Adventrx To Acquire SD Pharma

Adventrx Pharmaceuticals has signed an agreement to acquire SD Pharmaceuticals, a privately held company. The acquisition will be an all-stock exchange, valued at nearly $10 million.

As part of the transaction, Adventrx will acquire worldwide intellectual property rights to eight oncology and infectious disease product candidates, including some rights to SDP-012 (ANX-530, vinorelbine emulsion). In October 2005, Adventrx licensed U.S. development and marketing rights to SDP-012 from SD Pharma. The SD Pharma product portfolio consists of five anticancer and three anti-infective therapies. Certain product candidates to be obtained in the transaction are being evaluated by Adventrx as possible out-licensing opportunities.

Certain product candidates that Adventrx would acquire as a result of the merger are based on a nano-emulsion technology for both soluble and insoluble parenteral drugs. The nano-emulsion technology was developed by SD co-founder Dr. Andrew Chen and is designed to enable the delivery of vein irritating or difficult to dissolve drugs without excipient-induced adverse effects. Dr. Chen will continue to collaborate with Adventrx as a consultant.

“We believe that this transaction will provide tremendous value for our stockholders by strengthening our product pipeline with near-term product candidates in oncology and infectious disease,” said Evan M. Levine, Adventrx president and chief executive officer.

“Adventrx has several exciting drug development opportunities for cancer and infectious disease and a proven track record of bringing drugs through preclinical and clinical development,” commented Paul J. Marangos, Ph.D., SD Pharma chairman, chief executive officer and co-founder. “We believe Adventrx is the right company to further develop these product candidates based on their rapid progress with ANX-530 which they licensed from us last year.