENTRX Pharmaceuticals, Inc
Web Site: http://www.adventrx.com/
20 GOOD things about ANX:
FROM SOMEONE I TRUST
1) No debt
2) NOT a high float
3) GOOD pre-clinical test results with their drug.
4) NDA then FDA
JohnJohnson
09.01.2010, 23:13
ADVENTRX Pharmaceuticals, Inc. (AMEX:ANX) Reuters ProVestor Plus Company Report
Industry Profitability
8 January, 2010 Page 8
TTM = Trailing Twelve Month. MRQ = Most Recent Quarter.
Financial Strength
ANX Industry Sector S&P 500 Company Rank in Industry
Quick Ratio 1.7 3.1 2.3 1.5 51
Current Ratio 1.7 3.7 3.0 2.0 46
Total Debt to Equity 0.0 0.4 0.5 0.8 NA
Long Term Debt to Equity 0.0 0.3 0.4 0.6 NA
Interest Coverage for Trailing Twelve Months (338.9) 2.1 19.3 10.9 5
Worst Best
Values are for Most Recent Quarter unless noted otherwise. ADVENTRX Pharmaceuticals, Inc. is less leveraged than the average for the
Biotechnology & Drugs industry.
Growth Rates (%)
% Growth Rate ANX Industry Sector S&P 500 Company Rank in Industry
Sales Growth For Most Recent Quarter NA 14.6 6.0 (6.7) NA
Sales Growth For Trailing 12 Months (40.0) 11.1 3.4 (5.6) 18
Sales Growth For Past 5 Years 162.7 27.3 15.3 13.0 98
Capital Spending Growth for Past 5 Years 32.4 10.0 6.5 12.2 76
EPS Growth for Most Recent Quarter 69.6 25.5 23.6 (0.3) 77
EPS Growth for Trailing Twelve Months 33.0 17.7 16.0 (15.0) 62
EPS Growth for Past 5 Years NA 30.5 20.8 16.8 NA
Worst Best
ADVENTRX Pharmaceuticals, Inc. (AMEX:ANX) Reuters ProVestor Plus Company Report
Annual Financial Statements
8 January, 2010 Page 9
Years are Fiscal Years.
Currency in Thousands of U.S. Dollars (except per share values). Shares in Thousands.
Annual Income Statement
2001 2002 2003 2004 2005 2006 2007 2008
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
Dec. 31, 2001 Dec. 31, 2002 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008
Restated as of Restated as of
Dec. 31, 2007 Dec. 31, 2007
Licensing revenue $0 $46 $4 $0 $0 $0 $500 $500
Total Revenue $0 $46 $4 $0 $0 $0 $500 $500
General/Admin. $2,038 $1,388 $1,586 $4,018 $4,901 $7,236 $8,679 $9,720
Research/Development 946 283 749 2,744 8,682 12,001 15,934 17,922
Depreciation/Amort. 7,672 428 9 41 116 177 198 168
Interest Expense 12 54 1 0 0 0 0 0
In process research and
development NA NA NA 0 0 10,422 0 0
Goodwill Impairment 5,702 NA NA 0 NA NA 0 0
Total Operating Expense $16,370 $2,153 $2,345 $6,803 $13,699 $29,836 $24,811 $27,810
Interest Income $32 $1 $9 $103 $496 $1,165 $2,169 $550
Other Income NA NA NA NA NA NA 0 112
