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<SEC-DOCUMENT>0001206774-08-001493.txt : 20080825
<SEC-HEADER>0001206774-08-001493.hdr.sgml : 20080825
<ACCEPTANCE-DATETIME>20080825170027
ACCESSION NUMBER:		0001206774-08-001493
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080925
FILED AS OF DATE:		20080825
DATE AS OF CHANGE:		20080825
EFFECTIVENESS DATE:		20080825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVANT IMMUNOTHERAPEUTICS INC
		CENTRAL INDEX KEY:			0000744218
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				133191702
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15006
		FILM NUMBER:		081037188

	BUSINESS ADDRESS:	
		STREET 1:		119 FOURTH AVE
		CITY:			NEEDHAM
		STATE:			MA
		ZIP:			02494
		BUSINESS PHONE:		7814330771

	MAIL ADDRESS:	
		STREET 1:		119 FOURTH AVE
		CITY:			NEEDHAM
		STATE:			MA
		ZIP:			021942725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	T CELL SCIENCES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>avant_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P align=center><B><FONT face=serif size=4>SCHEDULE 14A<BR></FONT></B><B><FONT face=serif>Proxy Statement Pursuant to Section 14(a) of the<BR>Securities
Exchange Act of 1934</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="50%" colSpan=3><FONT size=2><FONT face=serif size=2>Filed by the Company</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2><FONT face=sans-serif size=2></FONT></FONT><FONT face=Wingdings size=1>x</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="50%" colSpan=3><FONT size=2><FONT face=serif size=2>Filed by a Party other than the Company</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="50%" colSpan=3><FONT size=2><FONT face=serif>Check the appropriate box:</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2><FONT face=sans-serif size=2></FONT></FONT><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2><FONT face=serif size=2>Preliminary Proxy Statement</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2><FONT face=Wingdings size=1>o</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2><FONT face=serif size=2>Confidential, For Use of the Commission Only</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=1>x</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2><FONT face=serif size=2>Definitive Proxy Statement</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2><FONT face=serif size=2>(as permitted by Rule 14a-6(e)(2))</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2><FONT face=serif size=2>Definitive Additional Materials</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2><FONT face=serif size=2>Soliciting Materials Pursuant to Rule 14a-11(c) or Rule
      14a-12</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="48%"><FONT size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="99%"><B><FONT face=serif size=5>AVANT IMMUNOTHERAPEUTICS,
      INC.</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%"><FONT face=serif size=2>(Name of Company as
      Specified in Its Charter)</FONT></TD></TR>
  <TR>
    <TD width="99%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%"><FONT face=serif size=2>(Name of
      Person(s) Filing Proxy Statement, if Other Than the
    Company)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=justify><FONT face=serif><FONT size=2>Payment of Filing Fee (Check the
appropriate box):</FONT></FONT></P>
<P align=justify>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><FONT face=Wingdings size=1>x</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>No fee
    required.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Fee computed on table
      below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Aggregate number of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="97%"><FONT face=serif size=2>Per unit price or other underlying value of transaction computed
      pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
      filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Proposed maximum
      aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face="Times New Roman" size=2>Total fee
      paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Fee paid previously
      with preliminary materials:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=Wingdings size=1>o</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="97%"><FONT face=serif size=2>Check box if any part of the fee is offset as provided by Exchange
      Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
      was paid previously. Identify the previous filing by registration
      statement number, or the form or schedule and the date of its
      filing.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Amount previously
      paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">
      <P align=justify><FONT face=serif size=2>Form, Schedule or Registration
      Statement no.:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Filing
  Party:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="97%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="97%"><FONT face=serif size=2>Date
  Filed:</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" color=#000000 noShade SIZE=1>
<BR>
<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<P align=center><B><FONT face=serif size=3>AVANT IMMUNOTHERAPEUTICS,
INC.<BR></FONT></B><B><FONT face=serif size=2>119 FOURTH
AVENUE<BR></FONT></B><B><FONT face=serif size=2>NEEDHAM, MA 02494</FONT></B></P>
<P align=center><B><FONT face=serif size=2>NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS<BR><BR>To be held on September 25, 2008</FONT></B></P>
<P align=justify><FONT face=serif size=2>To the Stockholders of<BR></FONT><FONT face=serif size=2>AVANT Immunotherapeutics, Inc.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>NOTICE
IS HEREBY GIVEN </FONT></B><FONT face=serif size=2>that the Annual Meeting of
Stockholders of AVANT Immunotherapeutics, Inc. (the &#147;Company&#148;) will be held at
the offices of Lowenstein Sandler PC, 1251 Avenue of the Americas, 18th Floor,
New York, NY 10020 on September 25, 2008 beginning at 9:00 a.m. local time. At
the meeting, stockholders will act on the following matters:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>To elect seven directors to serve until the next
  Annual Meeting of Stockholders and until their respective successors shall
  have been duly elected and qualified;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>To ratify the appointment of
  PricewaterhouseCoopers LLP as our independent registered public accounting
  firm for the year ending December 31, 2008;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>Approve an amendment to our Certificate of
  Incorporation to change our name to "Celldex Therapeutics, Inc.";
  and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>Any other matters that may properly come before
  the meeting.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Only
stockholders of record at the close of business on August 15, 2008 are entitled
to receive notice of and to vote at the Annual Meeting or any postponement or
adjournment thereof. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Your vote
is important. Whether you plan to attend the meeting or not, you may vote your
shares by marking, signing, dating and mailing the enclosed proxy card in the
envelope provided. If you attend the meeting and prefer to vote in person, you
may do so even if you have already voted your shares. You may revoke your proxy
in the manner described in the proxy statement at any time before it has been
voted at the meeting.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>By Order of the
      Board of Directors</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="49%">&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Avery
      Catlin</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Chief Financial
      Officer and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Secretary</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>August 27,
      2008</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>Needham,
      MA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<HR align=center width="100%" color=#000000 noShade SIZE=1>

<P align=center><B><FONT face=serif size=3>AVANT IMMUNOTHERAPEUTICS,
INC.<BR></FONT></B><B><FONT face=serif size=2>119 FOURTH
AVENUE<BR></FONT></B><B><FONT face=serif size=2>NEEDHAM, MA 02494</FONT></B></P>
<HR align=center width="100%" color=#000000 noShade SIZE=1>

<P align=center><B><FONT face=serif size=2>PROXY STATEMENT</FONT></B></P>
<HR align=center width="100%" color=#000000 noShade SIZE=1>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
proxy statement contains information related to the Annual Meeting of
Stockholders to be held on September 25, 2008 at 9:00 a.m. local time, at the
offices of Lowenstein Sandler PC, 1251 Avenue of the Americas, 18th Floor, New
York, NY 10020, or at such other time and place to which the Annual Meeting may
be adjourned or postponed. The enclosed proxy is solicited by the Board of
Directors of AVANT Immunotherapeutics, Inc. The proxy materials relating to the
Annual Meeting are being mailed to stockholders entitled to vote at the meeting
on or about August 27, 2008. </FONT></P>
<P align=center><B><FONT face=serif size=2>ABOUT THE MEETING </FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Why are we calling this Annual
Meeting? </FONT></I></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We are calling the Annual Meeting to
seek the approval of our stockholders to:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>To elect seven directors to serve until the next
  Annual Meeting of Stockholders and until their respective successors shall
  have been duly elected and qualified;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>To ratify the appointment of
  PricewaterhouseCoopers LLP as our independent registered public accounting
  firm for the year ending December 31, 2008;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>Approve an amendment to our Certificate of
  Incorporation to change our name to "Celldex Therapeutics, Inc.";
  and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>Any other matters that may properly come before
  the meeting.</FONT></LI></UL>
<P align=justify><B><I><FONT face=serif size=2>What are the Board's
recommendations? </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our Board
of Directors believes that the election of the director nominees identified
herein, the appointment of PricewaterhouseCoopers LLP as our independent
registered public accounting firm for the year ending December 31, 2008, and the
amendment to our Certificate of Incorporation to change our name to "Celldex
Therapeutics, Inc." are advisable and in the best interests of the Company and
its stockholders and recommends that you vote FOR these proposals. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Who is entitled to vote at the
meeting? </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Only
stockholders of record at the close of business on the record date, August 15,
2008, are entitled to receive notice of the Annual Meeting and to vote the
shares of common stock that they held on that date at the meeting, or any
postponement or adjournment of the meeting. Holders of our common stock are
entitled to one vote per share on each matter to be voted upon. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As of the record date, we
had&nbsp;15,708,244 outstanding shares of common stock.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Who can attend the meeting?
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>All
stockholders as of the record date, or their duly appointed proxies, may attend
the Annual Meeting. Please note that if you hold your shares in &#147;street name&#148;
(that is, through a broker or other nominee), you will need to bring a copy of
your proxy card delivered to you by your broker or a legal proxy given to you by
your broker and check in at the registration desk at the meeting.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
accordance with our security procedures, you must comply with our
pre-registration requirements, you must present a form of government-issued
photograph identification to security on the day of the Annual Meeting and you
must arrive at least thirty minutes prior to the meeting in order to attend the
Annual Meeting. If you are a shareholder of record and plan to attend the Annual
Meeting, please contact&nbsp;Kathy Reamer by email at
kreamer@celldextherapeutics.com or by phone at 908-454-7120 ext.
308 to register to attend the Annual Meeting. If you hold shares through an
intermediary, such as a bank or broker, and you plan to attend, you must send a
written request to attend either by regular mail or email, along with proof
of share ownership, such as a bank or brokerage firm account statement,
confirming ownership to: Celldex Therapeutics, Inc., 222 Cameron Drive, Suite 400,
Phillipsburg, NJ 08865, Attn: Kathy Reamer or kreamer@celldextherapeutics.com.
Attendance at the Annual Meeting will be limited to persons who pre-registered
on or before September 22, 2008, who present a form of government-issued
photograph identification on the day of the Annual Meeting and who arrive by
8:30 am local time.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>What constitutes a quorum?
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
presence at the Annual Meeting, in person or by proxy, of the holders of a
majority of our common stock outstanding on the record date will constitute a
quorum for our meeting. Signed proxies received but not voted and broker
non-votes will be included in the calculation of the number of shares considered
to be present at the meeting. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>How do I vote?
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>You can
vote on matters that come before the Annual Meeting by completing, dating and
signing the enclosed proxy card and returning it in the enclosed postage-paid
envelope. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Your
shares will be voted as you indicate on your proxy card. If you vote the
enclosed proxy but you do not indicate your voting preferences, and with respect
to any other matter that properly comes before the meeting, the individuals
named on the proxy card will vote your shares FOR the matters submitted at the
meeting, or if no recommendation is given, in their own discretion. </FONT></P>
<P align=center><FONT face=serif size=2>-4- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If you
attend the Annual Meeting and prefer to vote in person, you may do so even if
you have already voted your shares by proxy. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>What if I vote and then change my
mind? </FONT></I></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>You may revoke your proxy at any
time before it is exercised by: </FONT></P>
<UL>
  <LI><FONT face=serif size=2>filing with the Secretary of the Company a notice
  of revocation;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>sending in another duly executed proxy bearing a
  later date; or<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>attending the meeting and casting your vote in
  person.</FONT></LI></UL>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Your latest vote will be the vote
that is counted. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>What is the difference between
holding shares as a stockholder of record and as a beneficial owner?
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Many of
our stockholders hold their shares through a stockbroker, bank or other nominee
rather than directly in their own name. As summarized below, there are some
distinctions between shares held of record and those owned beneficially.
</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>Stockholder of Record
</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If your
shares are registered directly in your name with our transfer agent,
Computershare Trust Company, N.A., you are considered, with respect to those
shares, the stockholder of record. As the stockholder of record, you have the
right to grant your voting proxy directly to us or to vote in person at the
Annual Meeting. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><EM>Beneficial Owner
</EM></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If your
shares are held in a stock brokerage account or by a bank or other nominee, you
are considered the beneficial owner of shares held in street name, and these
proxy materials are being forwarded to you by your broker, bank or nominee which
is considered, with respect to those shares, the stockholder of record. As the
beneficial owner, you have the right to direct your broker as to how to vote and
are also invited to attend the Annual Meeting. However, because you are not the
stockholder of record, you may not vote these shares in person at the Annual
Meeting unless you obtain a signed proxy from the record holder giving you the
right to vote the shares. If you do not vote your shares or otherwise provide
the stockholder of record with voting instructions, your shares may constitute
broker non-votes. The effect of broker non-votes is more specifically described
in &#147;What vote is required to approve each proposal?&#148; below. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>What vote is required to approve
each proposal? </FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Holders
of a majority of the outstanding shares entitled to vote must be present, in
person or by proxy, at the Annual Meeting in order to have the required quorum
for the transaction of business. Pursuant to Delaware corporate law, abstentions
and broker non-votes will be counted for the purpose of determining whether a
quorum is present. </FONT></P>
<P align=center><FONT face=serif size=2>-5- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>With
respect to the first proposal (election of directors), directors are elected by
a plurality of the votes present in person or represented by proxy and entitled
to vote, and the director nominees who receive the greatest number of votes at
the Annual Meeting (up to the total number of directors to be elected) will be
elected. As a result, abstentions and &#147;broker non-votes&#148; (see below), if any,
will not affect the outcome of the vote on this proposal.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>With
respect to the third proposal (approval of an amendment to our Certificate of
Incorporation), the affirmative vote of a majority of our outstanding shares of
common stock is required to approve the proposal. As a result, abstentions will
have the same practical effect as a negative vote on this proposal, and &#147;broker
non-votes&#148; (see below), if any, will not affect the outcome of the vote on this
proposal.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>With
respect to the other proposals and approval of any other matter that may
properly come before the Annual Meeting, the affirmative vote of a majority of
the total votes cast on these proposals, in person or by proxy, is required to
approve these proposals. As a result, abstentions will have the same practical
effect as a negative vote on these proposals, and &#147;broker non-votes&#148; (see
below), if any, will not affect the outcome of the vote on these
proposals.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Holders
of the common stock will not have any dissenters&#146; rights of appraisal in
connection with any of the matters to be voted on at the meeting.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>What are "broker non-votes"?
