Adventrx, CytRx deal

CytRx disclosed in its 1Q11 earnings that it received 163,000 Adventrx shares in exchange for its 19.1% stake in SynthRx Inc. as part of Adventrx's acquisition of SynthRx. The shares are valued at $378,160, based on Adventrx's close of $2.32 on April 7, before its acquisition of SynthRx closed. CytRx is eligible for up to 2.9 million additional Adventrx shares depending on certain milestones, including the start of a Phase III trial of sickle cell crisis candidate ANX-188 (previously poloxamer 188). CytRx is eligible for 20% of any shares paid to SynthRx shareholders under a 2003 deal, in which SynthRx received exclusive rights to commercialize CytRx's co-polymer products, including ANX-188, a non-ionic block copolymer surfactant (see BioCentury, Oct. 27, 2003 & Feb. 21, 2011). ...