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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 31, 2006
ADVENTRX Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
     
001-32157
(Commission File Number) 		  84-1318182
(IRS Employer Identification No.)
6725 Mesa Ridge Road, Suite 100
San Diego, California 92121
(Address of principal executive offices) (Zip Code)
(858) 552-0866
(Company’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 1.01 Entry Into A Material Definitive Agreement
     On January 31, 2006, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of ADVENTRX Pharmaceuticals, Inc. (the “Company”) approved increases to the annual base salaries (retroactively effective as of January 1, 2006) of certain of the Company’s officers after a review of performance and competitive market data. The following table sets forth the annual base salary of the officers that received an increase in their annual base salary for 2006 and 2005:
                 
NAME AND POSITION   YEAR     BASE SALARY  
Joan M. Robbins, Ph.D.
                
Chief Technology Officer, Executive Vice
     2006     $ 250,000  
President
     2005     $ 230,000  
 
                
Carrie E. Carlander
                
Chief Financial Officer, Vice President, Finance,
     2006     $ 200,000  
Secretary and Treasurer
     2005     $ 180,000  
 
                
Brian M .Culley
     2006     $ 200,000  
Vice President, Business Development
     2005     $ 170,000  
     Also on January 31, 2006, the Compensation Committee approved incentive and recognition bonus grants of ten-year non-qualified stock options to certain of the officers of the Company pursuant to the Company’s 2005 Equity Incentive Plan. The following table sets forth information regarding these grants:
                         
            Vesting        
    Number of Shares     Commencement        
Name   Subject to Option(1)     Date     Exercise Price  
Joan M. Robbins
     100,000     January 1, 2006     $4.75  
Carrie E. Carlander
     80,000     January 1, 2006     $4.75  
Brian M .Culley
     80,000     January 1, 2006     $4.75  
 
(1)   Option vests with respect to 1/4 of the shares on the first anniversary of the Vesting Commencement Date and with respect to 1/48 of the shares (1/36 of the unvested shares as of the first anniversary) at the end of each calendar month after the first anniversary of the Vesting Commencement Date, subject to Continuous Service of the option holder.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  ADVENTRX Pharmaceuticals, Inc.
 		  
  By:   /s/ Carrie E. Carlander    
    Name:   Carrie E. Carlander   
    Title:   Chief Financial Officer, Vice President
Finance, and Treasurer
 
      February 6, 2006