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Broker
non-votes occur when nominees, such as banks and brokers holding shares on
behalf of beneficial owners, do not receive voting instructions from the
beneficial holders at least ten days before the meeting. If that happens, the
nominees may vote those shares only on matters deemed &#147;routine&#148; by the New York
Stock Exchange, such as the election of directors and the adoption of the
increase in authorized shares of common stock. Nominees cannot vote on
non-routine matters unless they receive voting instructions from beneficial
holders, resulting in so-called &#147;broker non-votes.&#148; The effect of broker
non-votes on each of the proposals that will be</FONT><B><I><FONT face=serif size=2> </FONT></I></B><FONT face=serif size=2>considered at the Annual Meeting
is described above and in our proxy statement.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that the proposals for the election of directors, ratification of our
independent registered public accounting firm and the amendment to our
Certificate of Incorporation to change the corporation's name are considered to
be &#147;routine&#148; matters, and hence we do not expect that there will be a
significant number of broker non-votes on these proposals.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>How are we soliciting this
proxy</FONT></I></B><FONT face=serif size=2>? </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We are
soliciting this proxy on behalf of our Board of Directors by mail and will pay
all expenses associated therewith. Some of our officers and other employees also
may, but without compensation other than their regular compensation, solicit
proxies by further mailing or personal conversations, or by telephone, facsimile
or other electronic means. We will also, upon request, reimburse brokers and
other persons holding stock in their names, or in the names of nominees, for
their reasonable out-of-pocket expenses for forwarding proxy materials to the
beneficial owners of the capital stock and to obtain proxies. </FONT></P>
<P align=center><FONT face=serif size=2>-6- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>PROPOSAL 1: TO ELECT SEVEN DIRECTORS
TO SERVE UNTIL THE NEXT<BR>ANNUAL MEETING AND UNTIL THEIR SUCCESSORS HAVE BEEN
DULY<BR></FONT></B><B><FONT face=serif size=2>ELECTED AND
QUALIFIED</FONT></B></P>
<P align=center><B><FONT face=serif size=2>(Proposal No. 1)</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At the
Annual Meeting, seven directors are to be elected. All directors of the Company
hold office until the next Annual Meeting of Stockholders or until their
respective successors are duly elected and qualified or their earlier
resignation or removal. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>It is the
intention of the persons named in the proxies for the holders of common stock to
vote the proxies for the election of the nominees named below, unless otherwise
specified in any particular proxy. Our management does not contemplate that the
nominees will become unavailable for any reason, but if that should occur before
the meeting, proxies will be voted for another nominee, or other nominees, to be
selected by our Board of Directors. In accordance with our by-laws and Delaware
law, a stockholder entitled to vote for the election of directors may withhold
authority to vote for certain nominees for directors or may withhold authority
to vote for all nominees for directors. The director nominees receiving a
plurality of the votes of the holders of shares of common stock present in
person or by proxy at the meeting and entitled to vote on the election of
directors will be elected directors. Broker non-votes will not be treated as a
vote for or against any particular director nominee and will not affect the
outcome of the election. Stockholders may not vote, or submit a proxy, for a
greater number of nominees than the seven nominees named below. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Nominees for
Election</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
persons listed below have been nominated for election (the "Director Nominees")
to fill the seven director positions to be elected by the holders of the common
stock. </FONT></P>
<TABLE style="PADDING-LEFT: 5pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="60%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="20%"><B><FONT face=serif size=2>Year
      First</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="60%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="20%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="20%"><B><FONT face=serif size=2>Became</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><B><FONT face=serif size=2>Directors</FONT></B>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><B><FONT face=serif size=2>Age</FONT></B>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><B><FONT face=serif size=2>Director</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="60%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="20%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>Charles R.
      Schaller</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>72</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>2008</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>Herbert J.
      Conrad</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>75</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>2008</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>Larry
      Ellberger</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>60</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>2003</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>George O.
      Elston</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>43</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>2008</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>Karen Shoos
      Lipton</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>55</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>2001</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>Dr. Rajesh B.
      Parekh</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>47</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>2008</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%"><FONT face=serif size=2>Harry H. Penner,
      Jr.</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>63</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=2>1997</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-7- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following biographical descriptions set forth certain information with respect
to the Director Nominees, based on information furnished to AVANT by each
Director Nominee.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Director Nominees
</FONT></I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Charles R. Schaller</FONT></B><FONT face=serif size=2> became the
Chairman of the Board of Directors of AVANT upon consummation of the Merger with
Celldex. Mr. Schaller had been Chairman and a director of Celldex since November
2006. Since 1989, Mr. Schaller has been a chemical industry venture developer
and, until June 2002, he served as a director of AstroPower, a prominent
independent U.S. manufacturer of photo-voltaic (PV) products until being
acquired by General Electric. Mr. Schaller also has been a Director of Medarex,
Inc., an affiliate of Celldex, since 1987, and was Chairman of the Medarex Board
of Directors from 1987 to 1997. Mr. Schaller is a graduate of Yale University
and is a graduate of the program in management development at Harvard Business
School. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Herbert J. Conrad </FONT></B><FONT face=serif size=2>became a director of
AVANT upon consummation of the Merger with Celldex. Mr. Conrad had been a
director of Celldex since March 2004. Mr. Conrad is currently the Chairman of
the Board of Directors of Sapphire Therapeutics, a Director of Savient
Pharmaceuticals and Symphony Evolution and serves on the Medical Advisory Board
of Henry Schein. From 1960 to 1993 Mr. Conrad was with Hoffmann La Roche where
he was President of the U.S. Pharmaceuticals Division from 1982 through 1993.
Mr. Conrad earned his undergraduate and graduate degrees from the Brooklyn
College of Pharmacy. He also received a Doctorate in Humane Letters (honorary)
from Long Island University. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Larry
Ellberger</FONT></B><FONT face=serif size=2>. Mr. Ellberger has been a director
of AVANT since August 2003. He is a Founder and Principal of Healthcare Ventures
Associates, Inc., a consulting firm for the pharmaceutical, biotechnology and
medical device industries. He was most recently Interim Chief Executive Officer
of PDI, Inc., a diversified sales and marketing services provider to the
biopharmaceutical, medical device and diagnostic industries. From 2000 to 2003,
he was Senior Vice President of Powderject plc. He also served as a director of
Powderject. Mr. Ellberger was with W.R. Grace &amp; Co. from 1995 to 1999,
serving as Chief Financial Officer from 1996 and Senior Vice President,
Strategic Planning and Development from 1995, and Acting Chief Executive Officer
in 1997. From 1975 to 1995, Mr. Ellberger held numerous senior executive
positions at American Cyanamid Company, serving the last four years as Vice
President, Corporate Development. Mr. Ellberger currently serves on the Board of
Directors of Omrix BioPharmaceuticals, Inc., Transpharma, Ltd. and The Jewish
Children&#146;s Museum. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>George
O. Elston</FONT></B><FONT face=serif size=2> became a director of AVANT upon
consummation of the Merger with Celldex. Mr. Elston had been a director of
Celldex since March 2004 and is currently the Chief Financial Officer of
Optherion, Inc., a privately held biopharmaceutical company located in New
Haven, CT. Mr. Elston has more than 20 years of financial and business expertise
in the biotechnology and medical device industries. Before joining Optherion,
Mr. Elston was with Elusys Therapeutics where he raised significant funding from
government and private sources, completed multiple strategic collaborations with
large pharmaceutical and biotechnology firms, and oversaw collaborations with
the U.S. Department of Defense and the National Institutes of Health. Before
joining Elusys, Mr. Elston was Chief Financial Officer of Trillium USA, Inc.,
where he established the financial and administrative functions for the
Company&#146;s multi-national operations. Previously, Mr. Elston was with C.R. Bard,
Inc., an international manufacturer and distributor of medical devices, where he
directed financial operations for multiple manufacturing facilities in several
countries and successfully integrated strategic acquisitions; and with Price
Waterhouse. Mr. Elston received his BBA in Public Accounting from Pace
University and is a Certified Public Accountant.</FONT></P>
<P align=center><FONT face=serif size=2>-8- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2><STRONG>Karen Shoos Lipton</STRONG></FONT><FONT face=serif size=2><STRONG>.</STRONG> Ms. Lipton has been a director of AVANT since May
2001. Ms. Lipton was appointed Chief Executive Officer of the American
Association of Blood Banks (dba AABB) in October 1994. Previously she has held
senior positions at the American Red Cross since 1984, including Acting Senior
Vice President, Biomedical Services (1993-1994) and Secretary and General
Counsel (1990-1993). Prior to the American Red Cross, Ms. Lipton was a lawyer in
private practice.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Dr.
Rajesh B. Parekh</FONT></B><FONT face=serif size=2> became a director of AVANT
upon consummation of the Merger with Celldex. Dr. Parekh had been a director of
Celldex since March 2004 and has been a General Partner at Advent Venture
Partners (UK) since 2006. Prior to joining Advent, Dr. Parekh was an
Entrepreneur-in-Residence at Abingworth Management Limited (UK) from 2003-2005.
Dr. Parekh has also been a Visiting Professor at the University of Oxford. He
was a co-founder and served as Chief Scientific Officer and Senior Vice
President of Research and Development of Oxford GlycoSciences, plc (UK) from
1988 to 2003. Dr. Parekh has been chairman of Galapagos NV (Belgium) since 2004
and currently serves on the boards of directors of seven companies including
private companies in the United States and Europe and one public European
company. He received his B.A. and D. Phil. degrees in Biochemistry and Molecular
Medicine from the University of Oxford.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Harry
H. Penner, Jr. </FONT></B><FONT face=serif size=2>Mr. Penner has been a director
of AVANT since January 1997 and was Chairman of AVANT prior to the Merger with
Celldex. He is Chairman and Chief Executive Officer of Nascent BioScience, LLC,
a firm which has been instrumental in the founding and development of a number
of new biotechnology companies, including Rib-X Pharmaceuticals, Inc., Marinus
Pharmaceuticals, Inc., RHEI Pharmaceuticals, Inc., RxGen Inc., Affinimark
Technologies, Inc., and MAK Scientific. He has served as BioScience Advisor to
the Governor of the State of Connecticut, and as Chair of the Connecticut Board
of Governors of Higher Education, CURE, the Connecticut BioScience Cluster, and
the Connecticut Technology Council. From 1993 to 2001, Mr. Penner was President
and CEO of Neurogen Corporation. He served as Executive Vice President of Novo
Nordisk A/S from 1985 to 1993 and President of Novo Nordisk of North America,
Inc. from 1988 to 1993. He serves on the boards of Altus Pharmaceuticals, Inc.,
Ikonisys, Inc. Rib-X, Marinus, Rhei, and RxGen. Mr. Penner holds degrees from
the University of Virginia (BA), Fordham University (JD), and New York
University (LLM).</FONT></P>
<P align=justify><B><FONT face=serif size=2>Family Relationships</FONT></B></P>
<P align=justify><FONT face=serif size=2>There are no family relationships among
our Director Nominees, management and other key personnel.</FONT></P>
<P align=center><FONT face=serif size=2>-9-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>The Board of Directors and Its
Committees </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Board
of Directors</FONT></I><FONT face=serif size=2>. AVANT is currently managed by a
seven member Board of Directors, each of whom are &#147;independent&#148; as that term is
defined in the applicable NASDAQ listing standards. During 2007, three members
of our Board of Directors resigned. Our Board of Directors met eight times in
2007. Each of the directors attended at least 75% of the aggregate of (i) the
total number of meetings of our Board of Directors (held during the period for
which such directors served on the Board of Directors) and (ii) the total number
of meetings of all committees of our Board of Directors on which the Director
served (during the periods for which the director served on such committee or
committees). Our annual meeting of stockholders is generally held to coincide
with one of the Board&#146;s regularly scheduled meetings. AVANT does not have a
formal policy requiring members of the Board of Directors to attend our annual
meetings, although all directors typically attend the annual meeting. Each of
the then current directors attended the 2007 annual meeting of stockholders. As
of March 7, 2008, following consummation of the Merger, four former Celldex
directors joined our Board of Directors: Charles R. Schaller, George O. Elston,
Herbert J. Conrad, and Dr. Rajesh B. Parekh.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Audit
Committee</FONT></I><FONT face=serif size=2>. The Board of Directors has
established an Audit Committee currently consisting of Larry Ellberger,
Chairman, Harry H. Penner, Jr., and George O. Elston. During 2007, Peter A.
Sears and Francis Cano also were members of the Audit Committee prior to their
resignations. The Audit Committee makes recommendations concerning the
engagement of independent public accountants, reviews with the independent
public accountants the scope and results of the audit engagement, approves
professional services provided by the independent public accountants, reviews
the independence of the independent public accountants, considers the range of
audit and non-audit fees, and reviews the adequacy of our internal accounting
controls. Each member of the Audit Committee is &#147;independent&#148; as that term is
defined in the rules of the Securities and Exchange Commission and the
applicable NASDAQ listing standards. The Board of Directors has determined that
each Audit Committee member has sufficient knowledge in financial and auditing
matters to serve on the Committee. The Board of Directors has designated Messrs.
