SOURCE: Vista Partners LLC

Vista Partners LLC

January 31, 2013 09:15 ET

Vista Partners Updates Coverage on ADVENTRX Pharmaceuticals, Inc.; Target Price $4.50

SAN FRANCISCO, CA--(Marketwire - Jan 31, 2013) - Vista Partners announced today that it has updated coverage on ADVENTRX Pharmaceuticals, Inc. (NYSE MKT: ANX) ("ADVENTRX" or "ANX") with a twelve month target price of $4.50. Ross Silver, Principal Analyst at Vista Partners, stated, "ANX announced that it has initiated patient recruitment in its pivotal Phase 3 clinical study of ANX-188 (purified poloxamer 188) in sickle cell disease which is a major milestone." Mr. Silver continued, "There has been a tremendous amount of partnering and M&A activity in Sickle Cell Disease. In September 2012, Novartis was granted an exclusive option to acquire Selexys, following the successful completion of a Phase 2 clinical study in patients with sickle cell disease. Including upfront, acquisition and milestone payments, the agreement with Novartis could reach up to $665 million. GlycoMimetics completed a partnering deal with Pfizer in October 2011, for their investigational compound GMI-1070 currently in Phase 2 development for the treatment of vaso-occlusive crisis associated with sickle cell disease, with a potential value of approximately $340M." Mr. Silver concludes, "The aforementioned pharma deals would seem to serve as valuation benchmarks and notably both of the companies are behind ADVENTRX in terms of clinical progress. ANX currently trades at a negative enterprise value, the cash value per share was approximately $0.84 at the end of the third quarter, a discount of approximately 20% from the current share price."

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About Vista Partners:
Vista Partners LLC, founded in 2005, is a Registered Investment Advisor in the States of California and Oregon. The firm's professional staff has backgrounds in finance, corporate communications and investment banking.

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