Nov. 10, 2009 (PR Newswire) --
SAN DIEGO, Nov. 10 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE Amex: ANX) today reported financial results for the three and nine months ended September 30, 2009.
"Our third quarter results reflect our continued efforts to carefully manage and deploy our cash in what remains an uncertain financing environment," said Brian M. Culley, Principal Executive Officer at ADVENTRX. "We estimate that the net proceeds from the financing we completed on October 9, together with our cash at September 30, will support our operations well into 2010 and, importantly, through the significant milestone of an FDA decision on ANX-530."
Third Quarter Financial Results
For the three months ended September 30, 2009, ADVENTRX's net loss applicable to common stock was $2.7 million, or $0.02 per share, compared with a net loss applicable to common stock of $6.8 million, or $0.08 per share, for the comparable period in 2008. Included in the net loss applicable to common stock for the 2009 third quarter was a non-cash deemed dividend expense of $0.4 million incurred in connection with the Company's July and August 2009 equity financings.
Research and development (R&D) expenses in the third quarter of 2009 were $1.4 million, a decrease of $3.3 million, or 70%, compared with R&D expenses of $4.7 million in the third quarter of 2008. The decrease was primarily due to a $0.3 million decrease in external clinical trial expenses related to ANX-510, a $0.4 million decrease in external clinical trial expenses related to ANX-514, a $1.7 million decrease in non-clinical expenses primarily related to ANX-514, a $0.7 million decrease in personnel expenses and a $0.2 million decrease in share-based compensation expense.
Selling, general and administrative (SG&A) expenses in the third quarter of 2009 were $0.9 million, a decrease of $1.2 million, or 57%, compared with SG&A expenses of $2.1 million in the third quarter of 2008. The decrease was due to a $0.6 million decrease in personnel costs, a $0.2 million decrease in outside services, a $0.1 million decrease in legal and professional services, a $0.1 million decrease in travel expenses and a $0.1 million decrease in recruiting costs.
Year-to-Date Financial Results
For the nine months ended September 30, 2009, ADVENTRX's net loss applicable to common stock was $9.7 million, or $0.10 per share, compared with a net loss applicable to common stock of $19.1 million, or $0.21 per share, for the comparable period in 2008. Included in the net loss applicable to common stock for the 2009 period was a non-cash deemed dividend expense of $1.6 million incurred in connection with the Company's June, July and August 2009 equity financings. Included in net loss and net loss applicable to common stock for the nine months ended September 30, 2009 were charges associated with the Company's reductions in force made in October 2008, and January and March 2009.
R&D expenses for the nine months ended September 30, 2009 were $4.5 million, a decrease of $8.6 million, or 65%, compared with R&D expenses of $13.1 million for the comparable period in 2008. The decrease was primarily due to a $1.7 million decrease in external clinical trial expenses related to ANX-510, a $0.3 million decrease in external clinical trial expenses related to ANX-514, a $3.3 million decrease in non-clinical expenses related to ANX-514, a $0.2 million decrease in non-clinical expenses related to ANX-201 and ANX-211, a $0.3 million decrease in non-clinical expenses related to ANX-530, a $1.8 million decrease in personnel costs and a $0.6 million decrease in share-based compensation expense.