Ellberger and Elston as &#147;audit committee financial experts,&#148; as defined under
the applicable rules of the Securities and Exchange Commission and the
applicable NASDAQ listing standards. The Audit Committee met eight times during
2007. Our Board of Directors has adopted an Audit Committee Charter, which is
available for viewing at www.avantimmune.com.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Compensation Committee</FONT></I><FONT face=serif size=2>. The Board of
Directors has established a Compensation Committee currently consisting of Dr.
Rajesh B. Parekh, Chairman, Harry H. Penner, Jr. and Charles R. Schaller. During
2007, Peter A. Sears, Alf Lindberg and Francis Cano also were members of the
Compensation Committee prior to their resignations. The primary function of the
Compensation Committee is to assist the Board of Directors in the establishment
of compensation for the Chief Executive Officer and, upon her recommendation, to
approve the compensation of other officers and senior employees and to approve
certain other personnel and employee benefit matters. The Compensation Committee
met four times during 2007. Our Board of Directors has adopted a Compensation
Committee Charter, which is available for viewing at www.avantimmune.com. Each
member of the Compensation Committee is &#147;independent&#148; as that term is defined in
the rules of the Securities and Exchange Commission and the applicable NASDAQ
listing standards.</FONT></P>
<P align=center><FONT face=serif size=2>-10-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Nominating and Corporate Governance Committee</FONT></I><FONT face=serif size=2>. The Board of Directors has established a Nominating and Corporate
Governance Committee consisting of Herbert J. Conrad, Chairman, Karen Shoos
Lipton and Charles R. Schaller. Alf Lindberg, also was a member of the
Nominating and Corporate Governance Committee in 2007 prior to his resignation.
The primary function of the Nominating and Corporate Governance Committee is to
assist the Board of Directors in reviewing, investigating and addressing issues
regarding composition of the Board of Directors, policy and structure;
membership on the committees of the Board of Directors; and other matters
regarding the governance of AVANT. The Nominating and Corporate Governance
Committee met once during 2007. Our Board of Directors has adopted a Nominating
and Corporate Governance Charter, which is available for viewing at
www.avantimmune.com. Each member of the Nominating and Corporate Governance
Committee is &#147;independent&#148; as that term is defined in the rules of the
Securities and Exchange Commission and the applicable NASDAQ listing
standards.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
process followed by the Nominating and Corporate Governance Committee to
identify and evaluate candidates includes (i) the review of requests from
members of the Board of Directors, management, members of the Nominating and
Corporate Governance Committee, stockholders and other external sources; (ii)
meetings from time to time to evaluate biographical information and background
material relating to potential candidates to the Board; and (iii) interviews of
selected candidates by members of the Committee and the Board. All nominees must
have, at a minimum, high personal and professional integrity, exceptional
ability and judgment, and be effective in collectively serving the long-term
interests of all stockholders. Other qualifications that may be considered by
the Committee are described in the Nominating and Corporate Governance Charter.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Stockholders may recommend individuals to the Nominating and Corporate
Governance Committee for consideration as potential director candidates by
submitting their names and background to the Secretary of AVANT at the address
set forth below under &#147;Stockholder Communications.&#148; All such recommendations
will be forwarded to the Nominating and Corporate Governance Committee, which
will review and consider only such recommendations if appropriate biographical
and other information is provided, as described below, on a timely basis. All
securityholder recommendations for director candidates must be submitted to
AVANT not less than 120 calendar days prior to the date on which AVANT&#146;s proxy
statement was released to stockholders in connection with the previous year&#146;s
annual meeting, and must include the following information: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>the name and address of record of the
  securityholder;</FONT><BR>&nbsp;
  <LI><FONT face=serif size=2>a representation that the securityholder is a
  record holder of AVANTs securities, or if the securityholder is not a record
  holder, evidence of ownership in accordance with Rule 14a-8(b)(2) of the
  Securities Exchange Act of 1934;</FONT><BR>&nbsp;
  <LI><FONT face=serif size=2>the name, age, business and residential address,
  educational background, current principal occupation or employment, and
  principal occupation or employment for the preceding five (5) full fiscal
  years of the proposed director candidate;</FONT></LI></UL>
<P align=center><FONT face=serif size=2>-11-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>a description of the qualifications and background
  of the proposed director candidate which addresses the minimum qualifications
  and other criteria for membership on the Board of Directors approved by the
  Board of Directors from time to time and set forth in the Nominating and
  Corporate Governance Committee&#146;s written charter;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>A description of any arrangements or
  understandings between the securityholder and the proposed director candidate;
  and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>The consent of the proposed director candidate to
  be named in the proxy statement relating to AVANT&#146;s annual meeting of
  stockholders and to serve as a director if elected at such annual
  meeting.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Assuming
that appropriate information is provided for candidates recommended by
stockholders, the Nominating and Corporate Governance Committee will evaluate
those candidates by following substantially the same process, and applying
substantially the same criteria, as for candidates submitted by members of the
Board of Directors or other persons, as described above and as set forth in its
written charter.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Stockholder
Communications</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
of Directors will give appropriate attention to written communications that are
submitted by stockholders, and will respond if and as appropriate. Absent
unusual circumstances or as contemplated by committee charters, and subject to
advice from legal counsel, the Secretary of AVANT is primarily responsible for
monitoring communications from stockholders and for providing copies or
summaries of such communications to the Board of Directors as he considers
appropriate.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Communications from stockholders will be forwarded to all directors if
they relate to important substantive matters or if they include suggestions or
comments that the Secretary considers to be important for the Board of Directors
to know. Communication relating to corporate governance and corporate strategy
are more likely to be forwarded to the Board of Directors than communications
regarding personal grievances, ordinary business matters, and matters as to
which AVANT tends to receive repetitive or duplicative
communications.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Stockholders who wish to send communications to the Board of Directors
should address such communications to: The Board of Directors, AVANT
Immunotherapeutics, Inc., 119 Fourth Avenue, Needham, Massachusetts 02494,
Attention: Secretary.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Code of Business Conduct and
Ethics</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We have
adopted a Code of Business Conduct and Ethics that applies to our directors,
officers, and employees. The purpose of the Code of Business Conduct and Ethics
is to deter wrongdoing and to promote, among other things, honest and ethical
conduct and to ensure to the extent possible that our business is conducted in a
consistently legal and ethical manner. Our Code of Business Conduct and Ethics
is publicly available on our website atwww.avantimmune.com. If we make any
substantive amendments to the Code of Business Conduct and Ethics or grant any
waiver, including any implicit waiver from a provision of the Code of Business
Conduct and Ethics to our Directors or Executive Officers, we will disclose the
nature of such amendments or waiver on our website or in a current report on
Form 8-K.</FONT></P>
<P align=center><FONT face=serif size=2>-12-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Executive Officers </FONT></B></P>
<P align=justify><FONT face=serif size=2>The following table sets forth certain
information regarding our current executive officers<SUP>(1)</SUP>:</FONT></P>
<TABLE style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face=serif size=2>Name of
      Individual<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Age<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="50%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>Position and Office<FONT size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="40%"><FONT face=serif size=2>Anthony
      S. Marucci<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="10%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>45<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="50%">
      <P align=justify><FONT face=serif size=2>Interim Chief Executive Officer
      and President and Executive Vice President, Corporate
      Development</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="40%"><FONT face=serif size=2>Avery W.
      Catlin<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="10%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>60<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="50%">
      <P align=justify><FONT face=serif size=2>Senior Vice President, Chief
      Financial Officer and Secretary</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="40%"><FONT face=serif size=2>Dr.
      Thomas Davis<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="10%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>44<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="50%">
      <P align=justify><FONT face=serif size=2>Senior Vice President and Chief
      Medical Officer</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="40%"><FONT face=serif size=2>Tibor
      Keler<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="10%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>45<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="50%">
      <P align=justify><FONT face=serif size=2>Senior Vice President and Chief
      Scientific Officer</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="40%"><FONT face=serif size=2>Dr.
      Ronald C Newbold<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="10%"><FONT face=serif size=2><FONT size=3>&nbsp;</FONT>45<FONT size=3>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="50%">
      <P align=justify><FONT face=serif size=2>Senior Vice President, Business
      Development</FONT></P></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2><SUP>(1) </SUP>Una S. Ryan served as
our Chief Executive Officer and President until her resignation on May
</FONT><FONT face=serif size=2>7, 2008. Hence, Dr. Ryan is a Named Executive
Officer for purposes of the Executive Compensation disclosure herein but does
not appear in the above table of current executive officers. Timothy Cooke,
Ronald W. Ellis, and Dr. Keilani served as our Chief Operating Officer, Senior
Vice President - Research and Development and Vice President &#150; Medical and
Regulatory Affairs, respectively, until their respective resignations on
February 11, 2008, July 31, 2007 and April 17, 2008. Hence, Messrs. Cooke and
Ellis are Named Executive Officers for purposes of the Executive Compensation
disclosure herein but do not appear in the above table of current executive
officers. Henry C. Marsh, Jr. was considered an executive officer prior to the
Merger and hence appears in the Executive Compensation Tables but not in the
above table of current executive officers; Mr. Marsh has continued with the
Company.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Anthony S. Marucci</FONT></B><FONT face=serif size=2> became Executive
Vice President, Corporate Development of AVANT upon consummation of the Merger
with Celldex. Upon Dr. Ryan&#146;s resignation, he also assumed the role of interim
Chief Executive Officer and President of AVANT pending completion of the
Nominating and Corporate Governance Committee&#146;s search process which will
include a review of internal and external candidates. Prior to the Merger, Mr.
Marucci had been Celldex&#146;s Acting Chief Executive Officer since October 2007 and
its Vice President, Chief Financial Officer, Treasurer and Secretary since May
2003. Mr. Marucci was a founding officer of Celldex and led that company's
acquisition of the business of Lorantis Limited, which included the program
which became Celldex's CDX-110 program. In addition, he was Treasurer of Medarex
from December 1998 to March 2004. Mr. Marucci held a series of senior financial
positions at Medarex since December 1998. Mr. Marucci received his M.B.A. from
Columbia University.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2><STRONG>Avery W. Catlin</STRONG></FONT><FONT face=serif size=2><STRONG>.</STRONG> Mr. Catlin joined AVANT in January 2000. Prior to
joining AVANT, he served as Vice President, Operations and Finance, and Chief
Financial Officer of Endogen, Inc., a public life science research products
company, from 1996 to 1999. From 1992 to 1996, Mr. Catlin held various financial
positions at Repligen Corporation, a public biopharmaceutical company, serving
the last two years as Chief Financial Officer. Earlier in his career, Mr. Catlin
held the position of Chief Financial Officer at MediSense, Inc., a
Massachusetts-based medical device company. Mr. Catlin is a Certified Public
Accountant.</FONT></P>
<P align=center><FONT face=serif size=2>-13-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Thomas
Davis, MD</FONT></B><FONT face=serif size=2> became Senior Vice President and
Chief Medical Officer of AVANT upon consummation of the Merger with Celldex. Dr.
Davis was Vice President of Clinical Development and Chief Medical Officer of
Celldex. Dr. Davis was formerly Chief Medical Officer at GenVec, and Senior
Director of Clinical Science at Medarex. He has supervised clinical efforts in
adult hematologic malignancies and marrow transplantation and therapeutic
antibodies at the Cancer Therapy Evaluation Program (CTEP) of the National
Cancer Institute (NCI) and worked with Dr. Ron Levy on the development of
rituximab and idiotype vaccines at Stanford University.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Dr.
Tibor Keler</FONT></B><FONT face=serif size=2> became Senior Vice President and
Chief Scientific Officer of AVANT upon consummation of the Merger with Celldex.
