SAN FRANCISCO, March 21, 2012 /PRNewswire/ -- Vista Partners announced today that it has updated coverage on ADVENTRX Pharmaceuticals, Inc. (AMEX: ANX) ("The Company" or "ANX"); and maintains its twelve month target price of $3.50. Ross Silver, Principal Analyst at Vista Partners stated, "The GlycoMimetics deal with Pfizer, as reported by theflyonthewall.com, for their investigational compound GMI-1070 currently in Phase 2 development for the treatment of vaso-occlusive crisis associated with sickle cell disease has a potential value of approximately $340M. This deal would seem to provide a benchmark for which to base value of ANX-188, which ADVENTRX has stated, will begin a Phase 3 trial in 2012." Mr. Silver continues "ANX currently trades at a negative enterprise value with its market cap currently being less than its cash balance. In addition, the cash value per share was approximately $1.06 at 2011 year end, a discount of approximately 71% from the current share price. This would seem to indicate that the Company is currently being given little to no value for its two Phase 3 clinical candidates which could serve large markets: ANX-188, a novel, purified, rheologic and antithrombotic compound initially being developed as a first-in-class treatment for pediatric patients with sickle cell disease in acute crisis; and ANX-514, a detergent-free reformulation of the blockbuster drug Taxotere."
About Vista Partners:
Vista Partners LLC, founded in 2005, is a Registered Investment Advisor in the States of California and Oregon. The firm's professional staff has backgrounds in finance, corporate communications and investment banking. Vista Partners LLC has built a name for itself in the small cap space due to its selection of profitable investment ideas.
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SOURCE Vista Partners