Tuesday, pharmaceutical company ADVENTRX Pharmaceuticals, Inc. (ANX), said that it has indefinitely postponed a earlier announced plan to voluntarily withdraw its common stock listing from the New York Stock Exchange AMEX and list on the NASDAQ Capital Market. The company reaffirmed that it intends to submit a NDA before the year end for the its cancer chemotherapeutic drug ANX-530.
San Diego-based ADVENTRX had raised approximately $6 million from sale of shares of its series D convertible preferred stock under a registered direct offering to institutional investors earlier this month and had also raised approximately $3.8 million in proceeds in three separate offerings earlier this year.
Commenting on the recent financing, Brian Culley, Principal Executive Officer at ADVENTRX said, "We believe we now have the funds to support operations well into 2010 and, importantly, through the significant milestone of an FDA decision on ANX-530."
The company intents to use majority of the proceeds from its latest offering to fund its operations during the FDA review period of an ANX-530 New Drug Application or NDA.
Commenting on the company's other cancer chemotherapeutic drug, ANX-514, Culley said "We remain confident in the potential of this product candidate, and look forward to discussing the results of our clinical bio-equivalence study of ANX-514 with the FDA."
On the resignations of Alexander Denner and Mark Bagnall from its Board of Directors, Culley said, "Dr. Denner's recent resignation, as well as Mark's in August, are consistent with our transformation to a leaner, specialty pharmaceutical company leveraging an innovative drug development strategy that seeks to bring improved versions of existing therapies to patients in a quick and efficient manner."
ANX is currently trading at $0.144, up 16.60% or $0.020 on volumes of 9.79 million on AMEX.
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