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Adventrx Pharmaceuticals To Raise $11.3 Million From Stock Sale

October 7, 2009 (FinancialWire) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) (Current Market Cap: $17.80 Mil.) said it has obtained commitments to purchase around $11.3 million shares of its series D convertible preferred stock.

The company plans to use the net proceeds from the offering to fund its operations during the FDA review period of an NDA for its ANX-530 product and to continue development of its ANX-514 product, and for general corporate purposes.

According to Adventrx, the preferred stock is convertible into shares of Adventrx common stock at the option of the investors at a conversion price of $0.18805 per share and will accrue a 4.25660% cumulative dividend until October 9, 2020.

Around $5.283 million of the gross proceeds will be placed in an escrow account, to be released to make dividend and other payments to the investors. The investors will also receive warrants to purchase an aggregate of 19.8 million shares of the company’s common stock.

San Diego-based Adventrx Pharmaceuticals is a specialty pharmaceutical company whose product candidates are designed to improve the safety of existing cancer treatments.

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