NEEDHAM, Mass.--(BUSINESS WIRE)--April 7, 2004--AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN - News) today announced the signing of a license agreement with Adprotech, Ltd for non-exclusive rights to use certain components of AVANT's intellectual property surrounding complement inhibition. The license will enable Adprotech to continue further development and commercialization of its APT070 product, which is currently in a clinical trial in rheumatoid arthritis. No rights to either of AVANT's complement programs, TP10 and TP20, were transferred under the license. All rights to these two products remain fully owned worldwide by AVANT. Financial details of the agreement with Adprotech were not disclosed, but include upfront license fees, milestone payments and royalties of an undisclosed amount.
"We believe this agreement validates the strength of AVANT's patent portfolio in the area of complement inhibitors," said Una S. Ryan, Ph.D., AVANT President and Chief Executive Officer. "AVANT is pleased to have monetized some value from this important asset without limiting the opportunities for our own programs."
Adprotech is a privately funded development stage biopharmaceutical company near Cambridge, UK. The company applies its understanding of the immune system and its unique drug targeting capabilities to develop products which address serious illnesses including rheumatoid arthritis, organ transplant rejection, bacterial infection and stroke. Adprotech focuses on the development of protein therapeutics for chronic diseases and surgical complications caused by autoimmune and inflammatory processes. Core expertise in the engineering of complement-regulatory proteins provides a platform for new product development. Adprotech is developing a complement inhibitor, APT070, which is currently in an early stage Phase I/II clinical trial for the potential treatment of rheumatoid arthritis and has several follow-on indications in preclinical development.
AVANT Immunotherapeutics, Inc. discovers, develops and sells innovative vaccines and therapeutics that harness the human immune system to prevent and treat disease. The company has developed a broad, well- staged pipeline of vaccines and therapeutics for large, high-value, under-served markets. Six of AVANT's products are in clinical development. These include an oral human rotavirus vaccine, a treatment to reduce complement-mediated tissue damage associated with cardiac by-pass surgery, and a novel vaccine for cholesterol management. AVANT has also assembled a technology platform that enables the creation of rapid-protecting, single-dose, oral vaccines that remain stable without refrigeration. The company is developing applications of this vaccine technology in four areas: biodefense, travelers' vaccines, global health needs, and human food safety. AVANT's goal is to demonstrate proof-of-concept for its products before leveraging further development through both traditional pharmaceutical partnerships and collaborations with governmental and other organizations.
Additional information on AVANT Immunotherapeutics, Inc. can be obtained through our site on the World Wide Web: http://www.avantimmune.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements which reflect AVANT's current views with respect to future events and financial performance. These forward-looking statements are based on management's beliefs and assumptions and information currently available. The words "believe", "expect", "anticipate", "intend", "estimate", "project" and similar expressions which do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to: (1) the integration of multiple technologies and programs; (2) the ability to adapt AVANT's vectoring systems to develop new, safe and effective orally administered vaccines against anthrax and plague or other bioterrorism threats or emerging health care threats; (3) the ability to successfully complete development and commercialization of TP10, CETi-1, CholeraGarde(TM) (Peru-15), Ty800 and other products; (4) the cost, timing, scope and results of ongoing safety and efficacy trials of TP10, CETi-1, CholeraGarde(TM) (Peru-15), Ty800 and other preclinical and clinical testing; (5) the ability to successfully complete product research and further development, including animal, pre-clinical and clinical studies of TP10, CETi-1, CholeraGarde(TM) (Peru-15), Ty800 and other products; (6) the ability of the Company to manage multiple late stage clinical trials for a variety of product candidates; (7) the volume and profitability of product sales of Megan®Vac 1, Megan®Egg and other future products; (8) changes in existing and potential relationships with corporate collaborators; (9) the availability, cost, delivery and quality of clinical and commercial grade materials supplied by contract manufacturers; (10) the timing, cost and uncertainty of obtaining regulatory approvals to use TP10, CETi-1, CholeraGarde(TM) (Peru-15) and Ty800, among other purposes, for adults undergoing cardiac surgery, to raise serum HDL cholesterol levels and to protect travelers and people in endemic regions from diarrhea causing diseases, respectively; (11) the ability to obtain substantial additional funding; (12) the ability to develop and commercialize products before competitors; (13) the ability to retain certain members of management; and (14) other factors detailed from time to time in filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements.
AVANT Immunotherapeutics, Inc. President and CEO Una S. Ryan, Ph.D., 781-433-0771 or Chief Financial Officer Avery W. Catlin, 781-433-0771 email@example.com or For Media: Kureczka/Martin Associates Joan Kureczka, 415-821-2413 firstname.lastname@example.org
Source: AVANT Immunotherapeutics, Inc.