August 11, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) said that it has engaged the investment banking firm Canaccord Genuity Inc. to advise the company and its board of directors as the company seeks to expand its product candidate pipeline. To assist in evaluating potential acquisition and merger opportunities, the Adventrx board has formed a special committee, which includes Eric K. Rowinsky and Michael M. Goldberg and is chaired by Odysseas D. Kostas.

Brian M. Culley, the firm’s CEO, said, "The financial results we recently reported, including over $30 million in cash at June 30, provide us substantial leverage in what remains a difficult financing environment.”

He said that Adventrx believes that, “many programs with substantial potential are available at attractive valuations,” and that it is the right time to explore expanding the company’s pipeline of assets.

California-based Adventrx Pharmaceuticals is a specialty pharmaceutical company whose product candidates are being developed to improve the performance of existing anti-cancer drugs by addressing limitations associated principally with their safety and use.

Canaccord Genuity is the global capital markets division of Canada-based Canaccord Financial Inc. (TSX: CF), offering institutional and corporate clients investment banking, merger and acquisition services, research, sales and trading services from 11 offices worldwide.

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