- Launch Planned For 2007 Cold and Flu Season -
SAN DIEGO and CHAPEL HILL, North Carolina, March 26 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc., , a biopharmaceutical research and development company focused on commercializing proprietary product candidates for the treatment of cancer and infectious diseases, and TRx Pharma today announced that Zanaflu(R) has been registered as the brand name for ANX- 211 (chitosan gel), a new product for the common cold and influenza. TRx Pharma plans to launch Zanaflu for the 2007 cold and influenza season.
“Since acquiring the U.S. rights to chitosan gel from ADVENTRX in October of 2006, TRx Pharma has moved quickly to ensure an effective launch for the product this year,” said Brian M. Culley, Chief Business Officer of ADVENTRX. “Drawing on their experience from launching multiple products, TRx Pharma is an ideal partner to fully maximize the potential of Zanaflu.”
Under the licensing terms for Zanaflu, ADVENTRX received the first $500,000 installment of the license fee in January of 2007. A second installment of $500,000 is expected in June 2007. The Company will receive additional payments upon launch of the first licensed product, in addition to double-digit royalties on all future sales by TRx Pharma and its affiliates.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical research and development company focused on commercializing proprietary product candidates for the treatment of cancer and infectious diseases. The Company seeks to improve the performance and safety of existing treatments by addressing significant problems such as drug metabolism, bioavailability, excessive toxicity and treatment resistance. The Company’s lead product candidate, ANX-510 (CoFactor), is in Phase 3 and Phase 2b clinical trials for the treatment of metastatic colorectal cancer, as well as in a Phase 2 clinical trial for the treatment of advanced breast cancer. More information can be found on the Company’s web site at http://www.adventrx.com.
About TRx Pharma LLC
TRx Pharma LLC is a specialty pharmaceutical company focused on developing and commercializing therapies that will make a difference. Through its focus on providing value within the healthcare community, TRx Pharma is committed to enhancing the quality of life for patients and all consumers of pharmaceutical therapies. This vision is executed through in-licensing and out-licensing of breakthrough technologies, unique therapeutic approaches, and innovative pharmaceutical products. To achieve this strategy, TRx Pharma looks to partner with strategically aligned corporate partners as well as internally developed commercial affiliates. More information can be found on the Company’s web site at http://www.trxpharma.com.
Forward Looking Statement
ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors that, if they do not materialize or prove to be accurate, could cause ADVENTRX’s results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties that could cause actual results to differ materially include, but are not limited to: the ability of TRx to successfully launch Zanaflu(R) in time for the 2007 cold and flu season, including TRx’s ability to obtain supplies in quantities and on timelines sufficient to meet TRx’s needs; Zanaflu’s(R) compliance with the OTC monograph and other applicable regulations; the ability of Zanaflu(R) to achieve market acceptance or to complete on the basis of price, quality of product or consumer awareness and perception; failure of TRx to devote sufficient time and resources to sales of Zanaflu(R), or substandard performance by TRx; and other risks and uncertainties more fully described in ADVENTRX’s press releases and public filings with the Securities and Exchange Commission. ADVENTRX’s public filings with the Securities and Exchange Commission are available at www.sec.gov. ADVENTRX does not intend to update any forward-looking statement, including as set forth in this press release, to reflect events or circumstances arising after the date on which it was made.
ADVENTRX Pharmaceuticals, Inc.
CONTACT: Investor Contact: Ioana C. Hone of ADVENTRX Pharmaceuticals,+1-858-552-0866; Media Contact: Amy Martini of WeissComm Partners,+1-212-301-7223, for ADVENTRX Pharmaceuticals, Inc.
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