Very Good News, Novartis to license TP-10 for use in implantation rejection,providing a $6mm fee to AVAN. Where did you get the research piece on the stock going to $6? Can you post it.
AVANT Announces Novartis Exercise of Option to
License TP10 in the Field of Transplantation
NEEDHAM, Mass., July 19 /PRNewswire/ -- AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN - news), announced
today that Novartis Pharma AG, Basel, Switzerland, has exercised its option to license TP10 for use in the field of
transplantation. AVANT and Novartis entered into this option agreement in October 1997. The decision to license TP10
follows Novartis' extensive preclinical testing of TP10 in its transplantation models and triggers a $6 million equity investment
and license payment subject to certain conditions being met.
''We are delighted that Novartis, the worldwide leader in transplantation, is moving forward with development and
commercialization of TP10,'' said Una S. Ryan, President and Chief Executive Officer of AVANT. ''This confirms the
importance and therapeutic potential of our potent complement inhibitor in the field of transplantation.''
''AVANT's technology for complement inhibition enhances our efforts in clinical transplantation by overcoming the body's
natural defenses which lead to rejection of a transplanted organ,'' said Paul Herrling, worldwide Head of Novartis Pharma
Research. ''This collaboration supports our own substantial efforts and confirms our continuing commitment as the leader in
transplantation.''
TP10, the product name for soluble Complement Receptor 1 (sCR1), is the first product candidate among a new class of
therapeutics that AVANT is developing to inhibit inappropriate activation of complement. Complement is a family of immune
system proteins that circulate in the blood and provide a defense against foreign materials. Excessive complement activation,
however, is involved in tissue and organ damage associated with transplantation, ischemia-reperfusion (heart attack, stroke),
and chronic inflammatory diseases (rheumatoid arthritis, multiple sclerosis).
For more than 15 years, Novartis has been a recognized leader in transplantation. Neoral® (cyclosporine for microemulsion)
is the most widely prescribed immunosuppressant for the prevention of organ rejection in kidney, liver, and heart transplants
worlwide. Novartis also recently launched Simulect® (basilimaxib), a chimeric monoclonal antibody, for the prevention of
kidney graft rejection. Novartis has created one of the broadest pipelines in the field with multiple novel immunosuppressants
in clinical trials and programs in preclinical research.
Novartis is a world leader in Life Sciences with its core businesses in Healthcare, Agribusiness, and Consumer Health. In
1998, Novartis group sales were CHF 31.7 billion, of which CHF 17.5 billion were in Healthcare, CHF 8.4 billion in
Agribusiness, and CHF 5.8 billion in Consumer Health. The group annually invests more than CHF 3.7 billion in R&D.
Headquartered in Basel, Switzerland, Novartis employs about 82,000 people and operates in over 100 countries around the
world.
AVANT Immunotherapeutics, Inc. is engaged in the discovery, development and commercialization of products that harness
the human immune response to prevent and treat disease. The Company's lead therapeutic program is focused on
compounds that inhibit the inappropriate activity of the complement cascade that is a vital part of the body's immune defense
system. The Company is also engaged in the development of Therapore(TM), a novel system for the delivery of
immunotherapeutics for chronic viral infections and certain cancers. The Company and its collaborators are developing
vaccines using the proprietary adjuvants, Adjumer(TM) and Micromer(TM), for the prevention of influenza, Lyme disease,
and respiratory syncytial virus (RSV). In a further collaboration, the Company is developing an oral human rotavirus vaccine,
and is developing its own proprietary vaccine for the management of atherosclerosis.
Additional information on AVANT Immunotherapeutics, Inc., can be obtained through the Company's site on the world wide
web: 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. The words
''believe,'' ''expect,'' ''anticipate,'' and similar expressions identify forward-looking statements. Investors should not rely 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 ability to successfully complete development and commercialization of products, including the cost,
scope and results of preclinical and clinical testing; (2) the ability to successfully complete product research and further
development, including animal, pre-clinical and clinical studies; (3) changes in existing and potential relationships with
corporate collaborators; (4) the time, cost and uncertainty of obtaining regulatory approvals; (5) the ability to obtain
substantial additional funding; (6) the ability to develop and commercialize products before competitors; and (7) other factors
detailed from time to time in filings with the Securities and Exchange Commission.
SOURCE: AVANT Immunotherapeutics, Inc. |
