Dr. Una Ryan Departs AVANT Immunotherapeutics
14 Mayo 2008 - 7:00AM
Business Wire
AVANT Immunotherapeutics (NASDAQ: AVAN) today announced the
departure of Una Ryan, Ph.D, President and CEO, effective
immediately. Over the last fifteen years, Dr. Ryan was instrumental
in the development and partnering of multiple products, including
Rotarix�--an oral vaccine partnered with GlaxoSmithKline and
recently approved by the FDA for protection against rotavirus in
infants. Anthony S. Marucci, currently the Executive Vice President
of the Company, will serve as interim CEO until a permanent
successor is announced. �After 15 years, the time has come for me
to move on,� stated Dr. Ryan. �The Company has a strong financial
foundation, and with the completed merger in March with Celldex
Therapeutics, has a deep pipeline of products and a combined
management team that can drive our company to success. I am eager
to take on my next professional challenge and look forward to
dedicating more time to my many activities outside of AVANT.� Dr.
Ryan serves on the Boards of the Massachusetts Biotechnology
Council, the Biotechnology Industry Organization, the New England
Healthcare Institute, IQuum, Inc., Albany Molecular Research, Inc,
the Board of Associates of the Whitehead Institute, the Business
Advisory Board of BIO Ventures for Global Health, the Scientific
Advisory Board of Genocea, Inc. and the UMASS High Technology
Executive Council. She is also a member of the Strategy &
Policy Council of the MIT Center for Biomedical Innovation and is a
Research Professor of Medicine at Boston University School of
Medicine and serves on its Board of Visitors. �Dr. Ryan has been a
visionary leader and was instrumental in combining the people and
product strengths of AVANT and Celldex to create a leading cancer
and infectious disease company leveraging breakthroughs in
immunotherapeutics,� stated Charles R. Schaller, Chairman of the
Board of AVANT. �In light of the strength of the Company's
experienced executive team, as well as its strong financial
position and deep clinical pipeline, the Company does not
anticipate material changes to its strategic direction as a result
of these events.� The Company and Dr. Ryan are currently in
discussions concerning the terms of her separation. The nominating
and corporate governance committee of the Board will commence a
search process which will include a review of internal and external
candidates. About AVANT Immunotherapeutics, Inc. AVANT
Immunotherapeutics, Inc. is a NASDAQ-listed company discovering and
developing innovative vaccines and targeted immunotherapeutics for
the treatment of cancer, infectious and inflammatory diseases.
AVANT focuses on the use of tumor-specific targets and human
monoclonal antibodies (mAbs) to precisely deliver therapeutic
agents through its novel �targeted immunization� approach. AVANT
also possesses innovative bacterial vector delivery technologies
with unique manufacturing and preservation processes that offer the
potential for a new generation of infectious disease vaccines.
AVANT�s deep product pipeline consists of products in varying
stages of development, with its lead candidate, CDX-110, partnered
with Pfizer, Inc. (subject to Hart-Scott-Rodino approval),
currently undergoing evaluation in a Phase 2/3 clinical trial in
newly diagnosed glioblastoma multiforme, one of the most aggressive
forms of brain cancer. AVANT also has five product candidates in
its development pipeline including: CDX-1307, a product based on
its proprietary APC Targeting Technology�, which is in two Phase 1
clinical trials for patients with advanced pancreatic, bladder,
breast and colon cancer; TP10, a complement inhibitor, in
development for transplantation and other indications; and Three
candidates based on its oral, rapidly-protecting, single-dose and
temperature-stable vaccine technology, including combination
vaccines for travelers, the military and global health needs. AVANT
has three commercialized products, including Rotarix� for the
prevention of rotavirus infection and two human food safety
vaccines for reducing salmonella infection in chickens and eggs.
Additional information on AVANT Immunotherapeutics, Inc. can be
obtained through its 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 that are subject to a variety of risks
and uncertainties and reflect AVANT�s current views with respect to
future events and financial performance. There are a number of
important factors that could cause the actual results to differ
materially from those expressed in any forward-looking statement
made by AVANT. These factors include, but are not limited to: (1)
the successful integration of the businesses, multiple technologies
and programs of AVANT and Celldex; (2) the ability to adopt AVANT�s
APC Targeting TechnologyTM to develop new, safe and effective
vaccines against oncology and infectious disease indications; (3)
the ability to adapt AVANT�s vectoring systems to develop new, safe
and effective orally administered vaccines against disease causing
agents; (4) the ability to successfully complete product research
and further development, including animal, pre-clinical and
clinical studies, and commercialization of CDX-110, CDX-1307,
CholeraGarde� (Peru-15), Ty800, ETEC E. coli vaccine, and other
products and AVANT�s expectations regarding market growth; (5) the
cost, timing, scope and results of ongoing safety and efficacy
trials of CDX-110, CDX-1307, CholeraGarde� (Peru-15), Ty800, ETEC
E. coli vaccine and other preclinical and clinical testing; (6) the
ability to negotiate strategic partnerships or other disposition
transactions for AVANT�s cardiovascular programs, including TP10
and CETi; (7) the ability of AVANT to manage multiple clinical
trials for a variety of product candidates; (8)�the volume and
profitability of product sales of Megan�Vac 1, Megan�Egg and other
future products; (9)�the process of obtaining regulatory approval
for the sale of Rotarix� in major commercial markets, as well as
the timing and success of worldwide commercialization of Rotarix�
by our partner, GlaxoSmithKline or Glaxo; (10)�Glaxo�s strategy and
business plans to launch and supply Rotarix� worldwide, including
in the U.S. and other major markets and its payment of royalties to
AVANT; (11) Pfizer�s and our strategy and business plans concerning
the continued development and commercialization of CDX-110; (12)
AVANT�s expectations regarding its technological capabilities and
expanding its focus to broader markets for vaccines; (13) changes
in existing and potential relationships with corporate
collaborators; (14) the availability, cost, delivery and quality of
clinical and commercial grade materials produced at AVANT�s own
manufacturing facility or supplied by contract manufacturers and
partners; (15) the timing, cost and uncertainty of obtaining
regulatory approvals, including Hart-Scott-Rodino approval of our
license and development agreement with Pfizer; (16) AVANT�s ability
to develop and commercialize products before competitors that are
superior to the alternatives developed by such competitors; (17)
AVANT�s ability to retain certain members of management;(18)
AVANT�s expectations regarding research and development expenses
and general and administrative expenses; (19) AVANT�s expectations
regarding cash balances, capital requirements, anticipated royalty
payments (including those from Paul Royalty Fund), revenues and
expenses, including infrastructure expenses; (20)�the ability to
obtain substantial additional funding; (21) AVANT�s belief
regarding the validity of our patents and potential litigation; and
(22) certain other factors that might cause AVANT�s actual results
to differ materially from those in the forward-looking statements
including those set forth under the headings �Business,� �Risk
Factors� and Management�s Discussion and Analysis of Financial
Condition and Results of Operations� in each of AVANT�s Annual
Report on Form 10-K, its current Reports on Form 8-K, as well as
those described in AVANT�s other press releases and filings with
the Securities and Exchange Commission, from time to time. You
should carefully review all of these factors, and you should be
aware that there may be other factors that could cause these
differences. These forward-looking statements were based on
information, plans and estimates at the date of this press release,
and AVANT does not promise to update any forward-looking statements
to reflect changes in underlying assumptions or factors, new
information, future events or other changes.
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