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PRESS RELEASES ADVENTRX Pharmaceuticals Raises $2.5 Million Through a Private Placement Company to Use Funding for Clinical Trials and to Accelerate Pre-Clinical Development SAN DIEGO, Sept. 16 /PRNewswire-FirstCall/ – ADVENTRX Pharmaceuticals, Inc. (OTC Bulletin Board: AVRX - News) announced today that it has raised approximately $2.5 million through a private placement with institutional and accredited investors. The Company issued approximately 2.5 million shares of its unregistered common stock, with 30% warrant coverage to purchase additional shares of its common stock at $1.25. "We believe this funding will help further develop our promising HIV and cancer platforms," said Nicholas Jon Virca, CEO of ADVENTRX. "In less than five months, we were able to raise a second round of financing at more than twice the price of our last funding, reflecting the high expectations for our HIV trial of BlockAide/CR(TM) and the prospects for CoFactor." In addition to the continued funding of clinical trial activities the Company will use the new proceeds to expand preclinical testing programs to move two additional HIV pipeline drugs into clinical trials during 2004 and 2005. 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: ADVENTRX Pharmaceuticals, Inc. Nicholas J. Virca, 858/271-9671 Fax: 858/271-9678 Virca@adventrx.com or CEOcast, Inc. for ADVENTRX Pharmaceuticals Ken Sgro, 212/732-4300 Fax: 212/732-1131 kensgro@ceocast.com |
