SAN DIEGO, Feb. 28, 2013 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) today announced that, effective March 11, 2013, its corporate name will be "Mast Therapeutics, Inc."
Brian M. Culley, Chief Executive Officer, said: "The new corporate identity we announce today is the final step in a transformational process through which we have changed fundamentally this company's priorities, personnel and business focus. In 2009, substantially all of our business operations were suspended and we had 2 employees. Since then, we have appointed a new management team and Board of Directors, acquired ANX-188, the most clinically advanced new drug in sickle cell disease, initiated a pivotal phase 3 study in this orphan indication, and announced our plans to initiate a phase 2 study of ANX-188 in acute limb ischemia, a complication of peripheral arterial disease. We no longer are developing reformulated chemotherapeutic products. Our company today is dramatically different from 12 months ago and the 'Adventrx' name no longer reflects our strategic vision."
Mr. Culley continued: "We now have in place the right team, the right programs and the opportunity to bring new therapies to patients with significant unmet needs in multiple therapeutic areas. This week's introduction of the MAST platform and our plans to develop ANX-188 for complications of arterial disease solidify our commitment to this franchise. Our new corporate identity embodies the fundamental changes that have taken place over the past several years and reflects that, in a very fundamental sense, we are a new company."
Details Regarding Name Change from ADVENTRX Pharmaceuticals to "Mast Therapeutics"The following changes will be effective prior to trading on Monday, March 11, 2013:
- The Company's name will be "Mast Therapeutics, Inc.".
- The Company's common stock will be traded on the NYSE MKT under the ticker symbol "MSTX" (currently, "ANX").
- A new CUSIP number of 576314 108 will be assigned to the Company's common stock and a new CUSIP number of 576314 116 will be assigned to the common stock purchase warrants of the Company that were issued in November 2011.
- The Company's website will be available at www.masttherapeutics.com (currently, www.adventrx.com).
- The Company's lead product candidate will be referred to as "MST-188" (currently, ANX-188).