Adventrx Cuts One-Fourth of Staff, CEO Resigns

10/20/08

San Diego-based Adventrx Pharmaceuticals (AMEX: ANX) announced today that it had cut its workforce by nine people, and that its CEO and President, Evan Levine, had resigned effective October 17.

The cuts represent 27 percent of Adventrx’s staff, and the company says that it is restructuring so as to direct all resources toward its two lead product candidates, ANX-530 and ANX-514, both novel emulsion formulas of cancer drugs already on the market. Among the programs being set aside is ANX-510 (CoFactor); a Phase 3 trial of the drug as part of a combination of treatments for colorectal cancer which was recently discontinued.

Adventrx says that until the company procures further funding, the majority of its efforts will be aimed at submitting FDA approval applications for its two lead product candidates, and it may delay any activities related to product launches.

As of June 30, activist investor Carl Icahn was reportedly Adventrx’s largest instructional holder, with a 3.8 percent stake via Icahn Capital Management and another 1 percent under his own name.

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