Dr. Keler had been a founding officer of Celldex, serving as its Vice President,
Research and Discovery and Chief Scientific Officer since May 2003. In addition,
he was Senior Director of Preclinical Development and Principal Scientist at
Medarex, Inc. from September 1993 to March 2004. While at Medarex, he was
responsible for the development of Celldex&#146;s technology and products, as well as
for the preclinical development and testing of numerous Medarex products now in
Phase II clinical trials. Dr. Keler received his Ph.D. in Microbiology from the
University of Pennsylvania.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2><STRONG>Ronald C. Newbold, Ph.D</STRONG></FONT><FONT face=serif size=2><STRONG>. </STRONG>became Senior Vice President, Business Development of
AVANT upon consummation of the Merger with Celldex. Dr. Newbold was Vice
President of Business Development of Celldex. Previously, Dr. Newbold was
Executive Vice President of Commercial Operations for Sentigen Biosciences
(subsequently sold to Invitrogen), following his prior position as Senior
Director of Strategic Research Initiatives at Merck &amp; Company, where he led
Merck&#146;s Technology Licensing group from 1996-2004. Prior to joining Merck as a
medicinal chemist in 1991, Dr. Newbold was a postdoctoral fellow at Harvard
University, following doctoral studies in synthetic organic chemistry at the
University of Rochester. He received his MBA from Columbia
University.</FONT></P>
<P align=justify><B><FONT face=serif size=2>EXECUTIVE
COMPENSATION</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Compensation Discussion and Analysis
(for fiscal year 2007 of AVANT prior to the Merger)</FONT></B></P>
<P align=justify><I><FONT face=serif size=2>Overview</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that the compensation of our executive officers should focus executive
behavior on the achievement of near-term corporate targets as well as long-term
business objectives and strategies. We place significance on the data reported
in the 2006 executive compensation survey of over 400 biotechnology companies
independently prepared by Aon-Radford and on pay-for-performance compensation
programs, which reward our executives when we achieve certain financial and
business goals and create stockholder value. We use a combination of base
salary, annual cash incentive compensation programs, a long-term equity
incentive compensation program and a broad based benefits program to create a
competitive compensation package for our executive management team. We describe
below our compensation philosophy, policies and practices with respect to our
Chief Executive Officer, Chief Financial Officer and our Named Executive
Officers (as defined herein).</FONT></P>
<P align=center><FONT face=serif size=2>-14-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><I><FONT face=serif size=2>Administration and Objectives of Our
Executive Compensation Program</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Compensation Committee of the Board of Directors, which is comprised of
non-employee directors, is responsible for establishing and administering the
policies governing the compensation of AVANT&#146;s employees, including salary,
bonus and stock option grants. The policy of the Compensation Committee is to
compensate our employees with competitive salaries based on their level of
experience and job performance. All permanent employees, including executive
officers, are eligible for annual bonus awards based on achievement of AVANTs
strategic corporate goals, and participation in our stock option program. The
bonus awards and stock option grants are made in accordance with the AVANT
Performance Incentive Plan and 1999 Stock Option and Incentive Plan. The
Compensation Committee is also responsible for the administration of our 2004
Employee Stock Purchase Plan, in which employees participate on a voluntary
basis. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
compensation committee has designed our overall executive compensation program
to achieve the following objectives:</FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT size=2>attract and retain talented and experienced executives
  motivate and reward executives whose knowledge, skills and performance are
  critical to our success<BR>&nbsp;</FONT>
  <LI><FONT size=2>provide a competitive compensation package that aligns the
  interests of our executive officers and stockholders by including a
  significant variable component which is weighted heavily towards
  performance-based rewards, based upon achievement of pre-determined
  goals<BR>&nbsp;</FONT>
  <LI><FONT size=2>ensure fairness among the executive management team by
  recognizing the contributions each executive makes to our success foster a
  shared commitment among executives by aligning AVANT&#146;s and their individual
  goals, and compensate our executives to manage our business to meet our
  near-term and long-term objectives</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We use a
mix of short-term compensation (base salaries and cash incentive bonuses) and
long-term compensation (equity incentive compensation) to provide a total
compensation structure that is designed to achieve these objectives. We
determine the percentage mix of compensation structures that we think is
appropriate for each of our executive officers. In general, the Compensation
Committee believes that a substantial percentage of the compensation of our
executive officers should be performance based. The Compensation Committee uses
its judgment and experience and the recommendations of the Chief Executive
Officer (except for her own compensation) to determine the appropriate mix of
compensation for each individual. </FONT></P>
<P align=center><FONT face=serif size=2>-15-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
determining whether to adjust the compensation of any one of our executive
officers, including our Named Executive Officers, we annually take into account
the changes, if any, in the following: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>market compensation levels<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the contributions made by each executive
  officer<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the performance of each executive
  officer<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the increases or decreases in responsibilities and
  roles of each executive officer<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the business needs for each executive
  officer<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the relevance of each executive officer&#146;s
  experience to other potential employers<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the readiness of each executive officer to assume
  a more significant role within the organization</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition, with respect to new executive officers, we take into account their
prior base salary and annual cash incentives, their expected contribution and
our business needs. We believe that our executive officers should be fairly
compensated each year relative to market pay levels within our industry and that
there should also be internal equity among our executive officers. </FONT></P>
<P align=justify><I><FONT face=serif size=2>Executive Compensation
Components</FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In order
to both attract and retain experienced and qualified executives to manage AVANT,
the Compensation Committee&#146;s policy on executive compensation is to (i) pay
salaries which are competitive with the salaries of executives in comparable
positions in the biotechnology industry, and (ii) allow for additional
compensation upon achievement of goals under the Performance Incentive Plan and
through the appreciation of stock-based incentive awards. This policy is
designed to have a significant portion of each executive&#146;s total compensation be
tied to AVANT&#146;s progress in order to incentivize the executive to fully dedicate
himself or herself to achievement of corporate goals, and to align the
executive&#146;s interest with those of our stockholders through equity incentive
compensation.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
executive compensation program is primarily composed of base salary, annual
incentive cash compensation payable on an annual basis and equity compensation.
In addition, we provide our executives with benefits that are generally
available to our salaried employees, including medical, dental, group life and
accidental death and dismemberment insurance, short- and long-term disability
coverage and our 401(k) plan. Within the context of the overall objectives of
our compensation programs, we determined the specific amounts of compensation to
be paid to each of our executives in 2007 based on a number of factors
including:</FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>our understanding of the amount of compensation
  generally paid by similarly situated companies to their executives with
  similar roles and responsibilities<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the roles and responsibilities of our
  executives<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>the individual experience and skills of, and
  expected contributions from, our executives the amounts of compensation being
  paid to our other executives<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>our executives&#146; historical compensation at
  AVANT</FONT></LI></UL>
<P align=center><FONT face=serif size=2>-16-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
discuss each of the primary elements of our executive compensation in detail
below. While we have identified particular compensation objectives that each
element of executive compensation serves, our compensation programs complement
each other and collectively serve all of our executive compensation objectives
described above. Accordingly, whether or not specifically mentioned below, we
believe that, as a part of our overall executive compensation, each element to a
greater or lesser extent serves each of our objectives. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Base
salary</FONT></I><FONT face=serif size=2>. Each executive officer (except the
Chief Executive Officer whose performance is reviewed by the Compensation
Committee) has an annual performance review with the Chief Executive Officer who
makes recommendations on salary increases, promotions and stock option grants to
the Compensation Committee. We have historically established base salaries for
each of our executives based on many factors, including average salary increases
expected in the biotechnology industry in the Boston, Massachusetts area,
competition in the marketplace to hire and retain executives, experiences of the
members of our Board of Directors and leadership team with respect to salaries
and compensation of executives in similarly situated companies in our industry
and other similar industries, as well as additional factors which we believe
enables us to hire and retain our leadership team in an extremely competitive
environment. Our compensation committee annually reviews salary ranges and
individual salaries for our executive officers. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The base
salaries paid to our Named Executive Officers are set forth below in the summary
compensation table. For the fiscal year ended December 31, 2007, the annual base
salaries of our President and Chief Executive Officer, Chief Operating Officer,
Chief Financial Officer, Senior Vice President of Research and Development, Vice
President of Research and Vice President, Medical and Regulatory Affairs were
$440,000, $285,000, $251,121, $161,046, $201,899 and $254,719, respectively.
These salaries represent an average increase of approximately 5.5% over the 2006
fiscal year base salaries of these executive officers, excluding the Senior Vice
President of Research and Development who resigned from AVANT effective July 31,
2007. The salaries in 2007 were either at or slightly above the fiftieth
percentile of the salaries paid to persons in comparable positions using an
independently prepared 2006 employee compensation survey of over 400
biotechnology companies. We believe that the base salaries paid to our executive
officers during our fiscal year ended December 31, 2007 achieve our executive
compensation objectives and are comparable to similarly situated companies.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Performance Incentive Plan</FONT></I><FONT face=serif size=2>. We have
designed our performance plan program to reward our executive officers upon the
achievement of certain annual revenue, cash flow, research, clinical
development, regulatory and business development goals, as approved in advance
by our Compensation Committee and the Board of Directors. The bonus award is
based on achievement of AVANTs corporate goals which are set at the beginning of
each fiscal year and measured against performance at the end of the year by
AVANT in accordance with the Performance Incentive Plan. For 2007, the corporate
goals were applicable to all employees, including the executive officers and
included (i) overall strategic goals and (ii) goals applicable to our
therapeutic programs. </FONT></P>
<P align=center><FONT face=serif size=2>-17- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The corporate goals were allocated
between specific product and financial performance targets. Our performance plan
emphasizes pay-for-performance and is intended to closely align executive
compensation with achievement of certain operating results and an increase in
stockholder value. The Compensation Committee and the Board of Directors
communicate the bonus criteria to all employees, including the Named Executive
Officers, at the beginning of the fiscal year. The performance goals and bonus
criteria established by the compensation committee under the Performance
Incentive Plan are designed to require significant effort and operational
success on the part of our executives and AVANT for achievement. We measure such
bonus criteria against actual operating results on an annual basis. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Equity
Compensation</FONT></I><FONT face=serif size=2>. We also use stock options and
equity-based incentive programs to attract, retain, motivate and reward our
executive officers. Through our equity-based grants, we seek to align the
interests of our executive officers with our stockholders, reward and motivate
both near-term and long-term executive performance and provide an incentive for
retention. Our decisions regarding the amount and type of equity incentive
compensation and relative weighting of these awards among total executive
compensation have been based on our understanding of market practices of
similarly situated companies and our negotiations with our executives in
connection with their initial employment or promotion. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
recent practice has been to grant equity-based awards to our executive officers,
if any at all, on an annual basis. All such grants are subject to approval by
the Compensation Committee at a regularly scheduled meeting during the year. The
date of grant and the fair market value of the award are based upon the date of
the Compensation Committee meeting approving such grant. When granting stock
options, the Compensation Committee considers a number of factors in determining
the amount of equity incentive awards, if any, to grant to our executives,
including: </FONT></P>
<UL>
  <LI>
  <P align=justify><FONT face=sans-serif></FONT><FONT face=serif size=2>the
  existing levels of stock ownership among the executive officers relative to
  each other and to our employees as a whole previous grants of stock options to
  such executive officers</FONT></P>
  <LI>
  <P align=justify><FONT face=sans-serif></FONT><FONT face=serif size=2>vesting
  schedules of previously granted options</FONT></P>
  <LI>
  <P align=justify><FONT face=serif size=2>the performance of the executives and
  their contributions to our overall performance</FONT></P>
  <LI>
  <P align=justify><FONT face=sans-serif></FONT><FONT face=serif size=2>an
  outside survey of stock option grants and restricted common stock awards in
  the biotechnology industry an internally prepared survey of similarly situated
  biotechnology companies&#146; proxy statements</FONT></P>
  <LI>
  <P align=justify><FONT face=sans-serif></FONT><FONT face=serif size=2>personal
  knowledge of the Compensation Committee members regarding executive stock
  options and restricted common stock awards at comparable companies</FONT></P>
  <LI>
  <P align=justify><FONT face=sans-serif></FONT><FONT face=serif size=2>the
  impact of stock option awards on our results of operations and</FONT></P>
  <LI>
  <P align=justify><FONT face=serif size=2>the amount and percentage of our
  total equity on a diluted basis held by our executives</FONT></P></LI></UL>
<P align=center><FONT face=serif size=2>-18- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Equity
compensation awards to our Named Executive Officers primarily consist of stock
option awards. Stock option awards provide our executive officers with the right
to purchase shares of our common stock at a fixed exercise price typically for a
period of up to ten years, subject to continued employment with AVANT. Stock
options are earned on the basis of continued service to us and generally vest
over four years, beginning with 25% vesting one year after the date of grant,
then pro-rata vesting annually thereafter. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>All
historical option grants were made at what our Compensation Committee and Board
of Directors determined to be the fair market value of our shares of our common
stock on the respective grant dates. In January 2007, we granted to our
President and Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, Senior Vice President of Research and Development, Vice President of
Research and Vice President, Medical and Regulatory Affairs options to purchase
50,000, 40,000, 25,000, 25,000, 12,000 and 15,000 shares, respectively. In
September 2005, November 2004 and September 2003, AVANT also awarded Restricted
Stock Units to Dr. Ryan and recorded non-cash deferred compensation amounting to
$270,000, $832,000 and $1,104,000, respectively. On September 21, 2006, AVANT&#146;s
Board of Directors modified these Restricted Stock Units to provide that they
vest in their entirety upon the earlier of the sale of AVANT or Dr. Ryan&#146;s
retirement at or after age 65. We recognize stock-based compensation expense
under SFAS 123R using the fair-value based method for all awards granted on or
after the date of our adoption and these values have since been reflected in our
consolidated financial statements. Accordingly, the extent and value of our
stock-based awards to our executive officers and other employees and directors
have a direct effect on the calculation of our operating profit margin, a
principal component of variable compensation under our performance plan.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In April
2007, we adopted an equity grant policy for 2007 that formalizes how we grant
equity awards by setting a regular schedule for grants, outlining grant approval
requirements and specifying how awards are priced. We believe that this policy
will enable us to avoid any option backdating issues or concerns that our awards
were timed to precede or follow our release or withholding of material
non-public information. </FONT></P>
<P align=justify><I><FONT face=serif size=2>Other Benefits </FONT></I></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We
believe that establishing competitive benefit packages for our employees is an
important factor in attracting and retaining highly qualified personnel.
Executive officers are eligible to participate in all of our employee benefit
plans, such as medical, dental, group life and accidental death and
dismemberment insurance, short- and long-term disability coverage and our 401(k)
plan, in each case on the same basis as other employees. We provide a matching
contribution under our 401(k) plan. </FONT></P>
<P align=center><FONT face=serif size=2>-19- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Summary Compensation
Table</FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following summary compensation
table reflects certain information concerning compensation for services in all
capacities awarded to, earned by or paid during the years ended December 31,
2007 and 2006 to each person who served as AVANT's (on a stand-alone basis prior
to the Merger) Chief Executive Officer, Chief Financial Officer, the three other
most highly compensated executive officers employed by the Company as of
December 31, 2007 and up to two additional executive officers who would have
been among the most highly compensated executive officers had they been employed
as of December 31, 2007 (collectively, the &#147;Named Executive Officers&#148;).
