July 7, 2009 (FinancialWire) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) (Current Market Cap: $11.73 Mil.) said it has completed a sale of shares of its 5% series B convertible preferred stock to a single institutional investor for gross proceeds of around $1.36 million.

Twenty-five percent, or around $340,250, of the gross proceeds will be placed in an escrow account, to be released to make dividend and other payments, according to the company.

The preferred stock is convertible into shares of Adventrx common stock at the option of the investor at a price of $0.1432 per share and will accrue a 5% dividend until July 6, 2014.

Adventrx plans to use the net proceeds from the offering to fund activities related to seeking FDA approval to market its ANX-530 drug 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 of existing cancer treatments.

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