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ADVENTRX Pharmaceuticals Announces Closing of Financing
SAN DIEGO, Jan 07, 2010 /PRNewswire via COMTEX/ -- ADVENTRX Pharmaceuticals, Inc.
(ANX) announced today that it has completed the previously announced sale of
shares of its Series E convertible preferred stock pursuant to a registered
direct offering to institutional investors, representing gross proceeds to
ADVENTRX of approximately $19 million. ADVENTRX plans to use the net proceeds
from the offering to fund activities relating to the commercial launch of
ANX-530, including acquiring or developing sales, marketing and distribution
capabilities and the associated regulatory compliance infrastructure, and to
continue the development of ANX-514 in the United States, and for general
corporate purposes.
The convertible preferred stock is convertible into shares of ADVENTRX's common
stock at the option of the investors at a conversion price of $0.38115 per share
and will accrue a 3.73344597664961% cumulative dividend until January 7, 2015. If
the convertible preferred stock is converted at any time prior to January 7,
2015, ADVENTRX will pay the holder an amount equal to the total dividend that
would accrue on the convertible preferred stock from the conversion date through
January 7, 2015, or $186.67 per $1,000 stated value of convertible preferred
stock converted, less any dividend payments made with respect to the converted
convertible preferred stock. Approximately $3.5 million of the gross proceeds
will be placed in an escrow account, which amounts will be released to make the
dividend and other payments described above.
The investors also will receive warrants to purchase an aggregate of 12,462,285
shares of ADVENTRX's common stock. The warrants will have an exercise price of
$0.3499 per share and are exercisable at any time after the closing of the
transaction and before the thirty (30) month anniversary of the initial exercise
date.
The convertible preferred stock and warrants are being offered by ADVENTRX
pursuant to effective registration statement(s) on Form S-3 filed with the
Securities and Exchange Commission ("SEC"). A prospectus relating to the offering
was filed with the SEC on January 4, 2010. Rodman & Renshaw, LLC, a wholly owned
subsidiary of Rodman & Renshaw Capital Group, Inc. (RODM), acted as the exclusive
placement agent for the transaction.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or
jurisdiction. The securities may only be offered by means of a prospectus. Copies
of the prospectus can be obtained directly from Rodman & Renshaw, LLC at 1251
Avenue of the Americas, 20th Floor, New York, NY 10020, or from the SEC's website
at http://www.sec.gov.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product
candidates are designed to improve the performance of existing cancer treatments
by addressing limitations associated principally with their safety and use. More
information can be found on the Company's web site at http://www.adventrx.com.
Forward Looking Statement
ADVENTRX cautions you that statements included in this press release that are not
a description of historical facts are forward-looking statements that involve
risks and assumptions that, if they materialize or do not prove to be accurate,
could cause ADVENTRX's results to differ materially from historical results or
those expressed or implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: the potential for regulatory
authorities to require additional preclinical work and/or clinical activities to
support regulatory filings; the risk the FDA will determine that ANX-530 and
Navelbine(R) are not bioequivalent or for the FDA to require additional
preclinical work and/or clinical activities to support the acceptance or approval
of an ANX-530 NDA; the risk that changes made in transferring the manufacturing
process for ANX-530 may result in a lack of comparability between the commercial
product and the material used in clinical trials, and that FDA may require
ADVENTRX to perform additional non-clinical or clinical studies; difficulties or
delays in manufacturing, obtaining regulatory approval for and marketing ANX-530,
including validating commercial manufacturers and suppliers; the risk that
ADVENTRX's common stock will be delisted by the NYSE Amex, including as a result
of failing to maintain sufficient stockholders' equity or a sufficient stock
price; the risk that the provisions of Delaware General Corporation Law will
prohibit ADVENTRX from making the cumulative dividend and other payments due its
Series E convertible preferred stock (or to the holders thereof), which may be a
breach of its certificate of incorporation or other contractual obligations and
expose ADVENTRX to corresponding liability; the risk that the performance of
third parties on whom ADVENTRX relies to conduct its studies or evaluate the data
may be substandard, or they may fail to perform as expected; and other risks and
uncertainties more fully described in ADVENTRX's press releases and in the
prospectus relating to this offering that was filed with the Securities and
Exchange Commission on January 4, 2010. ADVENTRX's public filings with the
Securities and Exchange Commission are available at http://www.sec.gov.
You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date when made. ADVENTRX does not intend
to update any forward-looking statement as set forth in this press release to
reflect events or circumstances arising after the date on which it was made.
SOURCE ADVENTRX Pharmaceuticals, Inc.
Copyright (C) 2010 PR Newswire. All rights reserved
Great news... .31 AH.
GLTA
Looks like we may close over .30, imo.
GLTA.
Updated the iBOX a bit... Still some work left to be done. I'll finish it in the next couple of days.
GLTA.
May make a new HOD here in a few minutes...
jmo.
GLTA.
When the rumor that HGSI was going to be bought out by GSK was going around, GSK said they weren't in negotiations (or something to that effect). You would think if the rumors were not true, ANX would put out a PR...
GLTA.
Yeah.. He knows biotech very well.
I saw CYCC in early Dec. @ ~$1.03 but passed it up b/c I thought it was a longer term play... lol.
