AVANT Immunotherapeutics Announces Name Change to Celldex Therapeutics
September 29 2008 - 8:00AM
Business Wire
AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN) (the �Company�),
today announced that, pursuant to a previously announced
shareholder vote, the Company will change its name to Celldex
Therapeutics, Inc. effective October 1, 2008 and shares of the
Company�s common stock will be listed on NASDAQ under the ticker
symbol �CLDX� effective at market opening on the same day. The
Board of Directors also announced the appointment of Anthony S.
Marucci, who has been serving as interim President and Chief
Executive Officer since May 2008, as President and Chief Executive
Officer of the Company. �Based on a strongly positive vote by the
Company�s shareholders, we are assuming the name Celldex
Therapeutics,� said Anthony S. Marucci, President and Chief
Executive Officer. �This change reflects the Company�s expertise
and focus on developing therapeutic vaccines and antibodies,
including the APC Targeted Technology platform which is a
combination of both and is synonymous with the Celldex name.� AVANT
Immunotherapeutics and Celldex Therapeutics completed a merger
during the first quarter of 2008. The combined Company�s internal
pipeline is fueled by the creation of novel immunotherapy
candidates based on Celldex's Precision Targeted Immunotherapy
Platform (PTIP). PTIP employs a variety of immunotherapy assets
including APC Targeting Technology�, which utilizes human
monoclonal antibodies to deliver vaccines directly to their
therapeutic targets. �Since spinning out from Medarex as a private
company, Celldex has built a reputation as a leader in the
development of targeted immunotherapeutics to treat cancer and
infectious disease.� Mr. Marucci continued, �We are proud to be
able to carry on this important work under the same banner and I am
honored to lead the Company forward as President and CEO.� Charles
R. Schaller, Chairman of the Board commented, �Anthony has
demonstrated strong leadership as Celldex has grown both
operationally and scientifically. We are confident that under his
guidance the Company will continue to make rapid progress in the
development of new immunotherapy-based treatments for cancer and
other serious diseases. On behalf of the Board, I am pleased to
announce Anthony�s appointment and look forward to his continued
contributions.� In the past six months, Celldex�s lead candidate,
CDX-110, has been successfully partnered with Pfizer and has
continued to advance in its Phase 2b/3 trial in glioblastoma
multiforme. The Company has also further enhanced the precision
targeted immunotherapy platform by completing a licensing agreement
with 3M that provides Celldex with access to TLR agonists for use
as vaccine adjuvants in combination with our proprietary APC
therapeutic vaccines. About Celldex Therapeutics, Inc. Celldex
Therapeutics is an integrated biopharmaceutical company that
applies its comprehensive Precision Targeted Immunotherapy Platform
to generate a pipeline of candidates to treat cancer and other
difficult-to-treat diseases. Celldex�s immunotherapy platform
includes a complementary portfolio of monoclonal antibodies,
antibody-targeted vaccines and immunomodulators to create novel
disease-specific drug candidates. For more information, please
visit http://www.celldextherapeutics.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 Celldex�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 Celldex. These factors include,
but are not limited to: (1) the successful integration of the
businesses, multiple technologies and programs of Celldex; (2) the
ability to adopt Celldex�s APC Targeting TechnologyTM to develop
new, safe and effective vaccines against oncology and infectious
disease indications; (3) the ability to adapt Celldex�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, preclinical 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 Celldex�s cardiovascular programs, including TP10 and CETi; (7)
the ability of Celldex 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)�GlaxoSmithKline�s, or Glaxo�s, process of obtaining regulatory
approval for the sale of Rotarix� in additional commercial markets,
as well as the timing and success of worldwide commercialization of
Rotarix� by Glaxo, which is not within our control; (10)�Glaxo�s
strategy and business plans to launch and supply Rotarix�
worldwide, including in the U.S. and other major markets, which is
not within our control, and its payment of royalties to Celldex;
(11) Pfizer�s and our strategy and business plans concerning the
continued development and commercialization of CDX-110; (12)
Celldex�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 Celldex�s own
manufacturing facility or supplied by contract manufacturers and
partners; (15) the timing, cost and uncertainty of obtaining
regulatory approvals; (16) Celldex�s ability to develop and
commercialize products before competitors that are superior to the
alternatives developed by such competitors; (17) Celldex�s ability
to retain certain members of management;(18) Celldex�s expectations
regarding research and development expenses and general and
administrative expenses; (19) Celldex�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) Celldex�s belief regarding the
validity of our patents and potential litigation; and (22) certain
other factors that might cause Celldex�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 Celldex�s Annual Report on Form
10-K, its current Reports on Form 8-K, as well as those described
in Celldex�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 Celldex 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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