SAN DIEGO, Feb. 14, 2011 /PRNewswire/ — ADVENTRX
Pharmaceuticals, Inc. (NYSE Amex:
ANX) today announced that it has entered into a definitive
agreement to acquire SynthRx, Inc. (SynthRx), a private
biotechnology company developing a purified form of a rheologic and
antithrombotic agent, poloxamer 188 (188).
“The acquisition of SynthRx will be a transformative event for
ADVENTRX, adding another late-stage asset to our pipeline,” stated
Brian M. Culley, Chief Executive Officer of ADVENTRX. “The
all-stock, milestone-based deal structure is a win for ADVENTRX and
its stockholders in that it allows us to retain our cash for
development activities and, other than a modest upfront equity
payment, ensures we pay only as the 188 program achieves success.
I’m pleased that we would have the data from the planned
phase 3 study in-hand while having paid less than 25% of the total
deal consideration.”
“The 188 program will fit well with our existing assets and
provide several exciting development opportunities. We would plan
to meet with the FDA later this year to reach agreement on a
protocol for a pivotal phase 3 study for the treatment of sickle
cell crisis in a pediatric population, for which 188 has orphan
drug designation. Sickle cell patients are an under-served
population suffering from an excruciatingly painful condition with
limited palliative options. Beyond sickle cell, we believe 188 has
clinical benefits in other acute events related to
microvascular-flow abnormalities, such as heart attack, stroke and
hemorrhagic shock,” Mr. Culley continued.
Under the terms of the all-stock transaction, SynthRx would
become a wholly-owned subsidiary of ADVENTRX in exchange for shares
of ADVENTRX common stock representing, in the aggregate, an
approximately 4% ownership stake in ADVENTRX. SynthRx
stakeholders also would be entitled to receive additional
shar
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