Adventrx to acquire SD Pharmaceuticals

By Elaine Rigoli

Tampa, Fla., April 10 - Adventrx Pharmaceuticals, Inc. has agreed to acquire SD Pharmaceuticals, Inc. for 2.1 million shares.

The definitive merger agreement has been approved by the boards of directors of both companies and by the stockholders of SD Pharma, according to a news release.

Closing is subject to conditions that are expected to be satisfied.

"The SD Pharma portfolio includes sizable near-term market opportunities with potentially lower development costs associated with 505(b)(2) regulatory paths. In addition, it nicely augments the existing Adventrx oncology and infectious disease pipelines," SD Pharma chairman, chief executive officer and co-founder Paul J. Marangos said in the release.

"Development of these compounds will certainly benefit from Adventrx's clinical experience, especially within the field of oncology,"

SD Pharmaceuticals is a biopharmaceutical company based in Carlsbad, Calif.

Adventrx is a biopharmaceutical research and development company headquartered in San Diego. Its stock closed at $4.82 Monday.

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