SAN DIEGO, Feb. 28, 2013 /PRNewswire/ -- ADVENTRX
Pharmaceuticals, Inc. (NYSE MKT: ANX) today announced that,
effective March 11, 2013, its
corporate name will be "Mast Therapeutics, Inc."
Brian M. Culley, Chief Executive
Officer, said: "The new corporate identity we announce today
is the final step in a transformational process through which we
have changed fundamentally this company's priorities, personnel and
business focus. In 2009, substantially all of our business
operations were suspended and we had 2 employees. Since then,
we have appointed a new management team and Board of Directors,
acquired ANX-188, the most clinically advanced new drug in sickle
cell disease, initiated a pivotal phase 3 study in this orphan
indication, and announced our plans to initiate a phase 2
study of ANX-188 in acute limb ischemia, a complication of
peripheral arterial disease. We no longer are developing
reformulated chemotherapeutic products. Our company today is
dramatically different from 12 months ago and the 'Adventrx' name
no longer reflects our strategic vision."
Mr. Culley continued: "We now have in place the right team, the
right programs and the opportunity to bring new therapies to
patients with significant unmet needs in multiple therapeutic
areas. This week's introduction of the MAST platform and our
plans to develop ANX-188 for complications of arterial disease
solidify our commitment to this franchise. Our new corporate
identity embodies the fundamental changes that have taken place
over the past several years and reflects that, in a very
fundamental sense, we are a new company."
Details Regarding Name Change from ADVENTRX Pharmaceuticals
to "Mast Therapeutics"
The following changes will be effective prior to trading on
Monday, March 11, 2013:
- The Company's name will be "Mast Therapeutics, Inc.".
- The Company's common stock will be traded on the NYSE MKT under
the ticker symbol "MSTX" (currently, "ANX").
- A new CUSIP number of 576314 108 will be assigned to the
Company's common stock and a new CUSIP number of 576314 116 will be
assigned to the common stock purchase warrants of the Company that
were issued in November 2011.
- The Company's website will be available at
www.masttherapeutics.com (currently, www.adventrx.com).
- The Company's lead product candidate will be referred to as
"MST-188" (currently, ANX-188).
Outstanding stock certificates and warrants for shares of the
Company's common stock are not affected by the name change; they
will continue to be valid and need not be exchanged.
About ADVENTRX Pharmaceuticals
ADVENTRX
Pharmaceuticals is a publicly traded biopharmaceutical company
headquartered in San Diego,
CA. The Company is leveraging the MAST (Molecular Adhesion
and Sealant Technology) platform, derived from over two decades of
clinical, nonclinical and manufacturing experience with purified
and non-purified poloxamers, to develop ANX-188, its lead product
candidate, for serious or life-threatening diseases with
significant unmet needs. ANX-188 is a cytoprotective,
hemorheologic, anti-inflammatory and anti-thrombotic agent that has
potential utility in diseases or conditions characterized by
microcirculatory insufficiency (endothelial dysfunction and/or
impaired blood flow).
The Company is recruiting subjects in EPIC, a pivotal phase 3
study of ANX-188 in sickle cell disease. The Company plans to
initiate a phase 2 clinical study of ANX-188 in acute limb
ischemia, a complication of peripheral arterial disease, in late
2013 or early 2014. More information can be found on the
Company's web site at www.adventrx.com.
Forward Looking Statements
ADVENTRX cautions you that
statements included in this press release that are not a
description of historical facts are forward-looking statements that
are based on ADVENTRX's current expectations and assumptions. Such
forward-looking statements include, but are not limited to,
statements regarding ADVENTRX's development plans for ANX-188 in
acute limb ischemia and other complications of arterial disease and
the timing of activities related to those plans. Among the
factors that could cause or contribute to material differences
between ADVENTRX's actual results and expectations indicated by the
forward-looking statements are risks and uncertainties that
include, but are not limited to: the potential for delays in the
commencement or completion of clinical studies, including as a
result of difficulties in obtaining regulatory agency agreement on
clinical development plans or clinical study design, opening trial
sites, enrolling study subjects, manufacturing clinical trial
material, completing manufacturing process development activities,
and being subject to a "clinical hold"; the risk of suspension or
termination of a clinical study, including due to lack of adequate
funding or patient safety concerns; the potential for institutional
review boards or the FDA or other regulatory agencies to require
additional nonclinical or clinical studies prior to initiation of
planned phase 2 clinical studies of ANX-188 in any particular
indication in which ADVENTRX determines to develop ANX-188,
including ALI, which likely would increase the total time and cost
of development in the indication; the risk that clinical studies of
ANX-188 are not successfully executed and/or do not successfully
demonstrate its safety or efficacy; the risk that, even if clinical
studies are successful, the FDA determines they are not sufficient
to support a new drug application; the risk that even if clinical
studies of ANX-188 in one indication are successful, clinical
studies in another indication may not be successful; ADVENTRX's
reliance on contract research organizations (CROs), contract
manufacturing organizations (CMOs), and other third parties to
assist in the conduct of important aspects of development of
ANX-188, including clinical studies, and regulatory activities for
ANX-188 and that such third parties may fail to perform as
expected; ADVENTRX's ability to obtain additional funding on a
timely basis or on acceptable terms, or at all; the potential for
ADVENTRX to delay, reduce or discontinue current and/or planned
development activities, including clinical studies, partner ANX-188
at inopportune times or pursue less expensive but higher-risk
development paths if it is unable to raise sufficient additional
capital as needed; the risk that acceptable partnering
opportunities for ANX-188 may not be available in particular
jurisdictions or indications and, consequently, ADVENTRX may not be
able to pursue development of ANX-188 in certain jurisdictions and
indications; the risk that the FDA does not grant marketing
approval of ANX-188, on a timely basis, or at all; the risk that
ADVENTRX is not able to adequately protect its intellectual
property rights relating to the MAST platform and ANX-188 and
prevent competitors from duplicating or developing equivalent
versions of its product candidates, including ANX-188; and other
risks and uncertainties more fully described in ADVENTRX's press
releases and periodic filings with the Securities and Exchange
Commission. ADVENTRX's public filings with the Securities and
Exchange Commission are available at www.sec.gov.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date when made. ADVENTRX
does not intend to revise or update any forward-looking statement
set forth in this press release to reflect events or circumstances
arising after the date hereof, except as may be required by
law.
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SOURCE ADVENTRX Pharmaceuticals, Inc.