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Pharma Watch: Adventrx Eyes $19.2 Million Raise

May 4, 2010 (FinancialWire) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) said it has signed agreements to purchase shares of its series F convertible preferred stock pursuant to a registered direct offering to institutional investors, representing gross proceeds to the company of around $19.2 million.

Adventrx said it plans to use the net proceeds from the offering to fund activities relating to acquiring and developing additional product candidates, to continue development of its current lead product candidates, 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 $3.7025 per share and will accrue a 2.19446320054018% cumulative dividend until May 6.

The investors also will receive series A warrants to purchase an aggregate of 1,816,609 shares of Adventrx’s common stock. The series A warrants will have an exercise price of $3.65 per share and are exercisable at any time after the closing of the transaction and before the five-year anniversary of their initial exercise date.

Adventrx said that the investors also will receive series B warrants to purchase an aggregate of 778,547 shares of Adventrx’s common stock. The series B warrants also will have an exercise price of $3.65 per share and are exercisable at any time after the closing of the transaction and before the date that is 10 trading days after the 1 year anniversary of their initial exercise date.

The closing of the offering is scheduled to take place on or before May 6, 2010, subject to the satisfaction of customary closing conditions.

California-based 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.

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