SAN FRANCISCO, June 22, 2011 /PRNewswire/ -- Vista Partners announced today that it has initiated coverage on ADVENTRX Pharmaceuticals, Inc. (AMEX: ANX) (“The Company” or “ANX”); with a twelve month target price of $7.50. Ross Silver, Principal Analyst at Vista Partners stated, ANX has a diverse late stage clinical pipeline with two clinical candidates that could serve multi-billion dollar markets and one candidate with a Prescription Drug User Fee Act, or PDUFA, goal date of September 1, 2011 that could lead to approval by FDA as early as this year. ANX is developing a study protocol for ANX-514, a novel emulsion formulation of the chemotherapy drug docetaxel which serves a multi-billion dollar market. The Company is preparing ANX-514 for submission to the FDA and intends to continue discussions with the FDA regarding the planned Phase 3 clinical study and other requirements for approval of ANX-514. The company is developing its protocol for a pivotal Phase III trial scheduled to begin in 2012.” Mr. Silver continues, “In April 2011, ANX completed the acquisition of SynthRx, Inc. SynthRx’s lead product candidate is a novel, purified, rheologic and antithrombotic compound, purified poloxamer 188, which ANX is developing as ANX-188. Initially, ANX is developing ANX-188 as a first-in-class treatment for pediatric patients with sickle cell disease in acute crisis and, if ANX is able to reach agreement with FDA on a study protocol on a timely basis, ANX may initiate a Phase 3 clinical trial of ANX-188 for that indication in 2012.” Mr. Silver concludes, “In November 2010, ANX submitted a new drug application, or NDA, for Exelbine, or ANX-530, a novel emulsion formulation of the chemotherapy drug vinorelbine (Navelbine®), to the U.S. Food and Drug Administration, or FDA, and in January 2011, ANX announced that the FDA accepted the Exelbine NDA for filing and established a Prescription Drug User Fee Act, or PDUFA, goal date of September 1, 2011 to finish its review of the Exelbine NDA.”
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