SAN DIEGO, June 30 /PRNewswire-FirstCall/ -- ADVENTRX Pharmaceuticals, Inc. (Amex: ANX) today announced that it settled its dispute with Theragenex, LLC and its Chairman and President and Chief Executive Officer for payments aggregating $600,000, which payments the Company has received in full. The parties have agreed to jointly move to dismiss the underlying arbitration action and all related claims and counterclaims, with prejudice. In addition, in connection with dismissing the arbitration, the Company and Theragenex will release each other from any and all claims related to their past relationship.
In October 2007, the Company filed a demand for arbitration against Theragenex (doing business as TRx Pharma, LLC and/or TRx Pharmaceuticals, LLC) and its founder, Chairman and President and Chief Executive Officer in his individual capacity as the alter ego of Theragenex, seeking damages of up to $10 million with respect to breach of a license agreement, dated October 20, 2006, between the Company and Theragenex. In November 2007, Theragenex responded to the Company's demand, asserting numerous affirmative defenses, counterclaiming intentional misrepresentation, negligent misrepresentation and rescission and seeking a refund of its initial $500,000 payment under the license agreement, plus interest, rescission of the license agreement and that the Company pay its reasonable attorneys' fees and costs associated with the action.
About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates primarily for the treatment of cancer and infectious disease. The Company seeks to improve the performance and commercial potential of existing treatments by addressing problems associated with these treatment regimens. More information can be found on ADVENTRX's web site at http://www.adventrx.com.
SOURCE ADVENTRX Pharmaceuticals, Inc.