SAN DIEGO, Aug. 10 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that it has engaged the investment banking firm Canaccord Genuity Inc. to advise the Company and its Board of Directors as it seeks to expand its product candidate pipeline. To assist in evaluating potential acquisition and merger opportunities, the ADVENTRX Board of Directors has formed a Special Committee, which includes Eric K. Rowinsky and Michael M. Goldberg and is chaired by Odysseas D. Kostas.
"The financial results we recently reported, including over $30 million in cash at June 30, provide us substantial leverage in what remains a difficult financing environment. We believe many programs with substantial potential are available at attractive valuations and that now is the right time to explore expanding our pipeline of assets," said Brian M. Culley, Chief Executive Officer of ADVENTRX.
"We are excited to serve ADVENTRX as it seeks to expand its pipeline," said David Schechner, Managing Director at Canaccord Genuity. "In the current market, there are many valuable product candidates and technologies that are not being fully developed, and we believe this provides ADVENTRX an excellent opportunity to grow its business."
Parties wishing to discuss a potential transaction should contact David Schechner, at 617-788-1584.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product candidates are being developed to improve the performance of existing anti-cancer drugs by addressing limitations associated principally with their safety and use. More information can be found on the Company's web site at www.adventrx.com.
About Canaccord Genuity
Canaccord Genuity is the global capital markets division of Canaccord Financial Inc. (CF: TSX | CF.: AIM), offering institutional and corporate clients idea-driven investment banking, merger and acquisition services, research, sales and trading services from 11 offices worldwide. Our team of 375 professionals has industry and transactional expertise in critical sectors of the global economy: Metals and Mining, Energy, Agriculture, Technology, Telecommunications, Financials, Consumer Products, Real Estate, Transportation, Infrastructure, Sustainability, Life Sciences, Support Services and Investment Trusts. We are committed to providing valued services to our clients throughout the entire lifecycle of their business and operating as a gold standard independent investment bank – expansive in resources and reach, but targeted in industry expertise, market focus and individual client attention.
More information is available at www.canaccordgenuity.com.
Canaccord Genuity operates through subsidiaries of Canaccord Financial Inc." Canaccord Genuity Inc. operates in the United States, Vancouver, Toronto, Calgary and Montreal and is a member of FINRA/SIPC. Canaccord Genuity Limited operates in the United Kingdom and is regulated and authorized by the Financial Services Authority and is a member of the LSE. Canaccord Genuity Corp. operates in Canada and is a Member of CIPF and IIROC.
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: disruption of ADVENTRX's business and diversion of its management's time and attention in conducting the product acquisition process and/or in developing acquired products candidates; the potential that ADVENTRX may effect an acquisition through a merger or other business combination whereby the stockholders who own the majority of ADVENTRX's voting securities prior to the transaction own less than a majority after the transaction, and that the post-transaction entity focuses its resources on developing products or product candidates other than ADVENTRX's existing product candidates; the risk that ADVENTRX's limited resources will impair its ability to effectively identify, evaluate, negotiate and implement the acquisition of additional product candidates or rights thereto and to integrate them into its current infrastructure; the risk that ADVENTRX may not be able to acquire or acquire the rights to additional product candidates on terms that it finds acceptable; the risk that ADVENTRX may compete against companies with greater development and commercialization resources for any potential product candidates, which may adversely affect its success in acquiring or acquiring rights to additional product candidates; the potential for ADVENTRX to devote significant resources to potential acquisition or in-licensing opportunities that are never completed, or to fail to realize the anticipated benefits of such efforts; ADVENTRX's ability to obtain stockholder approval to complete the acquisition of additional product candidates, if necessary, on a timely basis, or at all; ADVENTRX's incurrence of substantial debt or dilutive issuances of securities to pay for acquisitions or in-licensing opportunities; higher than expected acquisition and integration costs; the risk that ADVENTRX may not be able to raise sufficient additional capital to successfully develop any additional product candidate it may acquire or acquire rights to; the potential that development of any new product candidate results in finding it is not sufficiently safe or effective for approval by regulatory authorities; the risk that ADVENTRX will pursue development activities for its current and/or future product candidates at levels or on timelines, or will incur unexpected expenses, that shorten the period through which its operating funds will sustain it; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended December 31, 2009. ADVENTRX's public filings with the Securities and Exchange Commission are available at 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.
