RandyW Posted January 5, 2010 Share Posted January 5, 2010 dventrx Sends Drug to FDA, Sells Preferred Stock San Diego-based specialty pharmaceutical company Adventrx has submitted its lead cancer drug to the FDA for approval, it said Jan. 4. The drug, dubbed ANX-530, is a reformulated chemotherapy drug used in treating breast cancer and non-small cell lung cancer. Studies have shown the drug to be bioequivalent to currently marketed Navelbine but without the vein irritation associated with intravenous delivery of the drug, according to Adventrx. Navelbine is a product of GlaxoSmithKline. “The ANX-530 new drug application submission is a key step in our strategy to create valuable products that improve the performance of currently approved drugs,” said CEO Brian Culley, in a statement. The company also announced it had entered into a securities purchase agreement with certain institutional investors to sell 19,000 shares of preferred stock and warrants to purchase up to 12.5 million common shares. The net proceeds to the company from the offering, after deducting agent fees and offering expenses, are expected to be approximately $17.6 million, according to regulatory filings. The company said it would use the proceeds to fund the commercial launch of ANX-530 along with the continued development of ANX-514, its other late-stage chemotherapy drug. Shares of Adventrx, traded under the symbol ANX on the NYSE Amex, fell on the news. In late trading Jan. 4 shares were at 29 cents, down 17 percent from the previous close. — Heather Chambers » Link to this article Quote Link to comment Share on other sites More sharing options...
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