Dec. 23, 2009 (Baystreet.ca) --
After an anticipated pullback yesterday, traders are looking for another run up by Adventrx Pharmaceuticals Inc. (Amex:ANX). Within days, the company is expected to submit its New Drug Application for ANX-530, which is a novel emulsion formulation of GlaxoSmithKline's (NYSE: GSK) chemotherapy drug Navelbine (also known as vinorelbine tartrate). The filing is expected to be the first NDA submission for Adventrx, who lists Carl Icahn (one of the world's richest billionaire financier, corporate raider, and private investors) as one of its biggest shareholders.
Navelbine, is approved by the FDA to treat advanced non-small cell lung cancer, and approved in Europe to treat non-small cell lung cancer and advanced or metastatic breast cancer. It sells in excess of $200 million a year world-wide. Adventrx' ANX-530 will attempt to compete for the same indications as Navelbine.
Adventrx has yet another late-stage product candidate ANX-514 (docetaxel emulsion for injection), a reformulation of the blockbuster chemo agent, Taxotere.
Shares have been rising steadily are trading up in anticipation of that news. Peter Depalma reports for BioMedReports.Com Disclosure: Long ANX
