Adventrx plans follow-on offering of 15.5 million shares via UBS

By Ronda Fears

Nashville, May 16 - Adventrx Pharmaceuticals, Inc. plans to sell 15.5 million common shares in a follow-on offering via bookrunner UBS Investment Bank.

CIBC World Markets, RBC Capital Markets and Fortis Securities LLC are co-managers.

There is a greenshoe for another 2,324,380 shares available.

Adventrx said net proceeds, estimated at $81 million if the greenshoe is fully exercised and based on an offering price of $4.84 a share, will be used to fund preclinical and clinical testing and other product developments as well as possibly for commercial launch preparation.

San Diego-based Adventrx primarily focuses on technologies for anticancer and antiviral treatments that address drug metabolism, toxicity, bioavailability, or resistance problems. Its lead product is CoFactor, a folate-based 5-FU chemotherapy biomodulator drug for metastatic colorectal cancer, which is in phase 2 development in Europe, phase 2b in Europe and India and phase 3 in the United States.

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