SAN DIEGO, Jan. 7, 2011 /PRNewswire/ — ADVENTRX
Pharmaceuticals, Inc. (NYSE Amex:
ANX) announced today that it has entered into definitive
agreements to sell 8,184,556 units in a registered direct offering
to RA Capital Management, certain healthcare-focused investors, and
other institutional investors for a per unit purchase price of
$2.75, representing gross proceeds to ADVENTRX of approximately
$22.5 million.  Each unit consists of one share of common
stock, a Series A warrant and a Series B warrant. ADVENTRX plans to
use the net proceeds from the offering to fund activities relating
to acquiring and developing additional products or product
candidates, to continue development of its current lead product
candidates, and for general corporate purposes.

The Series A warrants are exercisable for up to an aggregate of
2,046,139 shares of ADVENTRX’s common stock. The Series A warrants
will have an exercise price of $2.75 per share and will be
exercisable at any time after the closing of the transaction and
before the date that is 5 trading days after the 1-year anniversary
of the initial exercise date. The Series B warrants are exercisable
for up to an aggregate of 2,046,139 shares of ADVENTRX’s common
stock. The Series B warrants also will have an exercise price of
$2.75 per share and will be exercisable at any time after the
closing of the transaction and before the 5-year anniversary of the
initial exercise date.  The closing of the offering is
expected to take place on or about January 11, 2011, subject to the
satisfaction of customary closing conditions.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman
& Renshaw Capital Group, Inc. (NasdaqGM: RODM), acted as the
exclusive placement agent for the transaction.

The securities described above are being offered by ADVENTRX
pursuant to an effective registration statement(s) on Form S-3
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