Life Sciences, Financing, cancer

Adventrx Raises $2M

Bruce V. Bigelow 6/8/09

San Diego’s Adventrx Pharmaceuticals (NYSE Amex: ANX) says it has raised about $2 million through a private placement sale of stock that is convertible into Adventrx’s common stock at a price of slightly more than 11 cents a share. The investor, who was not identified, also will receive warrants to buy more than 8 million shares of common stock at an exercise price of 15 cents a share. Adventrx, which develops products to improve the safety and commercial potential of existing cancer treatments, plans to use the proceeds to seek FDA approval for its ANX-530 compound, vinorelbine emulsion.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492