</FONT></P>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>Name and Principal
      Position</FONT> </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1>Years</FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT face=serif size=1>Salary<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT face=serif size=1>Bonus<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1><FONT face=serif>Stock</FONT></FONT>
    </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="8%"><FONT face=serif size=1>Option</FONT> </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1>Non-Equity</FONT>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1>Change<FONT size=3>
      </FONT>in</FONT> </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1><FONT face=serif>All
      Other</FONT></FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1><FONT face=serif>Total</FONT></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT face=serif size=1>($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT face=serif size=1>($)(1)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1><FONT face=serif>Awards</FONT></FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="8%"><FONT size=1><FONT face=serif>Awards ($)(3)</FONT></FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT size=1><FONT face=serif>Incentive Plan</FONT></FONT><FONT size=3>&nbsp;</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT size=1><FONT face=serif>Pension<FONT size=3>
      </FONT>Value</FONT></FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1>Compensation</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT face=serif size=1>($)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT face=serif size=1>($)(2)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="8%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1>Compensation</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT size=1>and Nonqualified</FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%"><FONT size=1>($)(4)</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="8%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT face=serif size=1>($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT size=1>Deferred</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="8%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="9%"><FONT size=1>Compensation</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;
    </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="8%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><FONT size=1>Earnings ($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="9%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=center width="9%">&nbsp;&nbsp; &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>Una S. Ryan, Ph.D.(5)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;&nbsp;<FONT face=serif size=1>440,000</FONT>
    </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>123,200</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>12,266</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>&nbsp;---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,700</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>454,966</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1><EM>Presidential and Chief
      Executive Officer</EM></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2006</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>415,000</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>73,040<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>1,225,000<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>26,250</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,700</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>1,741,990</FONT> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>M. Timothy Cooke, Ph.D.(6)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>285,000</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>49,875<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>117,524</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>420</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>402,944</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1><EM>Chief Operating
      Officer</EM></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2006</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>262,500</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>28,875<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>107,199</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>420</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>398,994</FONT> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>Avery W. Catlin</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>251,121</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>35,818<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>15,615</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,700</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>269,436</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1><EM>Senior Vice President
      and Chief Financial Officer</EM><FONT size=3>&nbsp;</FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2006</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>241,462</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>21,249<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT size=1>----</FONT><FONT size=3> </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>12,008</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,680</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>277,399</FONT> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>Ronald W. Ellis(7)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>161,046</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>78,137</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>350</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>239,533</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=1><EM>Senior Vice
      President, Research and Development</EM><FONT size=3>&nbsp;</FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2006</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>224,519</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>22,000<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>67,534</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>550</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>314,603</FONT> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>Henry C. Marsh, Jr., Ph.D.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>201,899</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>28,266<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>7,503</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,504</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>211,906</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1><EM>Vice President,
      Research</EM></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2006</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>194,134</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>17,084<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>7,129</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,408</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>220,755</FONT> </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" align=left width="20%"><FONT face=serif size=1>Taha Keilani, M.D.(8)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;<FONT face=serif size=1>254,719</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>35,000<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>----<FONT size=3>
      </FONT></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>22,716</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,520</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>279,955</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face=serif size=1><EM>Vice President,
      medical and Regulatory Affairs</EM><FONT size=3>&nbsp;</FONT></FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2006</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp; <FONT face=serif size=1>244,923</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>21,553<FONT size=3></FONT></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face=serif size=1>18,766</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>2,520</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="9%"><FONT face=serif size=1>287,762</FONT>
  </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>(1) The amounts in the Bonus column
include annual bonus amounts earned in 2007 and 2006 under AVANT&#146;s Performance
Incentive Plan. </FONT></P>
<P align=justify><FONT face=serif size=2>(2) This amount relates to the
modification during 2006 of prior awards. See &#147;Compensation Discussion and
Analysis&#151;Executive Compensation Components&#151;Equity Compensation.&#148; The amount
represents non-cash deferred compensation recognized under SFAS 123R as a result
of the modification in September 2006 of Restricted Stock Unit awards made to
Dr. Ryan in September 2003, November 2004 and September 2005 to provide that
they vest in their entirety upon the earlier of the sale of AVANT or Dr. Ryan&#146;s
retirement at or after age 65. Insofar as Dr. Ryan reached age 65 in 2006, under
SFAS 123R the entire unamortized fair value of the modified awards ($1,225,000)
had to be recognized in 2006 even though Dr. Ryan continues to be an executive
officer of AVANT. The Restricted Stock Unit awards made to Dr. Ryan were settled
for stock on a one-for-one basis upon the consummation of the Merger on March 7,
2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(3) The amounts in the Option Awards
column reflect the dollar amounts recognized for financial statement purposes
for the fiscal years ended December 31, 2007 and 2006, in accordance with FAS
123(R), (excluding the impact of estimated forfeitures related to service-based
vesting conditions), for awards pursuant the AVANT 1999 Stock Option and
Incentive Plan, and thus may include amounts attributable to awards granted
during and before 2007 and 2006. Assumptions made in the calculation of these
amounts are included in Note 5 to our Consolidated Financial Statements in our
annual report on Form 10-K for the year ended December 31, 2007. These numbers
do not reflect the 1-for-12 reverse stock split effected on March 7, 2008.
</FONT></P>
<P align=center><FONT face=serif size=2>-20- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>(4) The amounts listed in the All Other
Compensation column includes AVANTs matching contribution to the 401(k) Savings
Plan of each Named Executive Officer and premiums paid for life insurance under
AVANT&#146;s nondiscriminatory group plan for each Named Executive Officer.
</FONT></P>
<P align=justify><FONT face=serif size=2>(5) Dr. Ryan resigned from her position
as President and Chief Executive Officer effective May 7, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(6) Dr. Cooke joined AVANT on August 1,
2004. Dr. Cooke resigned from AVANT effective February 11, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(7) Dr. Ellis joined AVANT on January
23, 2006. Dr. Ellis resigned from AVANT effective July 31, 2007. </FONT></P>
<P align=justify><FONT face=serif size=2>(8) Dr. Keilani joined AVANT in June
2004. Dr. Keilani resigned from AVANT effective April 17, 2008. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Grants of Plan-Based Awards
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table provides information on stock options, restricted stock units
and performance stock units granted in 2007 and 2006 to each of AVANT&#146;s (on a
stand-alone basis prior to the Merger) Named Executive Officers. The numbers
below do not reflect the 1-for-12 reverse stock split effected on March 7, 2008.
</FONT></P>
<TABLE style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=18><B><FONT face=serif size=1>GRANTS OF PLAN-BASED AWARDS</FONT></B> </TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=18><B><FONT face=serif size=1>Estimated Future Payouts Under Equity Incentive Plan
      Awards</FONT></B> </TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Grant
      Date</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Threshold</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Target</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Maximum</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"><B><FONT face=serif size=1>All
      Other</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>All
      Other</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Exercise or
      Base</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Market
      Price</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Grant
      Date</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(#)</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(#)</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>(#)</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"><B><FONT face=serif size=1>Stock</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Option</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Price of
      Option</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>on Date
      of</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Fair
      Value</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"><B><FONT face=serif size=1>Awards:</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Awards:</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Awards
      ($/Sh)(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>Grant
      </STRONG><STRONG>(#)(1)</STRONG></FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>of
      Stock</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"><B><FONT face=serif size=1>Number
      of</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Number
      of</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>and</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><B><FONT face=serif size=1>Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"><B><FONT face=serif size=1>Shares
      or</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Securities</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Option</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"><B><FONT face=serif size=1>Units
      (#)</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Underlying</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%"><B><FONT face=serif size=1>Awards</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%">&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Options
      (#)</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%"><FONT face=serif size=1><STRONG>($)</STRONG><STRONG>(2)</STRONG></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=1>Una S. Ryan, Ph.D.</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/07</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>50,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.36</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.35</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>49,195</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/06</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=1>M. Timothy Cooke, Ph.D.</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/07</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>40,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.36</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.35</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>39,356</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/06</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.04</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.08</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>152,740</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=1>Avery W. Catlin</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/07</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>25,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.36</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.35</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>24,598</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/06</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>25,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.04</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.08</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>38,185</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=1>Ronald W. Ellis, Ph.D.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/07</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>25,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.36</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.35</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>24,598</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/23/06</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>200,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.93</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.94</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>288,500</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=1>Henry C. Marsh, Jr., Ph.D.</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/07</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>12,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.36</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.35</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>11,807</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/06</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>12,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.04</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.08</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>18,329</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=18>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face=serif size=1>Taha Keilani, M.D.</FONT> </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/07</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>15,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.36</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1.35</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>14,759</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/06</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>50,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.04</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2.08</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face=serif size=1>76,360</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>(1) The exercise price of the option
awards differs from the market price on the date of grant. The exercise price is
determined based on the average of the high and low price of AVANT&#146;s common
stock on the date of grant, while the market price on the date of grant is the
closing price of AVANT&#146;s common stock on that date. </FONT></P>
<P align=justify><FONT face=serif size=2>(2) The grant date fair value is
generally the amount AVANT would expense in its financial statements over the
award&#146;s service period, but does not include a reduction for
forfeitures.</FONT></P>
<P align=center><FONT face=serif size=2>-21- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Outstanding Equity Awards
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth certain information regarding the stock option grants
and stock awards to the Named Executive Officers of AVANT (on a stand-alone
basis prior to the Merger) at December 31, 2007. The numbers below do not
reflect the 1-for-12 reverse stock split effected on March 7, 2008. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=10><B><FONT face=serif size=1>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END &#150; DECEMBER 31,
      2007</FONT></B> </TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=10><B><FONT face=serif size=1>Option
      Awards (1)</FONT></B> </TD></TR>
  <TR>
    <TD width="100%" colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%"><B><FONT face=serif size=1>Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><STRONG>Number
      of Securities</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><STRONG>Number
      of Securities</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><STRONG>Equity
      Incentive</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><STRONG>Option
      Exercise</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><STRONG>Option
      Expiration</STRONG><FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%">&nbsp; </TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>Underlying
      Unexercised</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>Underlying
      Unexercised</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><STRONG>Plan
      Awards:</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><STRONG><FONT size=1>Price
      ($)</FONT></STRONG> </TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>Date</STRONG></FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%">&nbsp; </TD>
    <TD noWrap align=center width="8%"><STRONG><FONT size=1>Options
      (#)</FONT></STRONG> </TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><STRONG><FONT size=1>Options</FONT></STRONG> <STRONG><FONT size=1>(#)</FONT></STRONG>
</TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>Number of
      Securities</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%">&nbsp; </TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1><FONT size=3><STRONG><FONT size=1>Exercisable</FONT></STRONG> </FONT></FONT></TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><STRONG><FONT size=1>Unexercisable</FONT></STRONG> </TD>
    <TD align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>Underlying
      Unexercised</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="1%"></TD>
    <TD align=center width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%">&nbsp; </TD>
    <TD noWrap align=center width="8%"></TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="8%"></TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>Unearned Options
      (#)</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0><FONT face=serif size=1>Una S.
      Ryan, Ph.D.</FONT> </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.97</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>02/09/2008</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.88</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/04/2009</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>250,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.31</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>05/06/2009</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>165,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.41</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/2010</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>80,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$8.53</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>11/17/2010</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.99</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>11/08/2011</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>100,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.14</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/02/2013</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>50,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=10>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>895,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>50,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff><FONT face=serif size=1>M.
      Timothy Cooke, Ph.D.</FONT> </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>150,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>50,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$1.93</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>08/02/2014</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>12,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.08</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/03/2015</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>25,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>75,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.04</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/06/2016</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>---</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>40,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$1.36</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/05/2017</FONT> </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>187,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>165,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0><FONT face=serif size=1>Avery
      W. Catlin</FONT> </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>200,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.28</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/2010</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>25,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.99</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>11/08/2011</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>5,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.14</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/02/2013</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>12,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.77</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/02/2014</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>12,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.08</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/03/2015</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>6,250</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>18,750</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.04</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/2016</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>25,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.36</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/2017</FONT> </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>260,250</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>43,750</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff><FONT face=serif size=1>Henry
      C. Marsh, Jr., Ph.D.</FONT> </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>24,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$1.97</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>02/09/2008</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>15,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$1.67</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>12/09/2008</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>25,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.41</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/06/2010</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>10,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$8.53</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>11/17/2010</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>10,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.99</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>11/08/2011</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>10,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$1.14</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/02/2013</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>12,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.77</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/02/2014</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>10,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.08</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/03/2015</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>3,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>9,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$2.04</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/06/2016</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>---</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>12,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>$1.36</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>01/15/2017</FONT> </TD></TR>
  <TR>
    <TD width="100%" bgColor=#ffffff colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>119,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#ffffff><FONT face=serif size=1>21,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#ffffff></TD>
    <TD align=left width="8%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=right width="1%" bgColor=#ffffff></TD>
    <TD align=right width="8%" bgColor=#ffffff>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0><FONT face=serif size=1>Taha
      Keilani, M.D.</FONT> </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>50,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.59</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>06/07/2014</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>12,000</FONT> </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.08</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/03/2015</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>12,500</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>37,500</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$2.04</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/06/2016</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>15,000</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>$1.36</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>01/05/2017</FONT> </TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=10>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="56%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>74,500</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=1>52,500</FONT> </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="8%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="8%" bgColor=#c0c0c0>&nbsp;
</TD></TR></TABLE>
<BR>
<P align=justify><FONT face=serif size=2>(1) All options are exercisable in 25%
annual increments beginning on the first anniversary of the date of grant.
