ADVENTRX Announces Appointment Of Chief Medical Officer

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Aug 14, 2012, 08:00 ET

SAN DIEGO, Aug. 14, 2012 /PRNewswire/ -- ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) today announced that Santosh J. Vetticaden, M.D., Ph.D., will join the Company as Chief Medical Officer and Senior Vice President.

Dr. Vetticaden has more than 25 years of experience in drug development and medicine. His experience spans a variety of therapeutic areas, including anticoagulation, hemophilia, anti-infectives and rheumatology/inflammation. He has directed and managed the clinical development of both large and small molecules, from protocol design to execution of multi-center, global clinical trials.

Dr. Vetticaden has held several senior level positions leading drug development across phase 1 through phase 4 trials at biotech and large pharmaceutical companies. Most recently, he served as Senior Vice President and Chief Medical and Development Officer at Cubist Pharmaceuticals, Inc., where his tenure was highlighted by successful phase 2 trials and advancing multiple drugs into phase 3. At Cubist, he also played a significant role in the development and execution of new business strategy that resulted in significant product pipeline expansion. Prior to joining Cubist, Dr. Vetticaden was Senior Vice President and Chief Medical Officer at Maxygen, Inc., where he had responsibilities and oversight for clinical development and regulatory affairs for all of the company's development programs, including Maxy-VIIa, which he progressed from the non-clinical stage through a phase 1 study in hemophilia, resulting in its outlicense to Bayer. Before Maxygen, he held senior roles in drug development at Scios, Inc., a subsidiary of Johnson & Johnson, Aventis Pharmaceuticals (now Sanofi) and the Whitehall-Robins Healthcare division of American Home Products Corporation (now Pfizer). Dr. Vetticaden has a Ph.D. in the areas of pharmacokinetics and pharmacodynamics from Virginia Commonwealth University; a M.D from the University of Maryland and completed a residency in internal medicine at the Baylor College of Medicine.

"I have been closely involved in the development and lifecycle management of several transformative products, including Lovenox®, Cubicin®, Xarelto®, and Natrecor®, and I look forward to playing a key role in successful development of ANX-188, which has the potential to treat many serious and life-threatening diseases and conditions," said Dr. Vetticaden. "With the phase 3 study in sickle cell disease anticipated to begin this year, joining ADVENTRX is an opportunity to have a potentially transformational impact in the treatment of diseases and conditions associated with microvascular dysfunction."

"Dr. Vetticaden brings to ADVENTRX decades of drug development and clinical experience as well as valuable clinical pharmacology and translational expertise," stated Brian M. Culley, Chief Executive Officer of ADVENTRX. "He has a proven track record of advancing innovative therapies through all stages of the product lifecycle and is a welcome addition to our senior management team as we advance ANX-188 into a phase 3 study."

About ADVENTRX Pharmaceuticals
ADVENTRX Pharmaceuticals is a biopharmaceutical company developing proprietary product candidates to treat various diseases and conditions. The Company's lead product candidate, ANX-188, has potential to reduce ischemic tissue injury and end-organ damage by restoring microvascular function which is compromised in a wide range of serious and life-threatening diseases and conditions. The Company initially is developing ANX-188 as a treatment for complications arising from sickle cell disease. More information can be found on the Company's web site at www.adventrx.com.

Forward Looking Statements
ADVENTRX cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that are based on ADVENTRX's current expectations and assumptions. Such forward-looking statements include, but are not limited to, statements regarding Dr. Vetticaden's potential impact on the development of ANX-188, and the Company's development plans for ANX-188, including the nature and timing of future clinical studies. Among the factors that could cause or contribute to material differences between ADVENTRX's actual results and those indicated from the forward-looking statements are risks and uncertainties inherent in ADVENTRX's business, including, but not limited to: the potential for delays in the commencement or completion of planned clinical studies including as a result of difficulties or delays in completing manufacturing process development activities and manufacturing clinical trial material or difficulties or delays in obtaining regulatory agreement on clinical study design or meeting applicable regulatory requirements for clinical trial material; the risk of suspension or termination of a clinical study including due to lack of adequate funding; the risk that planned clinical studies are not successful and, even if they are successful, that the FDA could determine they are not sufficient to support an NDA for the product candidate; the potential for ADVENTRX to delay, reduce or discontinue current and/or planned development activities, including clinical studies, partner its product candidates at inopportune times or pursue less expensive but higher-risk development paths if it is unable to raise sufficient additional capital as needed; ADVENTRX's ability to obtain additional funding on a timely basis or on acceptable terms, or at all; the risk that the FDA does not grant marketing approval of ADVENTRX's product candidates, including ANX-188, on a timely basis, or at all; ADVENTRX's reliance on third parties to assist in the conduct of important aspects of its product candidates' development programs, including the manufacture of clinical trial material, the conduct of clinical studies and preparation of regulatory submissions related to product approval, and that such third parties may fail to perform as expected; and other risks and uncertainties more fully described in ADVENTRX's press releases and periodic filings with the Securities and Exchange Commission. ADVENTRX's public filings with the Securities and Exchange Commission are available at www.sec.gov.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date when made. ADVENTRX does not intend to revise or update any forward-looking statement set forth in this press release to reflect events or circumstances arising after the date hereof, except as may be required by law.

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SOURCE ADVENTRX Pharmaceuticals, Inc.