QualityStocks'  Instablog

Send Message
QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with... More
My company:
My blog:
QualityStocks Micro-Cap and Small-Cap Blog
  • ADVENTRX Pharmaceuticals, Inc. (ANX) Closes On Preferred Stock Offering 0 comments
    May 7, 2010 10:34 AM | about stocks: MSTX

    ADVENTRX Pharmaceuticals, Inc. reported the completion of an already disclosed sale of stock in a direct offering to several institutional investors. Rodman & Renshaw, LLC was the placement agent for the offering.

    ADVENTRX Pharmaceuticals, Inc. received gross proceeds of $19.2 million in the sale, and will use the proceeds to continue research on its main products, the acquisition of new products and general corporate purposes.

    ADVENTRX Pharmaceuticals, Inc. issued Series F convertible preferred stock to the investor group that is convertible into common shares of ADVENTRX Pharmaceuticals, Inc. at a conversion price of $3.7025 per share. The preferred stock also pays a 2.19% cumulative dividend through May 2020.

    Investors that participated in the offering also received two classes of warrants to buy common stock of ADVENTRX Pharmaceuticals, Inc. The series A warrants allow the purchase of an aggregate of 1.82 million shares at an exercise price of $3.65 per share. The warrants are exercisable after closing and for up to five years from issuance.

    The series B warrants allow the purchase of an aggregate of 778,000 shares at an exercise price of $3.65 per share. These warrants are exercisable any time after the closing of the transaction.

    ADVENTRX Pharmaceuticals is an early stage pharmaceutical company specializing in cancer treatment.

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net


    Disclosure: NO POSITIONS
    Stocks: MSTX
Back To QualityStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.