</FONT></P>
<P align=center><FONT face=serif size=2>-22-</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Option Exercises and Stock Vested
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth certain information regarding the number of shares of
restricted stock issued under the AVANT 1999 Stock Option and Incentive Plan
that vested in fiscal 2007 and 2006 and the corresponding amounts realized by
the Named Executive Officers of AVANT (on a stand-alone basis prior to the
Merger). The numbers below do not reflect the 1-for-12 reverse stock split
effected on March 7, 2008. </FONT></P>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="35%">&nbsp;&nbsp; &nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="64%" colSpan=4><B><FONT face=serif size=1>OPTION EXERCISES AND STOCK VESTED</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="35%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%" colSpan=2><B><FONT face=serif size=1>Option Awards</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%" colSpan=2><B><FONT face=serif size=1>Stock
      Awards</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="35%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Number of</FONT></B> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Value Realized</FONT></B> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Number of Shares</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Value Realized
      on</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="35%">&nbsp; &nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Shares</FONT></B> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>on Exercise ($)</FONT></B> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Acquired on</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Vesting
      ($)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="35%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Acquired on</FONT></B> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Vesting (#)</FONT></B> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><STRONG><FONT size=1>Name</FONT></STRONG>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face=serif size=1>Exercise
      (#)</FONT></B> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=serif size=1>Una S. Ryan,
      Ph.D.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>700,000</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>$1,225,000</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=serif size=1>M. Timothy Cooke,
      Ph.D.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=serif size=1>Avery W.
      Catlin</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=serif size=1>Henry C. Marsh, Jr.,
      Ph.D.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=serif size=1>Ronald W. Ellis,
      Ph.D.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face=serif size=1>Taha Keilani,
      M.D.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%"><FONT face=serif size=1>---</FONT>
  </TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
September 2005, November 2004 and September 2003, AVANT awarded Restricted Stock
Units to Dr. Ryan and recorded non-cash deferred compensation amounting to
$270,000, $832,000 and $1,104,000, respectively. On September 21, 2006, AVANTs
Board of Directors modified these Restricted Stock Units to provide that they
vest in their entirety upon the earlier of the sale of AVANT or Dr. Ryan&#146;s
retirement at or after age 65. Dr. Ryan reached age 65 in December 2006. The
Restricted Stock Unit awards made to Dr. Ryan were settled for stock on a
one-for-one basis upon the consummation of the Merger on March 7, 2008.
</FONT></P>
<P align=justify><B><FONT face=serif size=2>Employment Agreements
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dr. Ryan
resigned from her position as President and Chief Executive Officer of AVANT
effective May 7, 2008 and we entered into a Separation and General Release
Agreement with Dr. Ryan effective July 16, 2008 ("Ryan Separation Agreement").
The Ryan Separation Agreement provides, among other things, for: (i) a lump sum
cash payment of $1,323,203, plus interest in the amount of $10,784.10, which is
payable on November 8, 2008; (ii) a mutual general release; (iii) payment of
insurance premiums under COBRA for 18 months; (iv) reimbursement of attorneys&#146;
fees up to $30,000 and (v) vesting of options to purchase 153,125 shares of
Company common stock (of the options to purchase 612,500 shares of Company
common stock which had been granted to Dr. Ryan on March 7, 2008). The remainder
of Dr. Ryan&#146;s options terminated as of July 16, 2008 the date of the Ryan
Separation Agreement and the date of Dr. Ryan's resignation from our Board of
Directors. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prior to
her resignation, the terms of Dr. Ryan's compensation were governed by the
following employment agreement, which is no longer in effect. Dr. Ryan entered
into an employment agreement with AVANT (the &#147;agreement&#148;), which was amended and
restated as of August 20, 1998, amended as of December 23, 2002, September 18,
2003 and again as of October 19, 2007. </FONT></P>
<P align=center><FONT face=serif size=2>-23- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The term of the agreement would have
been for 13 months from the effective date of the Merger, with rolling automatic
one-year extensions. If prior to a change in control (as defined in the AVANT
Immunotherapeutics, Inc. 1999 Stock Option and Incentive Plan), Dr. Ryan&#146;s
employment had been terminated by AVANT without cause (as defined in the
agreement), Dr. Ryan would have been eligible to receive a lump sum amount equal
to one year&#146;s salary, at the rate then in effect, and continuation of group
health plan benefits for a period of up to twelve (12) months. If within a year
after a change in control, Dr. Ryan&#146;s employment had been terminated by AVANT
without cause or by Dr. Ryan for good reason (as defined in the agreement), or
if a change in control had occurred within one (1) year after Dr. Ryan is
terminated without cause by AVANT, Dr. Ryan would have been entitled to receive
a lump sum amount equal to three (3) times the base amount (as defined in
Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended) applicable
to Dr. Ryan, less one dollar ($1.00). Such severance may have been further
reduced to the extent necessary to preserve AVANTs tax deduction. Further, if
Dr. Ryan&#146;s employment had been terminated by AVANT without cause or by Dr. Ryan
for good reason at any time after the Merger, or Dr. Ryan resigned or was
terminated by AVANT or after the first anniversary of the Merger for any reason,
AVANT would have been required to pay Dr. Ryan a special retirement payment of
$1,323,203. In September 2005, November 2004 and September 2003, AVANT also
awarded Restricted Stock Units to Dr. Ryan and recorded non-cash deferred
compensation amounting to $270,000, $832,000 and $1,104,000, respectively. On
September 21, 2006, AVANT&#146;s Board of Directors modified these Restricted Stock
Units to provide that they vest in their entirety upon the earlier of the sale
of AVANT or Dr. Ryan&#146;s retirement at or after age 65. Dr. Ryan reached age 65 in
December 2006. These units will be settled in shares of common stock of AVANT
upon a change in control of AVANT. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dr. Cooke
resigned from the Company on February 11, 2008. In connection with his
resignation, the Company and Dr. Cooke entered into a letter agreement dated
February 11, 2008 (&#147;Cooke Separation Agreement&#148;) which provided for, among other
things, (i) the continuation of Dr. Cooke base salary through October 22, 2008
in accordance with the Company&#146;s standard bi-weekly pay-roll schedule; (ii) the
payment of COBRA healthcare premiums through the earlier of October 22, 2008 or
Dr. Cooke becomes eligible for alternate healthcare coverage; and (iii) general
release by Dr. Cooke. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prior to
his resignation, Dr. Cooke&#146;s compensation was governed by the terms of a letter
agreement with AVANT dated June 10, 2004 (the &#147;Letter Agreement&#148;), which is no
longer in effect and which provided for AVANT&#146;s employment of Dr. Cooke, as a
Senior Vice President of Commercial Development, beginning on June 21, 2004.
Under the terms of the Letter Agreement, if (1) there had been a Change of
Control of AVANT (as defined in the Letter Agreement) and Dr. Cooke&#146;s employment
was thereafter terminated by Dr. Cooke for other than Good Reason (as defined in
the Letter Agreement), or (2) there had been a Change of Control of AVANT and
Dr. Cooke&#146;s employment was thereafter terminated for Cause (as defined in the
Letter Agreement) by AVANT, death, Disability or Retirement (each as defined in
the Letter Agreement), then no benefits would have been payable to Dr. Cooke. If
Dr. Cooke&#146;s employment was terminated within one (1) year following a Change in
Control of AVANT by Dr. Cooke for Good Reason or by AVANT other than for Cause,
death, Disability or Retirement, then Dr. Cooke&#146;s benefits would have been those
described in the Letter Agreement, including the continuance of Dr. Cooke&#146;s base
salary for 12 months and a 100% vesting of all unvested options. </FONT></P>
<P align=center><FONT face=serif size=2>-24- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>On June 14, 2004, Dr. Cooke&#146;s
employment terms were amended (the &#147;Amended Letter Agreement&#148;) such that AVANT
agreed to pay Dr. Cooke six months of severance (at the rate of his final base
pay) if Dr. Cooke&#146;s employment were terminated by AVANT without cause. This
Amended Letter Agreement provided that Dr. Cooke was employed on an at-will
basis and also allowed for Dr. Cooke to receive health and dental benefits
during this severance period. Dr. Cooke was promoted to Chief Operating Officer
March 21, 2005; however, his employment terms pursuant to this Letter Agreement
remained the same. Dr. Cooke resigned from AVANT on February 11, 2008.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Mr.
Catlin and Dr. Marsh have agreements with AVANT under which each is eligible for
a severance payment of twelve months&#146; base salary, continuation of health
insurance benefits for twelve months and 100% vesting of all stock option grants
in the event of his termination following a change-of-control, as defined in the
AVANT Immunotherapeutics, Inc. 1999 Stock Option and Incentive Plan. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Pension Benefits </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>None of
our Named Executive Officers participate in qualified or nonqualified defined
benefit plans sponsored by AVANT. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Nonqualified Deferred Compensation
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>None of
our Named Executive Officers are covered by a defined contribution or other plan
that provides for the deferral of compensation on a basis that is not
tax-qualified. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Potential Payments Upon Termination
of Employment or Change in Control </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Certain
of our Named Executive Officers have provisions in their employment agreements
regarding severance upon certain termination events or acceleration of stock
options in the event of a change of control of AVANT or termination following a
change of control. These severance and acceleration provisions are described in
&#147;Employment Agreements,&#148; and certain estimates of these change of control
benefits are provided in the table below. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Una S. Ryan, Ph.D. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dr.
Ryan's employment terminated on May 7, 2008. The payments and benefits that Dr.
Ryan actually received upon termination of her employment are governed by the
terms of the Ryan Separation Agreement. The following table describing the
potential payments and benefits upon employment termination for Una S. Ryan,
President and Chief Executive Officer, as if her employment terminated as of
December 31, 2007, the last business day of our latest fiscal year is being
provided in response to specific requirements of the proxy statement rules.
</FONT></P>
<P align=center><FONT face=serif size=2>-25- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="74%"><STRONG><FONT size=1>Executive benefits
      and payments</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT size=1><STRONG>Voluntary resignation</STRONG></FONT><FONT size=3>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT size=1><STRONG>Voluntary resignation</STRONG></FONT><FONT size=3>
    </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Termination by</FONT></STRONG> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2><STRONG><FONT size=1>Termination by</FONT></STRONG> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>Voluntary termination</STRONG></FONT><FONT size=3>
    </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"><STRONG><FONT size=1>upon
      termination</FONT></STRONG> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT size=1><STRONG>for no
      good reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT size=1><STRONG>for good
      reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>AVANT
      not for cause</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2><FONT size=1><STRONG>AVANT
      for cause</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>by the
      executive for</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>good
      reason or</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>termination by AVANT</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>without
      cause in</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>connection with or</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>following change of</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=3></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="3%" colSpan=2></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>control</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=1>Base Salary</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1>$</FONT>
</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;(1)<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;(1)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp; 440,000</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,249,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=1>Equity Awards
      Acceleration</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=1>Continuation of Health Benefits</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>11,128</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=1>Total</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>&nbsp;---</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>451,128</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,249,000</FONT>
    </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>(1) AVANT would have been required to
pay Dr. Ryan an amount equal to her salary prorated only for the period of time
for which AVANT waives the 60 days prior notice of termination as required under
the agreement. </FONT></P>
<P align=justify><B><FONT face=serif size=2>M. Timothy Cooke, Ph.D.
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dr.
