Add San Diego-based Adventrx to the list of biotech companies mulling strategic options. Those options include the sale of one or more of its development programs, finding a merger partner or "other transactions that maximize the value of company's assets." And the company--which has two late-stage oncology programs in development--announced it's engaged in talks with several prospective candidates.
"Publicly announcing our exploration of strategic alternatives provides the best opportunity to find a partner who wishes to acquire one or both of our late-stage oncology assets," said Mark Bagnall, EVP and chief financial officer. "As we expand our horizons, we continue both our on-going discussions with potential pharmaceutical partners and to conduct those activities that maintain the value of our lead programs. We believe that Adventrx offers its partners near-term up-side in an otherwise tumultuous market and has the potential to deliver attractive returns by way of its innovative lower-cost, lower-risk business model."
Adventrx is advancing ANX-514 (docetaxel emulsion), a reformulation of Taxotere, and ANX-530 (vinorelbine emulsion) a reformulation of Navelbine. Its shares were down two cents, to nine cents this morning.
- read AdventRx's release