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PRESS RELEASES Bengt G. Gustavsson, M.D., Ph.D. To Chair ADVENTRX Scientific Advisory Board SAN DIEGO – February 10, 2005 – ADVENTRX Pharmaceuticals, Inc. (Amex: ANX) today announced that Bengt G. Gustavsson, M.D., Ph.D., co-inventor of the Company's lead product CoFactor™, was appointed chairman of the scientific advisory board (SAB). Dr. Gustavsson had served as a medical advisor to the Company from 2001 through the end of 2002. CoFactor is a biomodulator developed to enhance the activity of the widely used cancer drug, 5-FU (5-fluorouracil). "We welcome Bengt and are very pleased to gain his significant oncology expertise and intimate knowledge of CoFactor, as we focus on advancing this drug through clinical development," said Evan M. Levine, ADVENTRX president and CEO. "Bengt and Dr. Paul Spears were responsible for much of CoFactor's early development and oversaw previous clinical studies that showed CoFactor's promise in improving time-to-tumor progression and patient survival in a variety of cancers." ADVENTRX is currently conducting a Phase II clinical trial using CoFactor to evaluate safety, tumor response, time-to-tumor-progression and overall survival in patients with surgically incurable, metastatic colon or rectal adenocarcinoma. The Company presently plans to file in the first quarter of this year for clearance to begin both a Phase III randomized controlled trial in the U.S. and a Phase IIb randomized controlled trial in the European Union for metastatic colorectal cancer. ADVENTRX also presently plans to file in the EU during the first quarter of this year to begin a Phase II trial for treatment of patients with advanced pancreatic cancer. The Company has been granted orphan drug status for CoFactor for the treatment of pancreatic cancer in both the U.S. and EU. "I am pleased to be able to assist ADVENTRX with further clinical development efforts for CoFactor as chairman of the SAB," said Dr. Gustavsson. "I am hopeful that CoFactor will further demonstrate the ability to improve patient outcomes in cancer therapies that incorporate 5-FU." Since 1997, Dr. Gustavsson has served as chairman of the Department of Surgery at Sahlgrenska University Hospital. From 1981 to 1999, he was associate professor of Surgery, Division of General Surgery at the University of Göteborg and in 2000 he became a professor of surgery at the University of Göteborg. Over the past decade, Dr. Gustavsson has been head of surgical oncology at the östra University Hospital in Göteborg. Since 1996 he has been a member of the scientific committee of the Swedish Cancer Society. Dr. Gustavsson served two terms (1996-2002) as a member of the scientific committee of the Swedish Cancer Society. He is a member of ASCO and European Surgical Society, Swedish Surgical society and the Swedish society of Colon and Rectal Surgeons. Dr. Gustavsson obtained both a degree in Medicine and a Ph.D. in Surgery from the University of Göteborg in Sweden. From 1989 to 1993, Dr. Gustavsson, in collaboration with Dr. Colin Paul Spears at the University of Southern California, directed a Phase I/II clinical study with CoFactor at Sahlgrenska University Hospital. In this trial CoFactor was administered 20 minutes before intravenous administration of 5-FU resulting in improved survival and time-to-tumor-progression while lowering toxicity in metastatic colorectal cancer patients. Results of Drs. Gustavsson and Spears' clinical work were published in The Cancer Journal, vol. 10, no. 5 September-October 1997. About ADVENTRX ADVENTRX Pharmaceuticals, Inc. is a biopharmaceutical research and development company with a business strategy to commercialize leading edge medical research through licensing agreements with prominent universities and research institutions. The Company focuses on cancer and viral research to launch products that either extend the usefulness of current therapies or replace marginal therapies with new approaches to treatment. More information can be found on the Company's Web site at www.adventrx.com. Forward Looking Statement 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 FDA and other regulatory agencies. The Company undertakes no obligation to release publicly any revisions, which may be made to reflect events or circumstances after the date hereof. Contact: ADVENTRX Pharmaceuticals Andrea Lynn 858-552-0866 Investor Contact: Lippert Heilshorn & Associates Jody Cain (jcain@lhai.com) Brandi Floberg (bfloberg@lhai.com) 310-691-7100 |
