AVANT Immunotherapeutics Announces Plans for Pilot Manufacturing Facility in Massachusetts
Tuesday August 12, 11:05 am ET
NEEDHAM, Mass.--(BUSINESS WIRE)--Aug. 12, 2003--AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN - News) today announced that it has reached agreement with MassDevelopment for AVANT to occupy and buildout a process development and pilot-manufacturing facility in MassDevelopment's technology center located in Fall River, Massachusetts. MassDevelopment, the economic development entity for the Commonwealth of Massachusetts, and AVANT have worked closely together over the last several months to develop a financing framework that allows AVANT to establish its own manufacturing capability while remaining in the Commonwealth and creating new jobs.
Governor Mitt Romney announced the agreement with MassDevelopment this morning at a press conference held at the Massachusetts State House. Financial terms of the agreement with MassDevelopment were not disclosed.
"We are very pleased that AVANT is now able to move to the next level in terms of our corporate growth. With the assistance of MassDevelopment, we can now complement our research and clinical expertise with the capability to develop and manufacture our own products, as well as to apply our proprietary VitriLife® technology to products for our partners," said Una Ryan, Ph.D., President and Chief Executive Officer of AVANT Immunotherapeutics.
"I congratulate AVANT's decision to expand and bring new jobs to Fall River," said Governor Mitt Romney. "Companies like AVANT are the economic engines of the Commonwealth."
AVANT will establish this 11,000 square foot process development and pilot manufacturing facility to support the clinical development of its portfolio of bacterial vaccines, including vaccines for biodefense, as well as continue development and product application of its patented thermo-stable preservation technology, VitriLife®.
About MassDevelopment
MassDevelopment provides financial tools and real estate expertise to stimulate economic growth across the state of Massachusetts. It works with businesses and local officials to address blighted areas, help create jobs, and address overarching issues that impact economic development, such as housing affordability. For more information visit: massdevelopment.com.
About AVANT
AVANT Immunotherapeutics, Inc. is engaged in the discovery, development and commercialization of products that harness the human immune system to prevent and treat disease. The company is developing a broad portfolio of vaccines addressing a wide range of applications including bacterial and viral diseases, chronic human disease, biodefense and food safety. These include single-dose, oral vaccines that protect against important disease-causing agents and a novel, proprietary vaccine candidate for cholesterol management. AVANT's goal is to demonstrate proof-of-concept for its products before leveraging their value through partnerships. Current collaborations encompass the development of an oral human rotavirus vaccine, vaccines to combat threats of biological warfare, and vaccines addressed to human food safety and animal health.
Additional information on AVANT Immunotherapeutics, Inc. can be obtained through our 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. 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 CETi-1, CholeraGarde(TM) (Peru-15), Ty800 and other products; (4) the cost, timing, scope and results of ongoing safety and efficacy trials of 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 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 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 CETi-1, CholeraGarde(TM) (Peru-15) and Ty800, among other purposes, 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.
Contact:
AVANT Immunotherapeutics, Inc.
Una S. Ryan, Ph.D., 781/433-0771
President and CEO
Avery W. Catlin, 781/433-0771
Chief Financial Officer
info@avantimmune.com
or
For Media:
Kureczka/Martin Associates
Ellen Martin, 510/832-2044
jkureczka@aol.com
Source: AVANT Immunotherapeutics, Inc. |