Cooke's resigned on February 11, 2008. The payments and benefits that M. Timothy
Cooke actually received upon termination of his employment are governed by the
terms of the Cooke Separation Agreement. The following table describing the
potential payments and benefits upon employment termination for M. Timothy
Cooke, Chief Operating Officer, as if his employment terminated as of December
31, 2007, the last business day of our latest fiscal year is being provided in
response to specific requirements of the proxy statement rules. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><B><FONT face=serif size=1>Executive
      benefits and payments</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary resignation</STRONG><FONT size=3>
    </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary resignation</STRONG><FONT size=3>
    </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Termination by</FONT></B> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Termination by&nbsp;</STRONG><FONT size=3>
</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary termination</STRONG><FONT size=3>
    </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><B><FONT face=serif size=1>upon
      termination</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>for no
      good reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>for good
      reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>AVANT not for cause</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>AVANT for cause</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>by the
      executive for</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3><FONT size=1><STRONG>good reason or</STRONG></FONT><FONT size=3>
      </FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>termination by AVANT</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3><FONT size=1><STRONG>without cause in</STRONG></FONT><FONT size=3>
      </FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>connection with or</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><FONT size=3><FONT size=1><STRONG>following change of</STRONG></FONT><FONT size=3> </FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=3><STRONG><FONT size=1>control</FONT></STRONG> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Base Salary</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>142,500</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>285,000</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face=serif size=1>Equity Awards
      Acceleration</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face=serif size=1>Continuation of Health Benefits</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>6,108</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>12,216</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"><FONT face=serif size=1>Total</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>148,608</FONT>
    </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>297,216</FONT>
    </TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>Avery W. Catlin </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table describes the potential payments and benefits upon employment
termination for Avery W. Catlin, Chief Financial Officer, as if his employment
terminated as of December 31, 2007, the last business day of our latest fiscal
year. </FONT></P>
<P align=center><FONT face=serif size=2>-26- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><B><FONT face=serif size=1>Executive
      benefits and payments</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary resignation</STRONG><FONT size=3>
    </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary resignation</STRONG><FONT size=3>
    </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Termination by</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Termination by&nbsp;</STRONG><FONT size=3>
</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary termination</STRONG><FONT size=3>
    </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><B><FONT face=serif size=1>upon
      termination</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>for no
      good reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>for good
      reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>AVANT not for cause</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>AVANT for cause</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>by the
      executive for</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>good
      reason or</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>termination by AVANT</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>without
      cause in</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>connection with or</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>following change of</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><STRONG><FONT size=1>control</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Base Salary</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>251,121<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Equity Awards
      Acceleration</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Continuation of Health Benefits</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>12,216<FONT size=3> </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Total</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>263,337<FONT size=3> </FONT></FONT></TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table describes the potential payments and benefits upon employment
termination for Henry C. Marsh, Jr., Ph.D., Vice President, Research, as if his
employment terminated as of December 31, 2007, the last business day of our
latest fiscal year. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><B><FONT face=serif size=1>Executive
      benefits and payments</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary resignation</STRONG><FONT size=3>
    </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary resignation</STRONG><FONT size=3>
    </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>Termination by</FONT></B> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Termination by&nbsp;</STRONG><FONT size=3>
</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>Voluntary termination</STRONG><FONT size=3>
    </FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><B><FONT face=serif size=1>upon
      termination</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>for no
      good reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>for good
      reason</STRONG></FONT><FONT size=3> </FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>AVANT not for cause</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT face=serif size=1><STRONG>AVANT for cause</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>by the
      executive for</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>good
      reason or</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>termination by AVANT</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>without
      cause in</STRONG></FONT><FONT size=3> </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>connection with or</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="5%" colSpan=2><FONT size=1><STRONG>following change of</STRONG></FONT><FONT size=3>
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%" colSpan=2><B><FONT face=serif size=1>control</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Base Salary</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>201,899</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Equity Awards
      Acceleration</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=serif size=1>Continuation of Health Benefits</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>12,216</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=serif size=1>Total</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=1>$</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>---</FONT> </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>$</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>214,115</FONT>
    </TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>Director Compensation
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following director compensation policy was in effect for fiscal 2007. Directors
who are not employees of AVANT are each entitled to receive a retainer fee of
$20,000 each fiscal year, with the Chairman of the Board of Directors receiving
$30,000. Each Committee Chairman receives an annual additional retainer fee of
$5,000 and an option to purchase 2,500 shares of common stock, with the Audit
Committee Chairman receiving $10,000 and an option to purchase 5,000 shares of
common stock. In addition, each non-employee director is entitled to receive
$2,000 for attendance at each meeting in person and $1,000 for each telephonic
meeting of the Board of Directors and $1,000 for attendance at each meeting in
person and $500 for each telephonic meeting of a Committee of the Board of
Directors. The AVANT 1999 Stock Option and Incentive Plan provides for annual
automatic grants to each independent director of an option to purchase 10,000
shares of common stock with vesting after one year, a ten year term, and an
exercise price equal to the fair market value of the common stock on the day of
grant. As of January 16, 2008, the current independent directors had the
following stock options outstanding: Harry H. Penner, Jr.&#151;100,000, Karen Shoos
Lipton&#151;78,500, and Larry Ellberger&#151;65,000. </FONT></P>
<P align=center><FONT face=serif size=2>-27- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Effective
March 8, 2008, the following director non-equity compensation policy was
adopted. Directors who are not employees of AVANT are each entitled to receive a
retainer fee of $50,000 each fiscal year ("Annual Retainer"). The Chairman of
the Board is entitled to receive an annual retainer fee of $40,000 in addition
to his or her Annual Retainer and any retainer for committee service. The
Chairperson of each committee of the Board of Directors is entitled to receive
an annual retainer fee of $30,000 in addition to his or her Annual Retainer.
Each committee member (other than the Chairperson of a committee) will receive
an annual retainer of $20,000 in addition to his or her Annual Retainer. Each
Director who resides outside the Unites States shall receive an additional
stipend of $20,000. Stipends and retainers shall be paid on a quarterly basis.
The Directors shall be reimbursed for necessary travel and business expenses as
incurred but will not receive any additional fees for attending meetings or
calls of the Board of Directors. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
table summarizes the annual cash compensation for AVANT&#146;s non-employee directors
during 2007. </FONT></P>
<P align=center><B><FONT face=serif size=2>Director Compensation - 2007
</FONT></B></P>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Fees</FONT> </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Stock</FONT> </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Option</FONT> </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Non-Equity</FONT>
    </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Change in</FONT>
</TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>All Other</FONT>
</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Total</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Earned or</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT size=2>&nbsp;Awards</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Awards</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Incentive Plan</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT size=2>Pension Value</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT size=2>Compensation</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%">&nbsp;<FONT face=serif size=2>($)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Paid in</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Compensation</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>and</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>($)</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>Cash</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>($)<SUP>(1)</SUP></FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Nonqualified</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"><FONT face=serif size=2>($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Deferred</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Compensation</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="65%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>Earnings</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="4%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Name</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT face=serif size=2>($)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="6%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>J. Barrie
      Ward(2)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>2,625</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>4,785</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>7,410</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Harry H. Penner,
      Jr.</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>43,750</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>8,999</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>52,749</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Peter A.
      Sears(3)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>38,000</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>10,116</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>48,110</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Karen Shoos
      Lipton</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>38,125</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>9,227</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>47,352</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Larry
      Ellberger</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>42,750</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>10,116</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>52,866</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Alf
      Lindberg(4)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>27,625</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>8,339</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>35,964</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="65%"><FONT face=serif size=2>Francis
      Cano(5)</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>30,125</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>9,227</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%"><FONT face=serif size=2>---</FONT> </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%"><FONT face=serif size=2>&nbsp; 39,352</FONT>
    </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>(1) The amounts in the Option Awards
column reflect the dollar amounts recognized for financial statement purposes
for the fiscal year ended December 31, 2007, in accordance with FAS 123(R),
(excluding the impact of estimated forfeitures related to service-based vesting
conditions), for awards pursuant the AVANT 1999 Stock Option and Incentive Plan,
and thus may include amounts attributable to awards granted during and before
2007 and 2006. Assumptions made in the calculation of these amounts are included
in Note 5 to our Consolidated Financial Statements in our annual report on Form
10-K for the year ended December 31, 2007. These numbers do not reflect the
1-for-12 reverse stock split effected on March 7, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(2) Dr. Ward resigned from the Board of
Directors effective April 17, 2007. </FONT></P>
<P align=center><FONT face=serif size=2>-28- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>(3) Mr. Sears resigned from the Board
of Directors effective November 26, 2007. </FONT></P>
<P align=justify><FONT face=serif size=2>(4) Dr. Lindberg resigned from the
Board of Directors effective January 15, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(5) Dr. Cano resigned from the Board of
Directors effective October 16, 2007. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Compensation Committee Interlocks
and Insider Participation </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Compensation Committee of the Board of Directors was composed at various times
during 2007 by the following six non-employee directors: Messrs. J. Barrie Ward,
Francis Cano, Peter A. Sears, Harry H. Penner, Jr. and Alf Lindberg and Ms.
Karen Shoos Lipton. None of these Compensation Committee members was an officer
or employee of AVANT during the year. Dr. Ward was formerly an employee of AVANT
and was a consultant for AVANT until December 31, 2004. Dr. Ward did not
participate in actions or discussions with respect to his own compensation. No
Compensation Committee interlocks between AVANT and another entity existed.
During 2008, the Compensation Committee of the Board of Directors was composed
at various times by the following five non-employee directors: Messrs. Harry H.
Penner, Jr., Larry Ellberger, Dr. Rajesh B. Parekh and Charles R. Schaller and
Ms. Karen Shoos Lipton. No Compensation Committee interlocks between AVANT and
another entity existed. </FONT></P>
<P align=center><B><FONT face=serif size=2>REPORT OF THE AVANT COMPENSATION
COMMITTEE* </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Compensation Committee of AVANT has reviewed the Compensation Discussion and
Analysis with management and based on a review of the Compensation Discussion
Analysis, the Compensation Committee recommended to the Board of Directors that
the Compensation Discussion and Analysis be included in the Company's Annual
Report on Form 10-K and proxy statement on Schedule 14A. </FONT></P>
<P align=center><FONT face=serif size=2>Compensation Committee<BR>Karen Shoos
Lipton, Chairman <BR>Harry H. Penner, Jr. <BR></FONT><FONT face=serif size=2>Larry Ellberger </FONT></P>
<P align=justify><FONT face=serif size=2>* The foregoing report of the
Compensation Committee is not to be deemed &#147;soliciting material&#148; or deemed to be
&#147;filed&#148; with the Securities and Exchange Commission (irrespective of any general
incorporation language in any document filed with the Securities and Exchange
Commission) or subject to Regulation 14A of the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of the Securities Exchange Act
of 1934, except to the extent we specifically incorporate it by reference into a
document filed with the Securities and Exchange Commission. </FONT></P>
<P align=center><FONT face=serif size=2>-29- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>REPORT OF THE AUDIT
COMMITTEE*</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
undersigned members of the Audit Committee of the Board of Directors of AVANT
submit this report in connection with the committee&#146;s review of the financial
reports for the fiscal year ended December 31, 2007 as follows: </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The Audit Committee has reviewed
      and discussed with management the audited financial statements for AVANT
      for the fiscal year ended December 31, 2007.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>The Audit Committee has discussed
      with representatives of PricewaterhouseCoopers LLP the matters which are
      required to be discussed with them under the provisions of SAS 61. That
      Statement of Accounting Standards requires the auditors to ensure that the
      Audit Committee received information regarding the scope and results of
      the audit. PricewaterhouseCoopers LLP has also communicated with the Audit
      Committee on matters required by Rule 2-07 of Regulation S-X.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face=serif size=2>The Audit Committee has discussed
      with PricewaterhouseCoopers LLP, the independent public accounting firm,
      the auditors&#146; independence from management and AVANT including the matters
      in the written disclosures and the letter from the independent auditors
      required by the Independence Standards Board, Standard No.
  1.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition, the Audit Committee considered whether the provision of information
technology services or other non-audit services by PricewaterhouseCoopers LLP is
compatible with maintaining its independence. In reliance on the reviews and
discussions referred to above, the Audit Committee recommended to the Board of
Directors (and the Board of Directors has approved) that the audited financial
statements be included in AVANT&#146;s Annual Report on Form 10-K for the fiscal year
ended December 31, 2007 for filing with the Securities and Exchange Commission.
</FONT></P>
<P align=center><FONT face=serif size=2>Audit Committee <BR>Larry Ellberger,
Chairman <BR>Harry H. Penner, Jr. <BR></FONT><FONT face=serif size=2>George O.
Elston </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>*</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>The foregoing report of the Audit
      Committee is not to be deemed &#147;soliciting material&#148; or deemed to be
      &#147;filed&#148; with the Securities and Exchange Commission (irrespective of any
      general incorporation language in any document filed with the Securities
      and Exchange Commission) or subject to Regulation 14A of the Securities
      Exchange Act of 1934, as amended, or to the liabilities of Section 18 of
      the Securities Exchange Act of 1934, except to the extent we specifically
      incorporate it by reference into a document filed with the Securities and
      Exchange Commission.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=serif size=2>Security Ownership of Certain
Beneficial Owners and Management </FONT></B><FONT face=serif size=2></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth certain information as of August 5, 2008 with respect
to the beneficial ownership of common stock of the Company by the following: (i)
each of the Company's current directors; (ii) each of the Named Executive
Officers; (iii) the current executive officers; (iv) all of the executive
officers and directors as a group; and (v) each person known by the Company to
own beneficially more than five percent (5%) of the outstanding shares of the
Company's common stock. </FONT></P>
<P align=center><FONT face=serif size=2>-30- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>For
purposes of the following table, beneficial ownership is determined in
accordance with the applicable SEC rules and the information is not necessarily
indicative of beneficial ownership for any other purpose. Except as otherwise
noted in the footnotes to the table, we believe that each person or entity named
in the table has sole voting and investment power with respect to all shares of
the Company&#146;s common stock shown as beneficially owned by that person or entity
(or shares such power with his or her spouse). Under the SEC&#146;s rules, shares of
the Company&#146;s common stock issuable under options that are exercisable on or
within 60 days after August 5, 2008 (&#147;Presently Exercisable Options&#148;) are deemed
outstanding and therefore included in the number of shares reported as
beneficially owned by a person or entity named in the table and are used to
compute the percentage of the common stock beneficially owned by that person or
entity. These shares are not, however, deemed outstanding for computing the
percentage of the common stock beneficially owned by any other person or
entity.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
percentage of the common stock beneficially owned by each person or entity named
in the following table is based on 15,708,244 shares of common stock outstanding
as of August 5, 2008 plus any shares issuable upon exercise of Presently
Exercisable Options held by such person or entity.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Name and
      Business Address of Beneficial Owners*</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=2><FONT face=serif size=1>Amount and Nature of</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%" colSpan=2><FONT face=serif size=1>Percentage of Common</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="8%" colSpan=2><FONT face=serif size=1>Beneficial Ownership(1)</FONT> </TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="8%" colSpan=2><FONT face=serif size=1>Stock<FONT size=3> </FONT>(2)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Medarex, Inc.(3)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>4,960,848</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(4)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>31.6</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Apax WW Nominees
      Ltd.</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>1,384,663</FONT>
    </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>8.8</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Pfizer Vaccines</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>781,250</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>5</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Directors and
      Executive Officers</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="7%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Charles R. Schaller</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>14,882</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(5)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Herbert J.
      Conrad</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>17,879</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(6)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Larry Ellberger</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(7)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>George O.
      Elston</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>17,879</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(6)</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Karen Shoos Lipton</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>333</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(7)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Dr. Rajesh B.
      Parekh</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>17,879</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(8)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Harry H. Penner, Jr.</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>416</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(9)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Anthony S.
      Marucci</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>181,380</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(10)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>1.6</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Avery W. Catlin</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>47,624</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(11)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Dr. Thomas
      Davis</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>43,364</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(12)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Tibor Keler</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>181,380</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(10)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>1.6</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Dr. Ronald C.
