SAN DIEGO, Sept. 7, 2012 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) today announced that Ted W. Love, M.D., has joined its Board of Directors. Dr. Love most recently served as Executive Vice President and Head of Research and Development and Technical Operations at Onyx Pharmaceuticals, Inc., where he launched four multi-center, global phase 3 studies in two years and played a key role in obtaining in 2012 accelerated approval from the FDA to market Kyprolis™ (carfilzomib). "We are delighted to welcome Ted to our Board of Directors," stated Jack Lief, Chair of the ADVENTRX Board of Directors. "His extensive leadership and management experience, coupled with his expertise in all aspects of drug development and regulatory affairs will be very valuable to ADVENTRX during this important stage in the Company's development of its lead product candidate." Dr. Love retired from Onyx in August and will serve as a consultant to that company through December 31, 2012. Prior to joining Onyx in 2010, Dr. Love was President, Chief Executive Officer and Chairman of the Board of Directors at ARCA biopharma, Inc. (formerly Nuvelo, Inc.), which he joined in 2001. Previously, he served as Senior Vice President of Development at Theravance, Inc. Earlier in his career, Dr. Love spent six years at Genentech, Inc. in a number of senior management positions in medical affairs and product development and also served as Chairman of Genentech's Product Development Committee. As Vice President, Product Development at Genentech, he managed overall drug development strategy and process, which led to the approval of Rituxan®, Herceptin®, Xolair®, TNKase®, Raptiva® and Avastin®. Dr. Love earned his undergraduate degree in molecular biology from Haverford College and his medical degree at Yale Medical School. He completed his residency and fellowship training in internal medicine and cardiology at Harvard Medical School and Massachusetts General Hospital, where he later served on the faculty. About ADVENTRX PharmaceuticalsADVENTRX Pharmaceuticals is a biopharmaceutical company developing proprietary product candidates to treat various diseases and conditions. The Company's lead product candidate, ANX-188, has potential to reduce ischemic tissue injury and end-organ damage by restoring microvascular function which is compromised in a wide range of serious and life-threatening diseases and conditions. The Company initially is developing ANX-188 as a treatment for complications arising from sickle cell disease. More information can be found on the Company's web site at www.adventrx.com. Forward Looking StatementsADVENTRX 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 Dr. Love's potential impact on ADVENTRX's success and ADVENTRX'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 not limited to: the potential for delays in the commencement or completion of planned clinical studies including as a result of difficulties or delays in completing manufacturing process development activities and manufacturing clinical trial material or difficulties or delays in obtaining regulatory agreement on clinical study design or meeting applicable regulatory requirements for 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 are not successful and, even if they are successful, that the FDA could determine they are not sufficient to support an NDA for the product candidate; the potential for ADVENTRX to delay, reduce or discontinue current and/or planned development activities, including clinical studies, 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 risk that the FDA does not grant marketing 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 preparation of 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.