Vista Partners Updates Coverage on ADVENTRX Pharmaceuticals, Inc.; $3.50 Target Price

Vista Partners announced today that it has updated coverage on ADVENTRX Pharmaceuticals, Inc. ANX and updated its twelve month target price to $3.50. Ross Silver, Principal Analyst at Vista Partners stated, "ANX currently trades at a negative enterprise value with its market cap currently being less than its cash balance." Mr. Silver continues, "This would seem to indicate that the Company is currently being given little to no value for its two, fully funded late stage clinical candidates: ANX-188, a novel, purified, rheologic and antithrombotic compound initially being developed as a first-in-class treatment for pediatric patients with sickle cell disease in acute crisis; ANX-514, a detergent-free reformulation of the blockbuster drug Taxotere." Mr. Silver concludes, "As reported by theflyonthewall.com on October 11, 2011, GlycoMimetics (private) entered into an exclusive worldwide licensing agreement with Pfizer for their investigational compound GMI-1070 currently in Phase 2 development for the treatment of vaso-occlusive crisis associated with sickle cell disease. The potential value of the agreement for GlycoMimetics is approximately $340M, including an upfront payment as well as development, regulatory and commercial milestones. The Pfizer deal with Glycomimetics provides considerable validation for sickle cell disease and would seem to provide a benchmark for which to base value of ANX-188, which ADVENTRX has stated, will begin a Phase 3 trial in 2012."