Net Income Before Taxes ($16,338) ($2,106) ($2,332) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Net Income After Taxes ($16,338) ($2,106) ($2,332) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Net Income Before Extra. Items ($16,338) ($2,106) ($2,332) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Net Income ($16,338) ($2,106) ($2,332) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Preferred Dividends ($256) ($242) ($38) $0 $0 $0 $0 $0
EPS Reconciliation
2001 2002 2003 2004 2005 2006 2007 2008
Income Available to Com Excl
ExtraOrd ($16,594) ($2,348) ($2,370) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Income Available to Com Incl
ExtraOrd ($16,594) ($2,348) ($2,370) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Basic Weighted Average Shares 14,805 15,682 31,798 50,720 59,828 73,988 89,913 90,253
Basic EPS Excluding ExtraOrdinary
Items ($1.12) ($0.15) ($0.07) ($0.13) ($0.22) ($0.39) ($0.25) ($0.30)
Basic EPS Including ExtraOrdinary
Items ($1.12) ($0.15) ($0.07) ($0.13) ($0.22) ($0.39) ($0.25) ($0.30)
Diluted Net Income ($16,594) ($2,348) ($2,370) ($6,700) ($13,203) ($28,671) ($22,142) ($26,648)
Diluted Weighted Average Shares 14,805 15,682 31,798 50,720 59,828 73,988 89,913 90,253
Diluted EPS Excluding ExtraOrd Items ($1.12) ($0.15) ($0.07) ($0.13) ($0.22) ($0.39) ($0.25) ($0.30)
Diluted EPS Including ExtraOrd Items ($1.12) ($0.15) ($0.07) ($0.13) ($0.22) ($0.39) ($0.25) ($0.30)
Normalized Income Before Taxes ($3,033) ($2,106) ($2,332) ($6,700) ($13,203) ($18,249) ($22,142) ($26,648)
Normalized Income After Taxes ($3,033) ($2,106) ($2,332) ($6,700) ($13,203) ($18,249) ($22,142) ($26,648)
Normalized Inc. Avail to Com. ($3,289) ($2,348) ($2,370) ($6,700) ($13,203) ($18,249) ($22,142) ($26,648)
Basic Normalized EPS ($0.22) ($0.15) ($0.07) ($0.13) ($0.22) ($0.25) ($0.25) ($0.30)
Diluted Normalized EPS ($0.22) ($0.15) ($0.07) ($0.13) ($0.22) ($0.25) ($0.25) ($0.30)
Trend Graphs on next page
ADVENTRX Pharmaceuticals, Inc. (AMEX:ANX) Reuters ProVestor Plus Company Report
Annual Financial Statements
8 January, 2010 Page 10
Years are Fiscal Years.
Currency in Thousands of U.S. Dollars (except per share values). Shares in Thousands.
Income Statement Trend Graphs
Bar graphs of specific Income Statement items can be used to help in identifying volatility.
Fiscal Year 2008
Fiscal Year 2007
Fiscal Year 2006
Fiscal Year 2005
Fiscal Year 2004
Fiscal Year 2003
Fiscal Year 2002
Fiscal Year 2001
NM
NM
NM
NM
NM
NM
NM
NM
($0.30)
($0.25)
($0.39)
($0.22)
($0.13)
($0.07)
($0.15)
($1.12)
$500
$500
$0
$0
$0
$4
$46
$0
NA
NA
NM
NM
NM
NA
NA
NM
Annual EBITD Margin (%) EPS Diluted (Excl. Extraord.) Net Annual Revenue Annual Gross Margin (%)
ADVENTRX Pharmaceuticals, Inc. (AMEX:ANX) Reuters ProVestor Plus Company Report
Annual Financial Statements
8 January, 2010 Page 11
Years are Fiscal Years.
Currency in Thousands of U.S. Dollars. Shares in Thousands.
