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.
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 www.adventrx.com.
Theragence, Inc. is a privately held life science company that optimizes biopharmaceutical development through an advanced, proven, and proprietary computational intelligence platform to enhance clinical research, revive assets, optimize utility of products, and identify targets for strategic acquisition. For more information, please visit www.theragence.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 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 risk that Theragence is unable to advance the CoFactor program or generate any sales of licensed products and that the agreement with Theragence will not result in any financial benefit to ADVENTRX; the risk that the performance of Theragence in conducting analytical or other activities will be substandard or that Theragence will fail to perform as expected; the amount or timing of resources that Theragence devotes to CoFactor-related activities under the agreement with ADVENTRX will be inadequate to generate financial or other value for ADVENTRX; the risk that ADVENTRX will be unable to raise sufficient additional capital to continue to develop, seek regulatory approval of and commercialize its lead product candidates; the risk of difficulties or delays in manufacturing, obtaining regulatory approval for and marketing ADVENTRX's lead product candidates; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2009. 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.