Adventrx Pharmaceuticals, Inc. (ANX) said it 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 would accrue a 3.73344597664961% cumulative dividend until January 7, 2015.
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