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ADVENTRX Pharmaceuticals Announces Financing.

Article Excerpt
SAN DIEGO -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) announced today that it has obtained a commitment to purchase shares of its 5% Series B convertible preferred stock pursuant to a registered direct offering to a single institutional investor, representing gross proceeds of approximately $1.36 million. Twenty-five percent, or approximately $340,250, of the gross proceeds will be placed in an escrow account, which amounts will be released to make the dividend and other payments described below.

The preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investor at a price of $0.1432 per share and will accrue a 5% dividend until July 6, 2014. If the convertible preferred stock is converted at any time prior to July 6, 2014, 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 July 6, 2014, or $250 per $1,000 principal amount of notes converted less any dividend payments made with respect to the converted convertible preferred stock.

The...

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