ADVENTRX Pharmaceuticals Raises $22.5M, Plans Acquisition

San Diego-based ADVENTRX Pharmaceuticals said this morning that it has raised $22.5M in funding, via a registered direct offering to RA Capital Management and other investors. According to the publicly traded firm, the new funding will go towards acquiring and developing additional products or product candidates, for development of its current lead product candidates, and for general corporate purposes. As part of the funding, ADVENTRX said it has signed a term sheet with an undisclosed target company focused on polaxamer-based therapeutics. ADVENTRX said the deal would involve the issuance of 19 percent of the firm's outstanding common stock to acquire the un-named firm. More information »