Drug developer Adventrx Pharmaceuticals Inc. said Friday it completed the sale of 14.5 million shares for $2.75 each.

The offering, announced on Nov. 3, generated roughly $40 million in gross proceeds, and $37.3 million in net proceeds. All shares were sold by the company.

Shares of Adventrx were unchanged in premarket trading from Thursday's closing price of $2.69 on the American Stock Exchange.