Annual Balance Sheet
2001 2002 2003 2004 2005 2006 2007 2008
As of As of As of As of As of As of As of As of
Dec. 31, 2001 Dec. 31, 2002 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008
Reclassified as of
Assets Dec. 31, 2007
Cash and cash equivalents $164 $104 $4,226 $13,032 $14,635 $25,974 $14,781 $9,850
Shortterm investments NA NA NA 0 7,958 25,771 18,682 0
Notes Rcvbl. 36 0 NA NA NA NA NA NA
Prepaid Expenses 0 0 28 115 256 511 616 478
Advances to Emp. 30 0 NA NA NA NA NA NA
Interest and other receivables NA NA 0 11 10 80 72 122
Assets Available for Sale NA NA 0 108 0 NA NA NA
Total Current Assets $230 $104 $4,254 $13,266 $22,859 $52,336 $34,151 $10,450
Furnit./Equip. $32 $32 $48 $333 $513 $651 $755 $720
Computer Softwar 9 12 12 12 65 99 122 103
Depreciation (28) (30) (39) (60) (170) (347) (545) (625)
Other Assets 34 13 8 57 355 58 58 61
Total Assets $277 $131 $4,283 $13,608 $23,622 $52,797 $34,541 $10,709
Liabilities
Payable/Accrued $430 $579 $90 $532 $593 $480 $552 $1,721
Accrued Salary 304 115 0 57 173 293 623 915
Accrued Liabilities NA NA 0 629 930 1,675 2,318 2,077
Curr.Port.NP 54 197 0 NA NA NA NA NA
Accrued Dividend 128 35 73 0 NA NA NA NA
Warranty Liability NA NA NA 0 29,696 NA NA NA
Total Current Liabilities $916 $926 $163 $1,218 $31,392 $2,448 $3,493 $4,713
Notes Payable $0 $57 $0 NA NA NA NA NA
Total Long Term Debt 0 57 0 NA NA NA NA NA
Other Long Term Liabilites NA NA NA 0 57 36 14 0
Total Liabilities $916 $983 $163 $1,218 $31,449 $2,484 $3,507 $4,713
Shareholder Equity
Sr. B Conv. Prfd $0 $2 $2 $0 $0 NA NA NA
Sr. C Conv. Prfd 0 1 0 0 0 NA NA NA
Common Stock 15 17 42 54 67 90 90 90
Paid in Capital 23,390 25,276 32,557 47,553 52,105 127,284 130,141 131,751
Accum Deficit (24,043) (26,149) (28,481) (35,182) (59,965) (77,057) (99,199) (125,846)
Treasury Stock NA NA 0 (35) (35) NA NA NA
Accumulated other comprehensive
income ( NA NA NA 0 (2) (2) 3 0
Total Equity ($638) ($853) $4,120 $12,390 ($7,830) $50,315 $31,035 $5,995
Total Liabilities & Shareholders'
Equity $278 $130 $4,283 $13,608 $23,619 $52,799 $34,542 $10,708
S/O-Common Stock 15,005 17,496 42,492 53,834 56,506 89,677 90,253 90,253
Total Common Shares
Outstanding 15,005 17,496 42,492 53,834 56,506 89,677 90,253 90,253
T/S-Common Stock NA NA 0 23 23 0 0 0
S/O-Sr. A. Conv. Prfd. Stk. 3 0 0 0 NA NA NA NA
S/O-Sr. B. Conv. Prfd. Stk. 200 200 200 0 NA NA NA NA
S/O-Sr. C. Conv. Prfd. Stk. 0 70 0 0 NA NA NA NA
Total Preferred Shares Outstanding 203 271 200 0 NA NA NA NA
Trend Graphs on next page
ADVENTRX Pharmaceuticals, Inc. (AMEX:ANX) Reuters ProVestor Plus Company Report
Annual Financial Statements
8 January, 2010 Page 12
Years are Fiscal Years.
Currency in Thousands of U.S. Dollars. Shares in Thousands.
Balance Sheet Trend Graphs
Bar graphs of specific Balance Sheet items can be used to help in identifying volatility.
Fiscal Year 2008
Fiscal Year 2007
Fiscal Year 2006
Fiscal Year 2005
Fiscal Year 2004
Fiscal Year 2003
Fiscal Year 2002
Fiscal Year 2001
$9,850
$14,781
$25,974
$14,635
$13,032
$4,226
$104
$164
$4,713
$3,507
$2,484
$31,449
$1,218
$163
$983
$916
$5,995
$31,035
$50,315
($7,830)
$12,390
$4,120
($853)
($638)
90,253
90,253
89,677
56,506
53,834
42,492
17,496
15,005
Cash and Equivalents Total Liabilities Total Equity Shares Outstanding
ADVENTRX Pharmaceuticals, Inc. (AMEX:ANX) Reuters ProVestor Plus Company Report
Annual Financial Statements
8 January, 2010 Page 13
Years are Fiscal Years.
