By Devika Patel
Knoxville, Tenn., June 29 - Adventrx Pharmaceuticals, Inc. said it will complete a registered direct offering of approximately $1.36 million in preferred stock.
The company will sell series B convertible preferred shares to a single investor.
The preferreds are convertible into shares of Adventrx's common stock at $0.1432 per share and will accrue a 5% dividend until July 6, 2014.
Rodman & Renshaw, LLC is the agent.
Settlement is expected July 3.
The proceeds will be used to fund activities related to seeking Food and Drug Administration approval to market ANX-530 (vinorelbine emulsion) in the United States, including manufacturing-related activities, and for general corporate purposes.
Adventrx is a San Diego-based biopharmaceutical company whose product candidates are designed to improve the safety and commercial potential of existing cancer treatments.
| Issuer: | Adventrx Pharmaceuticals, Inc.
|
| Issue: | Units of series A convertible preferred stock and warrants
|
| Amount: | $1.36 million (approximate)
|
| Maturity: | July 6, 2014
|
| Coupon: | 5%
|
| Conversion price: | $0.1432
|
| Warrants: | No
|
| Agent: | Rodman & Renshaw, LLC
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| Pricing date: | June 29
|
| Settlement date: | July 3
|
| Stock symbol: | Amex: ANX
|
| Stock price: | $0.146 at close June 29
|
| Market capitalization: | $13.2 million
|
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