Conference call scheduled for November 6, 2008 at 1:30 p.m. (Pacific Time);
simultaneous webcast at http://www.adventrx.com
SAN DIEGO, Nov. 6 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (Amex: ANX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates primarily for the treatment of cancer, today reported financial results for the three-month and nine-month periods ended September 30, 2008.
"We recently restructured the company to curtail spending while allowing us to continue to advance our lead product candidates towards commercialization," stated Mark Bagnall, the Company's Executive Vice President and Chief Financial Officer. "We believe the market is undervaluing ANX-530 and ANX-514, both of which have the potential to generate revenues in 2010."
Three-Month Period Ended September 30, 2008 Operating Results
ADVENTRX's net loss was $6.8 million, or $0.08 per share, for the three-month period ended September 30, 2008, compared to a net loss of $5.9 million, or $0.07 per share, for the same period in 2007. Included in the net loss for the three-month period ended September 30, 2008 were non-cash, share-based compensation expenses amounting to $0.4 million, compared to $0.7 million for the same period in 2007.
Research and development, or R&D, expenses increased by $0.3 million,
or 7%, to $4.7 million for the three-month period ended September 30, 2008,
from $4.4 million for the same period a year ago. The increase was
primarily due to a $1.7 million increase in expenses related to external
research-related manufacturing and regulatory and quality assurance
|SOURCE ADVENTRX Pharmaceuticals, Inc.|
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