ADVENTRX Pharmaceuticals Announces FinancingLast update: 1/4/2010 9:15:00 AMSAN DIEGO, Jan 04, 2010 /PRNewswire-FirstCall via COMTEX/ -- ADVENTRX Pharmaceuticals, Inc. (ANX) announced today that it has signed agreements to purchase shares of its Series E convertible preferred stock pursuant to a registered direct offering to institutional investors, representing gross proceeds to ADVENTRX of approximately $19,000,000. ADVENTRX plans to use the net proceeds from the offering to fund activities relating to the commercial launch of ANX-530, including acquiring or developing sales, marketing and distribution capabilities and the associated regulatory compliance infrastructure, and to continue the development of ANX-514 in the United States, and for general corporate purposes. The convertible preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investors at a conversion price of $0.38115 per share and will accrue a 3.73344597664961% cumulative dividend until January 7, 2015. If the convertible preferred stock is converted at any time prior to January 7, 2015, ADVENTRX will pay the holder an amount equal to the total dividend that would accrue on the convertible preferred stock from the conversion date through January 7, 2015, or $186.67 per $1,000 stated value of convertible preferred stock converted, less any dividend payments made with respect to the converted convertible preferred stock. Approximately $3.5 million of the gross proceeds will be placed in an escrow account, which amounts will be released to make the dividend and other payments described above. The investors also will receive warrants to purchase an aggregate of 12,462,285 shares of ADVENTRX's common stock. The warrants will have an exercise price of $0.3499 per share and are exercisable at any time after the closing of the transaction and before the thirty (30) month anniversary of the initial exercise date. The closing of the offering is expected to take place on or before January 7, 2010, subject to the satisfaction of customary closing conditions. The convertible preferred stock and warrants are being offered by ADVENTRX pursuant to an effective registration statement(s) on Form S-3 filed with the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (RODM), acted as the exclusive placement agent for the transaction. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities may only be offered by means of a prospectus. Copies of the prospectus can be obtained directly from Rodman & Renshaw, LLC at 1251 Avenue of the Americas, 20th Floor, New York, NY 10020, or from the SEC's website at