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PRESS RELEASES ADVENTRX Pharmaceuticals Elects Two New Members to the Board of Directors SAN DIEGO – January 29, 2004 – ADVENTRX Pharmaceuticals, Inc. (OTC Bulletin Board: AVRX) announced today that Michael M. Goldberg, M.D. and Mark J. Pykett, V.M.D., Ph.D. have been elected to the Board of Directors. In conjunction with this development, ADVENTRX filed an application today to list its Common Stock on the American Stock Exchange. "We are very pleased to welcome Dr. Goldberg and Dr. Pykett to our Board of Directors," said Nicholas Jon Virca, Chief Executive Officer of ADVENTRX. "At Emisphere, Dr. Goldberg has been instrumental in building a successful R&D organization and deploying a portfolio of technologies which address important developmental needs for the biotechnology industry. He brings highly valued leadership skills and a wealth of financial and public company experience to our organization." Mr. Virca continued, "Dr. Pykett comes to our organization with a diverse background that includes research, development and commercial achievements in the biotechnology industry. We are confident that his counsel and extensive clinical and business experience will greatly benefit our Company." Michael M. Goldberg, M.D., M.B.A., is Chairman and Chief Executive Officer of Emisphere Technologies, Inc. (NASDAQ: EMIS). Emisphere is a biopharmaceutical company specializing in the oral delivery of therapeutic macromolecules and other compounds that are not currently deliverable by oral means. Dr. Goldberg was previously a Vice President for The First Boston Corporation, where he was a founding member of the Healthcare Banking Group. He received his M.D. from Albany Medical College of Union University and his M.B.A. from Columbia University Graduate School of Business. Mark Pykett, V.M.D., Ph.D., M.B.A., is Co-Founder, President, Chief Executive Officer and a member of the Board of Directors of Cytomatrix, LLC, and President of Cordlife, Pte Ltd., of Singapore, which acquired Cytomatrix in 2003. Cytomatrix is focused on the research, development and commercialization of novel cell-based therapies. Dr. Pykett graduated Phi Beta Kappa, Summa Cum Laude from Amherst College, holds a veterinary degree, Phi Zeta, Summa Cum Laude, and doctorate in molecular biology from the University of Pennsylvania, and received an M.B.A. degree Beta Gamma Sigma from Northeastern University. He completed post-doctoral fellowships at the University of Pennsylvania and Harvard University. In his research in academia, Dr. Pykett focused on understanding the molecular basis of cancer. Dr. Pykett also held an adjunct faculty position at the Harvard School of Public Health from 1997 to 2003. The new independent members of the Board of Directors will enhance the corporate governance infrastructure of ADVENTRX and satisfy specific requirements for listing on the American Stock Exchange. Although ADVENTRX must satisfy several other material requirements prior to being listed, the Company currently expects that it will meet all conditions to the listing of its Common Stock on the American Stock Exchange. About ADVENTRX ADVENTRX Pharmaceuticals, Inc. is a biopharmaceutical research and development company whose business strategy is to commercialize leading edge medical research through licensing agreements with prominent universities and research institutions. The Company focuses its energy in cancer and antiviral research to launch products that either extend the usefulness of current therapies or replace marginal therapies with new approaches to treatment. This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are made based on management's current expectations and beliefs. Actual results may vary from those currently anticipated based upon a number of factors, including uncertainties inherent in the drug development process, the timing and success of clinical trials, the validity of research results, and the receipt of necessary approvals from the United States Food and Drug Administration. The Company undertakes no obligation to release publicly any revisions, which may be made to reflect events or circumstances after the date hereof. Contact: Investor Contact: Jill Meleski, The Ruth Group (646) 536-7032 Media Contact: Gregory Tiberend, The Ruth Group (646) 536-7005 |
