ADVENTRX Awarded $488,958 in Grants Under Qualifying Therapeutic Discovery Project Program

SAN DIEGO, Nov. 2, 2010 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has been awarded a total of $488,958 in grants under the qualifying therapeutic discovery project ("QTDP") program established under Section 48D of the Internal Revenue Code.  The Company submitted applications for its ANX-530, or Exelbine™, and ANX-514 projects and a grant in the amount of $244,479 has been approved for each project.  

"We are pleased to have our lead development programs recognized for these grants," said Brian M. Culley, Chief Executive Officer of ADVENTRX.  "The cash awards will provide additional support for the development of Exelbine and ANX-514 without diluting the value of either our assets or our equity."  

The QTDP program was established as a result of the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants to taxpayers with no more than 250 employees in an amount equal to 50% of eligible 2009 and 2010 expenses related to a qualifying therapeutic discovery project.  The grant amounts were further limited because the QTDP program was oversubscribed.  

About ADVENTRX Pharmaceuticals

ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product candidates are being developed to improve the performance of existing anti-cancer drugs by addressing limitations associated principally with their safety and use.  More information can be found on the Company's web site at www.adventrx.com.  

Forward Looking Statements

ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that are based on ADVENTRX's current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements regarding payment by the U.S. government of the QTDP program awards approved for ADVENTRX and continued development of Exelbine and ANX-514. Actual events or results may differ materially from those expressed or implied by the forward-looking statements in this press release due to a number of risks and uncertainties, including, without limitation: the risk that ADVENTRX does not receive the cash awards that have been approved under the QTDP program; the possibility that ADVENTRX does not receive regulatory approval of either Exelbine or ANX-514 on a timely basis, or at all; the risk that ADVENTRX will pursue development activities at levels or on timelines, or will incur unexpected expenses, that shorten the period through which its operating funds will sustain it and that ADVENTRX may not be able to raise additional capital; the possibility that ADVENTRX may not be able to successfully commercialize Exelbine or ANX-514 if they receive regulatory approval; the potential for ADVENTRX to enter into a merger or other business combination in connection with a new product candidate acquisition resulting in a successor entity that focuses its resources on developing products or product candidates other than ADVENTRX's existing product candidates; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission. ADVENTRX's public filings with the Securities and Exchange Commission are available at www.sec.gov.  

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date when made. ADVENTRX does not intend to revise or update any forward-looking statement set forth in this press release to reflect events or circumstances arising after the date hereof, except as may be required by law.

SOURCE ADVENTRX Pharmaceuticals, Inc.