GL.
Out GNVC... Got some more ANX..
GLTA.
GNVC up 17% today...
GLTA.
Potential BioShocker: CXSPY.PK (ChemGenex Pharmaceuticals, Ltd.)
CXSPY is the American ADR for CXS.AX.
1 share of CXSPY.PK is worth 15 of CXS.AX.
In February, CXS.AX/CXSPY.PK has a meeting w/ the FDA Oncologic Drugs Advisory Committee for their drug "Omapro". It is intended for use in CML (Chronic Myeloid Leukemia) patients. If the ODAC vote is positive, CXS.AX/CXSPY.PK could really fly, in my opinion.
FYI: CXSFF.PK is NOT known by the company, I originally was going to buy those, but asked the company, and they said CXSFF.PK is not known to them. So the only one that the company recognizes is CXSPY.PK
Do your own DD before investing.
GLTA.
Looks like it may continue it's climb tomorrow...
jmo.
GLTA.
Thanks for the chart & response!
GL!
Think we'll be green tomorrow? Or continue the pullback?
GL.
Hopefully we're under .35 and I'll try to get more! :)
jmo
GLTY
Tomorrow and Friday can be really, really big if this takeover rumor continues... A takeover rumor took HGSI from ~$15 into the $20s....
jmo.
GLTA!
Hopefully by EOY, they'll be in a good cash position, so they can possibly get FDA clearance in 2011.
More of a long-term stock at this point, in my opinion.
GL.
INVO Bioscience, Inc. Announces Registration Statement Effective
BEVERLY, MA -- (Marketwire) -- 01/06/10 --
INVO Bioscience, Inc. (OTCBB: IVOB), a medical device company focused on treatment options for patients diagnosed with infertility, announced today that the SEC declared its Registration Statement on Form S-1 filed on December 21, 2009 effective on December 30, 2009. The Registration Statement becoming effective will satisfy one of the primary conditions in allowing INVO Bioscience to sell securities from time to time to AGS Capital Group, LLC to obtain funding as outlined in the Registration Statement and the 8-K filed November 3, 2009. The Company has submitted an Advance Request this week and anticipates funds from the request on January 8, 2010. "INVO Bioscience now has satisfied the primary condition for our ability to obtain the needed funds to expand sales and execute the business plan," stated Katie Karloff, INVO Bioscience's CEO
About INVO Bioscience
INVO Bioscience (IVOB) is a medical device company, headquartered in Beverly, Massachusetts, focused on creating simplified, lower cost treatment options for patients diagnosed with infertility. The company's lead product, the INVOcell, is a novel medical device used in infertility treatment that enables egg fertilization and early embryo development in the woman's vaginal cavity. The company was founded by Claude Ranoux, MD, a noted expert in the field of reproductive health, infertility and embryology. For more information, please visit www.invobioscience.com
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. Factors that may limit our ability to sell shares to AGS Capital Group, LLC are included in the Registration Statement on Form S-1 filed on December 21, 2009 and amended on December 28, 2009. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise
Contact: Kathleen Karloff
INVO Bioscience, Inc
978-878-9505 extension 508
Email Contact
Definitely a fantastic day! Nice move on ARDM... She may head into the .20s soon, imo.
GL.
Fantastic move here today....
GLTA.
Great move on BNVI today... Up .03 so far!
GL!
ACHN, BNVI, & DDSS are up today...
GLTA.
If I do buy any RPRX, it definitely will be just a short-term trade, i.e. based on good technicals... I would never want to hold them long term.
I did think they had some potential in the mid-term, but not after I researched them a bit further.
Thanks for the post.
30k shares on bid @ $3.21...
GLTA.
Thanks! Might want to check out ACHN, the second cohort of their Hep. C drug is expected to have data released soon... Could be a big mover if it's good news, imo.
GL!
Good Morning everyone!
Can't reply to your PMs... If you'd like, you can email me, my email is in my profile.
GL.
That would be fantastic... At least a close over .30...
GL.
Why do we have to have huge volume on red days??? lol.
GLTA.
If it keeps up w/ action like today, we could possibly see new 52wk high(s) by Friday...
jmo.
GL.
Great! In my opinion, ANX is going to $1 by mid-January.
Not sure if you've seen this, but just in case: http://biomedreports.com/articles/most-popular/23236-extreme-trade-breaking-down-adventrxs-nda-and-financing-news-amexanx.html
Lots of potential upside w/ ANX.
jmo.
GLTY.
By mid-January, we should be at at least $1+, imo. ANX just has too much going for it to stay in the pennies...
jmo.
GLTA.
Picked up some GNVC today @ $1.37... IMO this one is the next HGSI...
jmo.
GLTA.
About to make a new HOD, imo.
GLTA!
DARA down again.. They never keep going up. lol.
GLTA.
BNVI up 3% (.0146)
GLTA.
GNVC up 10% (.12)
GLTA.
DDSS up 7% (.15).
GLTA!
ANX holding up well over .30. IMO, ANX will go green tomorrow. Very much oversold, IMO.
GLTA.
Good luck! :)
I agree. ANX reminds me a whole lot of CTIC.
GLTY.