ANX announced today that it has signed agreements to purchase shares of its Series E convertible preferred stock pursuant to a registered direct offering to institutional investors, representing gross proceeds to ADVENTRX of approximately $19,000,000.
The convertible preferred stock is convertible into shares of ADVENTRX's common stock at the option of the investors at a conversion price of $0.38115 per share and will accrue a 3.73344597664961% cumulative dividend until January 7, 2015.
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About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a specialty pharmaceutical company whose product candidates are designed to improve the performance of existing cancer treatments by addressing limitations associated principally with their safety and use.
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