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Biotech / Medical : ADVENTRX Pharmaceuticals Inc (Anx)
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To: Keith Feral who wrote (399)2/10/2009 10:19:17 AM
From: RuffianRead Replies (1) of 418
 
ADVENTRX Provides Update on Strategic Transaction Process
Tuesday February 10, 9:00 am ET
Evaluation of multiple proposals for strategic transactions on-going

SAN DIEGO, Feb. 10 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Alternext US: ANX) announced today that it has received written indications of interest from numerous companies representing a range of strategic transactions. The Company currently is evaluating all proposals and options. In December 2008, the Company announced that it was exploring a range of strategic options, including the sale or disposition of one or more of its product candidate programs, a strategic business merger and other transactions that maximize the value of the Company's assets.

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"We are pleased with the number and breadth of opportunities presented to us and are currently negotiating with interested parties," stated Brian M. Culley, Chief Business Officer of ADVENTRX. "In order to provide sufficient flexibility to consummate a transaction on appropriate terms, we continue to curtail our spending. While this may impact the timelines of our regulatory filings, it is likely that a future partner would make the final decision on the timing of each NDA submission. However, we still remain on track to announce pharmacokinetic data from our bioequivalence study of ANX-514 in the second quarter."
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