Currency in Thousands of U.S. Dollars.
Annual Cash Flow Statement
2001 2002 2003 2004 2005 2006 2007 2008
12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months 12 Months
Dec. 31, 2001 Dec. 31, 2002 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008
Reclassified as of Reclassified as of
Cash From (Used By) Operations Dec. 31, 2007 Dec. 31, 2007
Net Income ($16,339) ($2,106) ($2,332) ($6,701) ($13,203) ($28,672) ($22,142) ($26,647)
Depreciation 7,618 33 9 41 116 177 198 168
Gain on disposal of fixed assets NA NA NA NA NA NA 0 (4)
Forgiveness Advance 0 30 0 0 NA NA NA NA
Goodwill Impairment 5,702 NA 0 0 NA NA NA NA
Write off of Assets AFS NA NA 0 0 108 0 0 NA
In-process research and
development NA NA NA NA 0 10,422 0 NA
Amort. Debt Discount 54 396 0 0 NA NA NA NA
Expense Paid Warrant 167 163 157 86 NA NA NA NA
Expense Paid Prfd. 137 6 0 0 NA NA NA NA
Exp. Rel. to Options 0 329 286 525 995 1,894 2,414 1,606
Expenses Rel. Options issd Non
Employees NA NA 0 0 94 104 2 5
Expenses paid by issuance of
common NA NA 0 0 102 147 78 0
Accretion of Discounts NA NA 0 0 (112) (243) (1,042) (208)
Issuance of Common 387 12 207 0 NA NA NA NA
Prepaid Assets NA 0 (23) (255) (281) (107) (174) 86
Other Assets 12 (9) 0 0 57 (21) (21) (14)
Increase in accounts payable and
accrued 550 44 (550) 1,128 479 525 1,044 1,221
Cash from Operating Activities ($1,712) ($1,102) ($2,246) ($5,176) ($11,645) ($15,774) ($19,643) ($23,787)
Plus: Cash From (Used By) Investment Activities
Capital Expenditure ($16) ($2) ($16) ($306) ($238) ($172) ($127) ($65)
Cash paid for acquisitions net of
cash NA NA NA NA 0 (32) 0 NA
Proceeds from sale of property and
equip NA NA NA NA NA NA 0 34
Mat. Certificates 1,016 NA NA NA NA NA NA NA
Proceeds from Sale of Short Term
Inv. NA NA 0 0 5,275 15,030 59,240 33,244
Purchase of Short Term Invesetment NA NA 0 0 (13,123) (32,600) (51,104) (14,356)
Cash Acquired (35) NA NA NA NA NA NA NA
Notes Rcvbl. NA 36 0 NA NA NA NA NA
Cash from Investing Activities $965 $34 ($16) ($306) ($8,086) ($17,774) $8,009 $18,857
Plus: Cash From (Used By) Financing Activities
Finance Payment NA NA $0 ($1,367) ($1,883) ($3,135) $0 NA
Proceeds from sale of common stock NA 0 6,590 15,626 19,999 39,999 0 NA
Sale of Prfd. Stock 0 1,002 0 NA NA NA NA NA
Exercise of Stock Options NA NA 0 0 145 126 442 0
Exerecise of Warrant 48 287 NA 27 3,073 7,898 0 NA
Purchase of Warrants (55) NA 50 0 0 NA NA NA
Issuance of LT Debt 450 NA NA NA NA NA NA NA
Payment of LT Debt NA (280) (254) 0 NA NA NA NA
Cash from Financing Activities $443 $1,009 $6,386 $14,286 $21,334 $44,888 $442 $0
Equals: Increase (Decrease) In Cash
Net Change in Cash ($303) ($61) $4,122 $8,806 $1,602 $11,339 ($11,193) ($4,931)
Net Cash - Beginning Balance $468 $164 $104 $4,226 $13,032 $14,635 $25,974 $14,781
Net Cash - Ending Balance 164 104 4,226 13,032 14,634 25,974 14,781 9,850
Cash Interest Paid 3 7 1 0 0 0 0 0
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