AVAN...
Some news form Avan web site " but look carefully" this big company has an equity investment in AVAN.. What next?
I think BIG short squezzzzzzzz coming next " short covering
started on the DOW".. I think AVAN @ this level is very very low
===================================================
AVANT RECEIVES $6 MILLION PAYMENT FROM NOVARTIS
January 13, 2000
NEEDHAM, MA, (January 13, 2000): AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN), announced today that Novartis Pharma AG, Basel, Switzerland, has made a $6 million payment to AVANT in connection with the license for use of TP10 in the field of transplantation, and an equity investment in the company. This payment follows Novartis' decision to exercise its option to license TP10 after extensive preclinical testing of TP10 in their transplantation model systems. AVANT and Novartis entered into the related option agreement in 1997; the license agreement provides for up to an additional $14 million in milestone payments as well as royalty payments on product sales.
"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 is important to 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 clinical development 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 injury (cardiac surgery, heart attack, stroke), and chronic inflammatory diseases (rheumatoid arthritis, lupus, multiple sclerosis). AVANT is focusing on advancing clinical development of TP10 in pediatric cardiac surgery. The goal of this program is to mitigate injury to the heart and other organs that occurs when these young patients are placed on cardiopulmonary bypass (CPB) circuits, thus potentially improving post-operative outcome.
For more than 15 years, Novartis has been a recognized leader in transplantation. Neoral© (cyclosporine, USP) MODIFIED is the most widely prescribed immunosuppressant for the prevention of organ rejection in kidney, liver, and heart transplants worldwide. Novartis also markets Simulect© (basilimaxib), a chimeric monoclonal antibody, for the prevention of acute rejection in kidney transplantation. 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 healthcare with core businesses in pharmaceuticals, consumer health, generics, eye-care, and animal health. In 1998, the Group (including Agribusiness) achieved sales of USD 21.8 billion and invested more than USD 2.6 billion in R&D. Headquartered in Basel, Switzerland, Novartis employs about 82,000 people and operates in over 140 countries around the world. The Group recently announced plans to spin off its Crop Protection and Seeds sectors and to merge them with the agrochemicals business of AstraZeneca in the second half of 2000.
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 TheraporeTM, 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© and Micromer©, for the prevention of respiratory syncytial virus (RSV), Lyme disease, and several other vaccine targets. 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: <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. 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.
###
|
