SAN DIEGO, March 15, 2012 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today announced that Brian M. Culley, its Chief Executive Officer, has been selected as a 2012 Health Hero by Combined Health Agencies of San Diego County. His nomination was submitted by the San Diego Chapter of the Sickle Cell Disease Association of America. The 18th Annual Health Hero Awards, organized by Combined Health Agencies, honors local companies and individuals for their contributions, dedication and commitment to the health of the San Diego community. "Along with my ADVENTRX colleagues, I am honored to be recognized for our efforts to increase awareness of the fight against sickle cell disease," stated Brian M. Culley, Chief Executive Officer of ADVENTRX. "There is a disappointing lack of advocacy on behalf of patients suffering with sickle cell disease, which may help explain the lack of safe and effective drugs for this lifelong disease that affects children typically within the first year of life. We are proud to develop ANX-188 as a potential new treatment for sickle cell patients and to support the mission of increasing awareness and understanding of sickle cell disease." About Combined Health Agencies Established in 1970, Combined Health Agencies is a non-profit federation of local and national health agencies that serve the San Diego community. Collectively, the member agencies touch 1.6 million individuals, inspire 12,000 volunteers and invest in scientific and medical research projects. About ADVENTRX Pharmaceuticals ADVENTRX Pharmaceuticals is a biopharmaceutical company focused on developing proprietary product candidates. The Company's lead product candidate is ANX-188, a rheologic, antithrombotic and cytoprotective agent that improves microvascular blood flow and has potential application in treating a wide range of diseases and conditions, such as complications arising from sickle cell disease. We also are developing ANX-514, a novel, detergent-free formulation of the chemotherapy drug docetaxel. 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 Company's development plans for ANX-188, including the nature and timing of future clinical studies. Among the factors that could cause or contribute to material differences between ADVENTRX's actual results and those indicated from the forward-looking statements are risks and uncertainties inherent in ADVENTRX's business, including, but are not limited to: the potential for ADVENTRX to delay, reduce or discontinue current and/or planned development activities, partner its product candidates at inopportune times or pursue less expensive but higher-risk development paths if it is unable to raise sufficient additional capital as needed; ADVENTRX's ability to obtain additional funding on a timely basis or on acceptable terms, or at all; the potential for delays in the commencement or completion of its planned clinical studies including as a result of difficulties or delays in completing manufacturing process development activities and manufacturing clinical trial material; the risk of suspension or termination of a clinical study including due to lack of adequate funding; the risk that planned clinical studies of our product candidates, including ANX-188, are not successful and, even if they are successful, that the FDA could determine they are not sufficient to support an NDAs for the product candidate; the risk that the FDA does not grant market approval of ADVENTRX's product candidates, including ANX-188, on a timely basis, or at all; ADVENTRX's reliance on third parties to assist in the conduct of important aspects of its product candidates' development programs, including the manufacture of clinical trial material, the conduct of clinical studies and regulatory submissions related to product approval, and that such third parties may fail to perform as expected; 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.