June 15, 2009 (FinancialWire) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) (Current Market Cap: $15.57 Mil.) said it has completed its sale of shares of convertible preferred stock to a single institutional investor for gross proceeds of around $2 million.

The preferred stock is convertible into shares of Adventrx’s common stock at the option of the investor at a price of $0.1105 per share. The investor also received warrants to purchase 8,116,290 shares of Adventrx common stock.

According to the company, the warrants have an exercise price of $0.15 per share and are exercisable at any time after the six-month anniversary of the closing of the transaction and before the fifth anniversary of the initial exercise date.

Adventrx said it plans to use the net proceeds from the offering to fund activities related to seeking FDA approval to market ANX-530 in the United States, including manufacturing-related activities, and for general corporate purposes, including general and administrative expenses.

San Diego-based Adventrx Pharmaceuticals is a biopharmaceutical company whose product candidates are designed to improve the safety and commercial potential of existing cancer treatments.

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