Fiscal 2004 Defense Appropriations Bill Dedicates $3 Million to Ongoing Development of AVANT's Oral Anthrax/Plague Combination Vaccine
Monday September 29, 8:00 am ET
Funding Commitment Provides Continued Support for Next Stage of Preclinical Vaccine Development Including Process Development and Pilot Manufacturing
NEEDHAM, Mass.--(BUSINESS WIRE)--Sept. 29, 2003-- AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN - News) today announced that the Defense Appropriations Bill for Fiscal Year 2004 passed by Congress last week commits $3.0 million for the Defense Department's continued development of an oral combination vaccine to protect against anthrax and plague, a project being carried out by AVANT Immunotherapeutics, Inc. The dedicated funding supports continued development of the advanced technology vaccine begun by AVANT last January. AVANT expects this financial support to carry the vaccine's preclinical development phase to near completion, including manufacturing process development and pilot vaccine production at AVANT's recently announced Fall River manufacturing plant. AVANT scientists are carrying out the vaccine development program at AVANT headquarters in Needham, Massachusetts and at AVANT's research facility in Overland, Missouri.
Una Ryan, Ph.D., President and Chief Executive Officer of AVANT, stated, "We want to thank the Congress, and in particular Senator Kit Bond, Senator Ted Kennedy, Senator Jim Talent, and Rep. Marty Meehan for their hard work in supporting this vital program. This biodefense vaccine is the most technologically advanced of any under development by the federal government. I am pleased that these leaders saw its value and got behind its support. The successful development of this vaccine will make all Americans, both military personnel and civilians, safer from the threats posed by anthrax and plague."
Senator Kit Bond of Missouri, a member of the Defense Appropriations Subcommittee that wrote the funding bill, stated, "A key challenge to the nation's homeland security effort is to harness the technology and know-how of commercial biotechnology firms to meet 21st century threats. AVANT's vaccine technology is an example of applying medical technologies for the commercial market to pressing defense and security needs. This project is a model for how to address these new threats."
Senator Edward M. Kennedy of Massachusetts, a member of the Senate Armed Services Committee, added, "There is no higher priority for our armed services than to ensure that our men and women in the field are protected against biological threats that we know are present in arsenals around the world. AVANT's advanced technology vaccines against anthrax and plague will provide them that protection more quickly and safely than ever before. This is a vital program, and I am happy to support it."
Senator Jim Talent of Missouri, who chairs the Senate's Seapower Subcommittee, said, "I was very pleased to help secure this funding to support the AVANT/Megan Health of Overland research effort. If successful, this research would lead to an effective oral vaccine to replace the up to 6-shot, 18-month inoculation schedule currently used by the Defense Department. It will help protect service personnel and be available for civilian use to protect Missouri and other areas of the country from bioterrorism."
Rep. Martin Meehan of Massachusetts, senior Democrat on the House Armed Services Committee's Subcommittee on Terrorism, said, "I am very pleased that AVANT will be able to proceed with its important biodefense work as a result of the funding included in this bill. Our state is dedicated to this national effort, and through this project, our scientists can help make it a success."
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 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 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.
Contact:
AVANT Immunotherapeutics, Inc.
Una S. Ryan, Ph.D., 781-433-0771
Avery W. Catlin, 781-433-0771
info@avantimmune.com
or
For Media:
Kureczka/Martin Associates
Joan Kureczka, 415-821-2413
jkureczka@aol.com
Source: AVANT Immunotherapeutics, Inc. |
