Adventrx implements corporate restructuring

The restructuring reduced the company’s staff by a total of nine employees, or approximately 27% of its workforce. These changes will reportedly allow the company to retain the appropriate personnel to submit new drug applications (NDAs) for both ANX-530 and ANX-514, and are expected to provide Adventrx with cash sufficient to fund operations until mid-2009. In addition, the company announced that it is revising its timelines for ANX-530 and ANX-514.

The company discontinued active work on all product candidates other than ANX-530 and ANX-514, including its CoFactor program. Patients currently receiving CoFactor will continue to receive treatment. With respect to ANX-530 and ANX-514, until the company has secured additional funding, it anticipates focusing primarily on those activities relating to submitting NDAs and may delay or significantly reduce spending on other work, including activities related to product launches.

Adventrx also announced that Evan Levine has resigned his positions as CEO and president to pursue other opportunities. Mr Levine will continue to serve on the company’s board of directors. The company intends to conduct a search for a replacement CEO. In the interim, consistent with the company’s CEO succession plan, Adventrx will be led by a committee of executive officers.

As part of the reorganization, Mark Erwin, previously the company’s vice president of commercialization, was promoted to senior vice president of operations. In addition, the company ended its employment relationship with its chief scientific officer, vice president of medical affairs and vice president of R&D.