Vista Partners Updates Coverage on ADVENTRX Pharmaceuticals, Inc.; $7.50 Target Price

Sep 09, 2011, 09:15 ET from Vista Partners

SAN FRANCISCO, Sept. 9, 2011 /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 $7.50. Ross Silver, Principal Analyst at Vista Partners stated, "ANX currently trades at a negative enterprise value with its market cap currently being less than its cash balance. The Company's cash value per share was $1.59 as reported at the end of the second quarter." Mr. Silver continues "This would seem to indicate that the Company is currently being given no value for its three late stage clinical candidates: 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; ANX-514, a detergent-free reformulation of the blockbuster drug Taxotere, which recently went off-patent and Exelbine™, a novel emulsion formulation of the chemotherapy drug vinorelbine (Navelbine®)."

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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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