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PRESS RELEASES ADVENTRX Pharmaceuticals Reports Filing of Quarterly Report with the SEC and First Quarter 2004 Results SAN DIEGO – May 12, 2004 – ADVENTRX Pharmaceuticals (AMEX: ANX) announced today the filing of its Quarterly Report on Form 10-QSB with the Securities and Exchange Commission and financial results for the quarter ended March 31, 2004. For the first quarter of 2004, ADVENTRX reported a net loss of $710,463, or $0.02 per share. Expenditures increased from the preceding quarter reflecting additional costs associated with recent hires and expanded research and development and clinical trial operations for lead products, CoFactor™ and BlockAide/CR™, and preclinical compounds, Thiovir™ and EradicAide™. At March 31, 2004, ADVENTRX had cash, cash equivalents and short-term investments totaling $3,423,918. More information on the results of operations can be found in ADVENTRX' Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission. 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 on cancer and antiviral research to launch products that either extend the usefulness of current therapies or replace marginal therapies with new approaches to treatment. More information on ADVENTRX can be found on the Company's website at www.adventrx.com. 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. Contacts: The Ruth Group Investors: Stephanie Carrington 646-536-7017 Media: Cynthia Isaac, Ph.D. 646-536-7028 |
