ADVENTRX Prices Public Offering of Stock; 21.25M Shares

ADVENTRX Pharmaceuticals, Inc.

today announced the pricing of an underwritten public offering of 21,250,000 shares of its common stock and warrants exercisable for up to 10,625,000 additional shares at $0.80 per fixed combination of shares and warrants for gross proceeds of approximately $17 million. Each fixed combination will consist of one share and a warrant to purchase up to 0.5 of a share. The warrants will have an exercise price of $1.10 per share and a 5-year term. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,187,500 shares of its common stock and warrants exercisable for up to 1,593,750 additional shares to cover over-allotments, if any.