SAN DIEGO, April 3, 2008 ADVENTRXPharmaceuticals, Inc. (Amex: ANX) announced today that Mark Bagnall, a memberof the Company's Board of Directors, has joined the Company as Executive VicePresident, a newly created position, and Chief Financial Officer. AsExecutive Vice President, Mr. Bagnall will work with the Company's ChiefExecutive Officer and President to define the Company's long-term strategy,help oversee internal execution of that strategy and communicate with theCompany'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 andNominating & Governance Committees, as well as his position as Chair of theAudit Committee. Jack Lief, currently Chair of the Board of Directors, willincrease his involvement with the Company and assume Mr. Bagnall'sresponsibilities as Chair of the Audit Committee.
The Company also announced that Gregory P. Hanson's employmentrelationship with the Company ended, effective April 2, 2008. Mr. Hansonjoined the Company in December 2006 and previously served as the company'sChief 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 uniqueperspective as a long-time Board member, will prove invaluable as we advanceour product candidates towards commercialization. In addition, we thank Gregfor his service to the company, and wish him success in the future."
"This is a great time to be joining the ADVENTRX management team," statedMr. Bagnall. "The company has made tremendous progress with its novelemulsion formulations of vinorelbine and docetaxel. I look forward to thecontinued development and anticipated commercialization of these productcandidates, as well as the continued development of CoFactor, if the data setsexpected this quarter are positive. I am excited to contribute my experienceto the collective efforts required to transition ADVENTRX to its next stage ofgrowth as a commercial stage biopharmaceutical company."
Mr. Bagnall has held senior management positions in the biotechnologyindustry for 20 years and has been a director of ADVENTRX since 2004. Duringhis time in the industry he has held positions in both finance and businessdevelopment and has managed equity and debt financings, corporate partneringand licensing deals and M&A transactions. He is a director of two otherpublicly held biotechnology companies, VIA Pharmaceuticals, Inc., abiotechnology company focused on the development of compounds for thetreatment of cardiovascular disease, and Forticell Bioscience, Inc. (formerlyOrtec International, Inc.), a biotechnology company focusing on advancedregenerative medicine and stem cell therapy. Mr. Bagnall most recently servedas senior vice president and chief finance and operations officer ofMetabolex, Inc., a biotechnology company developing therapeutics for diabetesand related metabolic disorders, positions he had held since June 2000. Priorto joining Metabolex, Mr. Bagnall held the top financial position at four lifescience companies: Metrika, Inc., a privately held diagnostics company, andthree public biotechnology companies, Progenitor, Inc., Somatix TherapyCorporation, and Hana Biologics, Inc. In addition he is a co-founder anddirector of the Association of Bioscience Financial Officers, an internationalorganization of life science CFOs.
Mr. Bagnall received his B.S. in Business Administration from theUniversity of California at Berkeley, Haas School of Business, and is aCertified Public Accountant.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company focused onin-licensing, developing and commercializing proprietary product candidatesprim