November 4, 2010 (FinancialWire) (http://www.financialwire.net/) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) said that it has been awarded a total of $488,958 in grants under the qualifying therapeutic discovery project program established under Section 48D of the Internal Revenue Code.

The company said it submitted applications for its ANX-530, or Exelbine, and ANX-514 projects and a grant in the amount of $244,479 has been approved for each project.  

The QTDP program was established as a result of the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants to taxpayers with no more than 250 employees in an amount equal to 50% of eligible 2009 and 2010 expenses related to a qualifying therapeutic discovery project.

Adventrx said that the grant amounts were further limited because the QTDP program was oversubscribed.  

California-based Adventrx Pharmaceuticals is a specialty pharmaceutical company whose product candidates are being developed to improve the performance of existing anti-cancer drugs by addressing limitations associated principally with their safety and use.  

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