SAN DIEGO, July 25, 2011 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced the appointment of Gregory D. Gorgas as Senior Vice President, Commercial. Mr. Gorgas brings more than 25 years of experience in drug product commercialization, with an emphasis in launching new products, building commercial infrastructure and leading start-up operations. He was a key contributor to the blockbuster success of Rituxan® while at Biogen Idec, where most recently he led global marketing for the oncology franchise. "After consulting with ADVENTRX for over 18 months, I have deep familiarity with the company and its product candidates and believe in the promise and commercial potential of Exelbine," said Mr. Gorgas. "I'm thrilled to join the ADVENTRX team and look forward to making Exelbine available to patients, should it be approved." "Greg's first-hand experience successfully launching four first-in-class products and strong relationships in the oncology community make him a great addition to our team. Importantly, his understanding of the multi-source marketplace will prove valuable as we continue to prepare for the launch of Exelbine," said Brian M. Culley, Chief Executive Officer of ADVENTRX. About ADVENTRX Pharmaceuticals ADVENTRX Pharmaceuticals is a specialty pharmaceutical company focused on acquiring, developing and commercializing proprietary product candidates. The Company's current lead product candidates are Exelbine and ANX-514, novel emulsion formulations of currently marketed chemotherapy drugs, and 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. 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 the potential for receipt of and timing regarding FDA approval to market Exelbine and the commercial potential of Exelbine. 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 FDA approval of Exelbine on a timely basis, or at all; the potential for the FDA to determine that the bioequivalence data and other information included in the Exelbine NDA does not adequately support bioequivalence with Navelbine®, including as a result of performing pharmacokinetic equivalence analyses based on a patient population other than the population on which ADVENTRX based its analysis; the potential for the FDA to impose other requirements to be completed before or after approval of the Exelbine NDA, including that the FDA may require ADVENTRX to perform additional nonclinical, bioequivalence or clinical studies; difficulties or delays in manufacturing Exelbine at commercial scale, if approved, including validating commercial manufacturing processes and manufacturers, as well as other suppliers, and the risk of supply shortages; difficulties or delays in marketing Exelbine, if approved, including developing or acquiring additional marketing, sales and distribution capabilities; the risk that Exelbine, if approved, does not achieve broad market acceptance, including as a result of limited differentiation (or ability to promote differentiation) from Navelbine and its generic equivalents; the risk that Exelbine cannot be priced at levels that exceed its fully-burdened manufacturing cost or that provide a reasonable return on investment to ADVENTRX; the risk that any patent issued to ADVENTRX may not provide sufficient protection and market exclusivity for Exelbine and may be challenged, invalidated, infringed or circumvented by third parties, including by ADVENTRX's competitors; ADVENTRX's dependence on the success of Exelbine as its first product candidate to be submitted for regulatory approval; 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.
Shares of ADVENTRX Pharmaceuticals (AMEX:ANX) were gapping down Friday morning with an open price 21.5% lower than Thursday's closing price. The stock closed at 93 cents yesterday and opened today's trading at 73 cents.