Mast Therapeutics, Inc. (MSTX)

[leoncio1]

ADVENTRX Grants Exclusive Worldwide Rights to CoFactor Know-How and Data

SAN DIEGO, June 10 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has granted Theragence, Inc. exclusive, worldwide rights under its know-how to develop, make, use and sell 5,10-methylenetetrahydrofolate, also known as ANX-510 or CoFactor. Under the terms of their agreement, Theragence will use commercially reasonably efforts to research, develop and commercialize licensed products. ADVENTRX will receive royalties on net sales of licensed products and up to approximately $30 million in commercial milestones based on aggregate gross sales of licensed products in the United States, European Union and Japan.

"While our focus remains on ANX-530, or Exelbine™, and ANX-514, we constantly seek to create value from all of our assets, including through strategic alliances for those product candidates that may be outside our core business," stated Brian M. Culley, Chief Executive Officer of ADVENTRX. "Theragence's computational approach to analyzing data may provide valuable insight into specific populations for which CoFactor can improve clinical outcomes."

In October 2007, ADVENTRX reported the results of a Phase 2b study in which CoFactor, in combination with 5-fluorouracil, did not demonstrate statistically significant improved safety in the trial's primary endpoint. In November 2007, ADVENTRX discontinued enrolling patients in its Phase 3 clinical trial of CoFactor for the treatment of metastatic colorectal cancer and, in October 2008, ADVENTRX discontinued active work on its CoFactor program.