SAN FRANCISCO, CA--(Marketwire - Nov 6, 2012) - Vista Partners announced today that it has updated coverage on ADVENTRX Pharmaceuticals, Inc. ( NYSE MKT : ANX ) ("ADVENTRX" or "ANX"); and raised its twelve month target price from $3.50 to $4.50. Ross Silver, Principal Analyst at Vista Partners, stated, "As stated in yesterday's earnings release, ADVENTRX remains confident in its ability to initiate a Phase 3 trial for its clinical candidate ANX-188 intended to treat Sickle Cell Disease before the end of 2012." 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, considering ADVENTRX plans to have ANX-188 in a Phase 3 trial for sickle cell disease before year end. 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 38% from the current share price."
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