Mast Therapeutics, Inc. (MSTX)

[leoncio1]

ADVENTRX Engages Canaccord Genuity as Product Acquisition Advisor
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Companies:Adventrx Pharmaceuticals, Inc.CANACCORD FINANCIAL INC..Related Quotes
Symbol Price Change
ANX 2.03 0.00


Press Release Source: ADVENTRX Pharmaceuticals, Inc. On Tuesday August 10, 2010, 8:00 am

SAN DIEGO, Aug. 10 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that it has engaged the investment banking firm Canaccord Genuity Inc. to advise the Company and its Board of Directors as it seeks to expand its product candidate pipeline. To assist in evaluating potential acquisition and merger opportunities, the ADVENTRX Board of Directors has formed a Special Committee, which includes Eric K. Rowinsky and Michael M. Goldberg and is chaired by Odysseas D. Kostas.

"The financial results we recently reported, including over $30 million in cash at June 30, provide us substantial leverage in what remains a difficult financing environment. We believe many programs with substantial potential are available at attractive valuations and that now is the right time to explore expanding our pipeline of assets," said Brian M. Culley, Chief Executive Officer of ADVENTRX.

"We are excited to serve ADVENTRX as it seeks to expand its pipeline," said David Schechner, Managing Director at Canaccord Genuity. "In the current market, there are many valuable product candidates and technologies that are not being fully developed, and we believe this provides ADVENTRX an excellent opportunity to grow its business."

Parties wishing to discuss a potential transaction should contact David Schechner, at 617-788-1584.