In its Tuesday night announcement, Adventrx suggested the Exelbine rejection may force the company to put the drug on the shelf so it can focus on two other drugs in its pipeline. Those are ANX-514, another reformulation project, this one of the generic cancer drug taxotere; and ANX-188, an old (and previously failed) drug for sickle cell anemia.

To move ANX-514 and ANX-188 forward, Adventrx must design and executive clinical trials, a skill the company lacks. If a "drug company" can't run clinical trials, it can't develop drugs. And if a "drug company" can't develop drugs, it doesn't deserve to be called a "drug company."

Adventrx is not a drug company. It's a cash-burning, shareholder value-losing exercise in futility.

--Written by Adam Feuerstein in Boston.

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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