SOURCE ADVENTRX Pharmaceuticals, Inc.
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"The financial results we recently reported, including over $30 million in cash at June 30, provide us substantial leverage in what remains a difficult financing environment. We believe many programs with substantial potential are available at attractive valuations and that now is the right time to explore expanding our pipeline of assets," said Brian M. Culley, Chief Executive Officer of ADVENTRX.
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"We are excited to serve ADVENTRX as it seeks to expand its pipeline," said David Schechner, Managing Director at Canaccord Genuity. "In the current market, there are many valuable product candidates and technologies that are not being fully developed, and we believe this provides ADVENTRX an excellent opportunity to grow its business."
Parties wishing to discuss a potential transaction should contact David Schechner, at 617-788-1584.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product candidates are being developed to improve the performance of existing anti-cancer drugs by addressing limitations associated principally with their safety and use. More information can be found on the Company's web site at www.adventrx.com.
About Canaccord Genuity
Canaccord Genuity is the global capital markets division of Canaccord Financial Inc. (CF: TSX | CF.: AIM), offering institutional and corporate clients idea-driven investment banking, merger and acquisition services, research, sales and trading services from 11 offices worldwide. Our team of 375 professionals has industry and transactional expertise in critical sectors of the global economy: Metals and Mining, Energy, Agriculture, Technology, Telecommunications, Financials, Consumer Products, Real Estate, Transportation, Infrastructure, Sustainability, Life Sciences, Support Services and Investment Trusts. We are committed to providing valued services to our clients throughout the entire lifecycle of their business and operating as a gold standard independent investment bank – expansive in resources and reach, but targeted in industry expertise, market focus and individual client attention.
More information is available at www.canaccordgenuity.com.
Canaccord Genuity operates through subsidiaries of Canaccord Financial Inc." Canaccord Genuity Inc. operates in the United States, Vancouver, Toronto, Calgary and Montreal and is a member of FINRA/SIPC. Canaccord Genuity Limited operates in the United Kingdom and is regulated and authorized by the Financial Services Authority and is a member of the LSE. Canaccord Genuity Corp. operates in Canada and is a Member of CIPF and IIROC.
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: disruption of ADVENTRX's business and diversion of its management's time and attention in conducting the product acquisition process and/or in developing acquired products candidates; the potential that ADVENTRX may effect an acquisition through a merger or other business combination whereby the stockholders who own the majority of ADVENTRX's voting securities prior to the transaction own less than a majority after the transaction, and that the post-transaction entity focuses its resources on developing products or product candidates other than ADVENTRX's existing product candidates; the risk that ADVENTRX's limited resources will impair its ability to effectively identify, evaluate, negotiate and implement the acquisition of additional product candidates or rights thereto and to integrate them into its current infrastructure; the risk that ADVENTRX may not be able to acquire or acquire the rights to additional product candidates on terms that it finds acceptable; the risk that ADVENTRX may compete against companies with greater development and commercialization resources for any potential product candidates, which may adversely affect its success in acquiring or acquiring rights to additional product candidates; the potential for ADVENTRX to devote significant resources to potential acquisition or in-licensing opportunities that are never completed, or to fail to realize the anticipated benefits of such efforts; ADVENTRX's ability to obtain stockholder approval to complete the acquisition of additional product candidates, if necessary, on a timely basis, or at all; ADVENTRX's incurrence of substantial debt or dilutive issuances of securities to pay for acquisitions or in-licensing opportunities; higher than expected acquisition and integration costs; the risk that ADVENTRX may not be able to raise sufficient additional capital to successfully develop any additional product candidate it may acquire or acquire rights to; the potential that development of any new product candidate results in finding it is not sufficiently safe or effective for approval by regulatory authorities; the risk that ADVENTRX will pursue development activities for its current and/or future product candidates at levels or on timelines, or will incur unexpected expenses, that shorten the period through which its operating funds will sustain it; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission including its annual report on Form 10-K for the year ended December 31, 2009. ADVENTRX's public filings with the Securities and Exchange Commission are available at 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.
SOURCE ADVENTRX Pharmaceuticals, Inc.
