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PRESS RELEASES ADVENTRX Pharmaceuticals Announces Second Quarter 2004 Results SAN DIEGO – August 10, 2004 – ADVENTRX Pharmaceuticals, Inc. (AMEX: ANX) today announced results for the second quarter ended June 30, 2004. The Company reported a net loss of $1,509,254, or $0.03 per share, for the three months ended June 30, 2004. This compares to a net loss of $625,655, or $0.03 per share, for the three months ended June 30, 2003. Research and development expenses for the three months ended June 30, 2004 increased by $550,732 to $773,091 from $222,359 for the same period last year. Cost increases were attributed mainly to expanded research and development and clinical trial operations for lead products, CoFactor™ and BlockAide/CR™, and preclinical compounds, Thiovir™ and EradicAide™. General and administrative expenses for the three months ended June 30, 2004 increased by $343,176 to $745,838 from $402,662 for the same period last year. The increase was primarily due to higher salary and related benefits for new employees, and higher legal and professional fees in 2004. "This second quarter was a period of excellent progress in the advancement of our clinical and research programs," said Nicholas Jon Virca, President and CEO. "In addition to the continued product development success this quarter, we have enhanced our positioning, both financially and operationally. We believe that the recent decision to list on the AMEX and the relocation to a larger facility in San Diego will prove to be beneficial to our shareholders and the future success of our organization." Second Quarter Highlights: ADVENTRX closed a private placement of approximately $15 million by selling approximately 10 million shares of its Common Stock at a purchase price of $1.50 per share. BlockAide/CR received FDA clearance to begin Phase Ib/IIa human clinical trials in the U.S. for treatment of HIV/AIDS. ADVENTRX began trading on the American Stock Exchange under the symbol: ANX. ADVENTRX expanded the number of U.S. sites where patients were dosed with CoFactor in the first line Phase II clinical trial in metastatic colorectal cancer. cGMP (current Good Manufacturing Practices) production began for the antiviral drug, Thiovir, in preparation for an IND filing with the FDA. ADVENTRX reported positive results using CoFactor in combination with 5-flourouracil (5-FU) and an antibody-based inhibitor of vascular endothelial growth factor (anti-VEGF) in a mouse model for human colorectal cancer at the ASCO conference in New Orleans. The Company announced that it signed a lease to move its headquarters to a larger facility that would include state-of-the-art laboratories, in addition to expanded corporate and administrative offices. ADVENTRX presented study results that demonstrated statistically significant inhibition of tumor growth and survival using CoFactor/5-FU/anti-VEGF combination treatment in a pancreatic tumor model at the Pancreatic Cancer 2004 Advances and Challenges Conference in San Francisco. 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. For investor information, to download a copy of our new investor fact sheet or to access a link to our SEC filings, please visit http://www.adventrx.com/investors. 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: The Ruth Group Investors: Stephanie Carrington 646-536-7017 Media: Cynthia Isaac, Ph.D. 646-536-7028

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