The last time we checked in with Adventrx Pharmaceuticals, the San Diego-based firm was in what appeared to be its death throes. It had cut all but two of its staff, suspended its development activities and was concentrating all its attention on deal-making.
Less than a year later, Adventrx is back on its feet and has raised $19 million in financing. The company was able to scare up enough money last June to restart clinical testing of ANX-530, a reformulated version of the already-approved drug Navelbine. Adventrx's formulation of Navelbine reduces the chances that the drug will irritate veins and cause blistering. Just last week the company filed an NDA for the drug. It will now focus on developing ANX-514, another reformulation of the cancer drug Taxotere (docetaxel).
Adventrx's stock (ANX) has experienced heavy trading since the company filed its NDA last week. Its stock closed at 47 cents a share yesterday, up from just 26 cents. The company is in negotiations with the New York Stock Exchange to keep its stock listed on the AMEX exchange.
- here's Adventrx's release on the financing
- read the Xconomy report