      Newbold</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>27,645</FONT>
</TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(13)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Named Executive Officers (Other than those set forth above)</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Una S. Ryan,
      Ph.D.</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>314,058</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(14)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>2.0</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Henry C. Marsh, Jr., Ph.D.</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>22,569</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(15)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Taha Keilani,
      M.D.</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>166</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(16)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>Timothy Cooke</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(17)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=1>Ronald
      Ellis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>(18)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>-</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>All Directors and Executive Officers as a group</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=1>(Consisting of 12 persons)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>550,661</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>(19)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3.4256</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>%</FONT> </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>* Unless otherwise indicated, the
address is c/o AVANT Immunotherapeutics, Inc., 119 Fourth Avenue, Needham,
Massachusetts 02494-2725. </FONT></P>
<P align=justify><FONT face=serif size=2>** Less than 1%. </FONT></P>
<P align=justify><FONT face=serif size=2>(1) Unless otherwise indicated, the
persons shown have sole voting and investment power over the shares listed.
</FONT></P>
<P align=center><FONT face=serif size=2>-31- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>(2) Common stock includes all
outstanding common stock plus, as required for the purpose of determining
beneficial ownership (in accordance with Rule 13d-3(d)(1) of the Securities
Exchange Act of 1934, as amended), all common stock subject to any right of
acquisition, through exercise or conversion of any security, within 60 days of
the record date. </FONT></P>
<P align=justify><FONT face=serif size=2>(3) The principal business address for
Medarex, Inc., a New Jersey corporation ("Medarex") is 707 State Road,
Princeton, New Jersey 08540. </FONT></P>
<P align=justify><FONT face=serif size=2>(4) Represents 4,960,848 shares of
common stock which Medarex acquired as a result of the Merger. Medarex may be
deemed to have sole voting power and the sole power to dispose of such shares of
common stock. To the extent that the directors of Medarex may be deemed to share
the power to vote (and direct the vote of) or dispose of (or direct the
disposition of) such shares of common stock owned of record by Medarex, each
such director disclaims beneficial ownership of the shares of common stock owned
by Medarex. </FONT></P>
<P align=justify><FONT face=serif size=2>(5) Represents 14,882 shares of common
stock issuable upon the exercise of Presently Exercisable Options. Does not
include 4,960,848 shares of common stock owned by Medarex. Mr. Schaller is a
director of Medarex and to the extent that by virtue of his role as director Mr.
Schaller may be deemed to share the power to vote (and direct the vote of) or
dispose of (or direct the disposition of) such shares of common stock owned of
record by Medarex, Mr. Schaller disclaims beneficial ownership of the shares of
common stock owned by Medarex.</FONT></P>
<P align=justify><FONT face=serif size=2>(6) Includes 17,879 shares of common
stock issuable upon exercise of Presently Exercisable Options.</FONT></P>
<P align=justify><FONT face=serif size=2>(7) Excludes 17,728 shares of common
stock issuable upon exercise of options, which will not vest within 60 days of
August 5, 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>(8) Includes 17,879 shares of common
stock issuable upon exercise of Presently Exercisable Options. Does not include
56,223 share of common stock held by an entity, which is owned in part by Dr.
Parekh and his spouse. Dr. Parekh disclaims beneficial ownership of such shares
and is not involved in any decision making with respect to the disposition of
such shares. </FONT></P>
<P align=justify><FONT face=serif size=2>(9) Includes 416 shares of common stock
issuable upon exercise of Presently Exercisable Options. Excludes 17,728 shares
of common stock issuable upon exercise of options, which will not vest within 60
days of August 5, 2008.</FONT></P>
<P align=justify><FONT face=serif size=2>(10) Includes 181,380 shares of common
stock issuable upon exercise of Presently Exercisable Options. Excludes 72,863
shares of common stock issuable upon exercise of options, which will not vest
within 60 days of August 5, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(11) Includes 1,791 shares of common
stock owned directly by Mr. Catlin and 45,833 shares of common stock issuable
upon exercise Presently Exercisable options. Excludes 137,500 shares of common
stock issuable upon exercise of options, which will not vest within 60 days of
August 5, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(12) Includes 43,364 shares of common
stock issuable upon exercise Presently Exercisable options. Excludes 105,461
shares of common stock issuable upon exercise of options, which will not vest
within 60 days of August 5, 2008. </FONT></P>
<P align=center><FONT face=serif size=2>-32- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>(13) Includes 27,645 shares of common
stock issuable upon exercise Presently Exercisable options. Excludes 79,840
shares of common stock issuable upon exercise of options, which will not vest
within 60 days of August 5, 2008. </FONT></P>
<P align=justify><FONT face=serif size=2>(14) Includes 153,125 shares of common
stock issuable upon exercise Presently Exercisable options. Includes 83,333
Restricted Stock Units, which are fully vested and were settled for stock on a
one-for-one basis upon the consummation of the Merger on March 7, 2008. Includes
74,934 shares of common stock owned directly by Dr. Ryan and 2,666 shares owned
by Dr. Ryan's husband, of which Dr. Ryan disclaims beneficial ownership. Dr.
Ryan's employment with the Company terminated as of May 7, 2008 and she resigned
from the Company's Board of Directors effective July 16, 2008. The information
on the table is based solely upon data derived from publicly filed forms
reporting her beneficial ownership and to the extent that this individual is no
longer required to file forms reporting her beneficial ownership such
information may not be correct.</FONT></P>
<P align=justify><FONT face=serif size=2>(15) Includes 486 shares owned directly
by Mr. Marsh and 22,083 shares of common stock issuable upon exercise Presently
Exercisable options. Excludes 20,833 shares of common stock issuable upon
exercise of options, which will not vest within 60 days of August 5, 2008.
Following the Merger, although Mr. Marsh continued with the Company, he was no
longer deemed an executive officer. </FONT></P>
<P align=justify><FONT face=serif size=2>(16) Dr. Keilani resigned from AVANT
effective April 17, 2008. The information on the table is based solely upon data
derived from publicly filed forms reporting his beneficial ownership and to the
extent that this individual is no longer required to file forms reporting his
beneficial ownership such information may not be correct.</FONT></P>
<P align=justify><FONT face=serif size=2>(17) Dr. Cooke resigned from the
Company as of February 11, 2008. The information on the table is based solely
upon data derived from publicly filed forms reporting his beneficial ownership
and to the extent that this individual is no longer required to file forms
reporting his beneficial ownership such information may not be
correct.</FONT></P>
<P align=justify><FONT face=serif size=2>(18) Dr. Ellis resigned from the
Company as of July 31, 2007. The information on the table is based solely upon
data derived from publicly filed forms reporting his beneficial ownership and to
the extent that this individual is no longer required to file forms reporting
his beneficial ownership such information may not be correct.</FONT></P>
<P align=justify><FONT face=serif size=2>(19) Please refer to footnotes 5 - 13.
</FONT></P>
<P align=justify><B><FONT face=serif size=2>Section 16(a) Beneficial Ownership
Reporting Compliance</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Section 16(a) of the Securities
Exchange Act of 1934, as amended, requires AVANT&#146;s directors, officers and key
employees, and persons who are beneficial owners of more than 10% of a
registered class of our equity securities, to file reports of ownership and
changes in ownership with the Securities and Exchange Commission (the &#147;SEC&#148;).
Officers, directors and greater than 10% beneficial owners are required by SEC
regulations to furnish AVANT with copies of all Section 16(a) forms they file.
To our knowledge, based solely on a review of the copies of such reports
furnished to us, and written representations that no other reports were required
during the fiscal year ended December 31, 2007, all Section 16(a) filing
requirements applicable to such persons were satisfied. </FONT></P>
<P align=center><FONT face=serif size=2>-33- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Transactions with Related Persons
</FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>It is our policy that all employees
and directors, as well as their family members, must avoid any activity that is
or has the appearance of conflicting with AVANT&#146;s business interest. This policy
is included in our Code of Business Conduct and Ethics. All directors and
officers of AVANT complete a directors and officers questionnaire at the
beginning of each year, in which they are asked to disclose family relationships
and other related party transactions. Our Audit Committee must review and
approve all related party transactions, as defined in Item 404 of Regulation
S-K. Our Audit Committee&#146;s procedures for reviewing related party transactions
are not in writing. In fiscal 2007, there were no related party transactions.
</FONT></P>
<P align=center><B><FONT face=serif size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT THE STOCKHOLDERS VOTE <BR>FOR THE ELECTION OF THE DIRECTOR NOMINEES
</FONT></B></P>
<P align=center><B><FONT face=serif size=2>PROPOSAL 2: RATIFY THE APPOINTMENT
OF<BR></FONT></B><B><FONT face=serif size=2>PRICEWATERHOUSECOOPERS LLP AS OUR
INDEPENDENT REGISTERED <BR>PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER
31, 2008<BR>(Proposal No. 2) </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee has reappointed PricewaterhouseCoopers LLP as our independent
registered public accounting firm to audit the financial statements of the
Company for the fiscal year ending December 31, 2008, and has further directed
that management submit their selection of independent registered public
accounting firm for ratification by our stockholders at the Annual Meeting of
Stockholders. Neither the accounting firm nor any of its members has any direct
or indirect financial interest in or any connection with us in any capacity
other than as public registered accounting firm. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Principal Accountant Fees and
Services</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Audit Fees </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Represents fees for professional services provided in connection with the
audit of AVANT&#146;s annual audited financial statements and reviews of AVANT&#146;s
quarterly financial statements, advice on accounting matters directly related to
the audit and audit services provided in connection with other statutory or
regulatory filings. Fees, including out of pocket expenses, for the fiscal years
2007 and 2006 audit, including assurance services provided in connection with
the assessment and testing of internal controls pursuant to Section 404 of the
Sarbanes-Oxley Act of 2002, quarterly reviews of Forms 10-Q during fiscal years
2007 and 2006 and in connection with the Celldex Merger entered into in 2007
were $443,400 and $374,550, respectively. </FONT></P>
<P align=center><FONT face=serif size=2>-34- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Audit-Related Fees </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Audit-related fees are for assurance and other activities not explicitly
related to the audit of AVANTs financial statements, and consisted principally
of fees for consultations concerning financial accounting and reporting
standards. There were no audit-related fees billed by PricewaterhouseCoopers LLP
for fiscal 2007 and 2006. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Tax Fees </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tax fees
are associated with tax compliance, tax advice, tax planning and tax preparation
services. In 2007 and 2006, we engaged another public accounting firm to perform
these services. </FONT></P>
<P align=justify><B><FONT face=serif size=2>All Other Fees </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other
fees of $1,500 were billed by PricewaterhouseCoopers LLP in fiscal years 2007
and 2006. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee is responsible for appointing, setting compensation and overseeing the
work of the independent auditors. The Audit Committee has established a policy
regarding pre-approval of all auditing services and the terms thereof and
non-audit services (other than non-audit services prohibited under Section
10A(g) of the Exchange Act or the applicable rules of the SEC or the Public
Company Accounting Oversight Board) to be provided to AVANT by the independent
auditor. However, the pre-approval requirement may be waived with respect to the
provision of non-audit services for AVANT if the &#147;de minimus&#148; provisions of
Section 10A(i)(1)(B) of the Exchange Act are satisfied. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee has considered whether the provision of Audit-Related Fees, Tax Fees,
and all other fees as described above is compatible with maintaining
PricewaterhouseCoopers, LLP&#146;s independence and has determined that such services
for fiscal years 2007, 2006 and 2005 were compatible. All such services were
approved by the Audit Committee pursuant to Rule 2-01 of Regulation S-X under
the Exchange Act to the extent that rule was applicable. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee is responsible for reviewing and discussing the audit financial
statements with management, discussing with the independent auditors the matters
required in Auditing Standards No. 61, receiving written disclosures from the
independent auditors required by ISB No. 1 and discussing with the independent
auditors their independence, and recommending to the Board of Directors that the
audit financial statements be included in the Company&#146;s annual report of Form
10-K. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Changes in Independent Accountants
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On March
7, 2008, the Company completed the merger of Callisto Merger Corporation
(&#147;Merger Sub&#148;), a wholly owned subsidiary of the Company with and into Celldex
Therapeutics, Inc. (&#147;Celldex&#148;), a privately-held company (the &#147;Merger&#148;).
Pursuant to the terms of the Merger, shares of the Company&#146;s common stock were
issued to the shareholders of Celldex and Celldex became a wholly-owned
subsidiary of the Company. The Merger was accounted for using the purchase
method of accounting and was treated as an acquisition by Celldex of the Company
with Celldex being considered the accounting acquirer based on the application
of criteria specified in Statement of Financial Accounting Standards (&#147;SFAS&#148;)
No. 141, Business Combination, (&#147;SFAS 141&#148;), even though the Company was the
issuer of common stock and the surviving legal entity in the transaction.
Because Celldex was determined to be the acquirer for accounting purposes, the
historical financial statements of Celldex became the historical financial
statements of the combined company as of the closing of the Merger.</FONT></P>
<P align=center><FONT face=serif size=2>-35- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Celldex&#146;s
financial statements for 2006 and 2007 were audited by Ernst &amp; Young LLP
(&#147;E&amp;Y&#148;). Since 1994, the Company&#146;s financial statements were audited by
PricewaterhouseCoopers (&#147;PwC&#148;). As of March 7, 2008, the effective date of the
Merger, the Audit Committee of the Company authorized PwC to continue as the
Company&#146;s independent accountants for 2008. The Staff of the Securities and
Exchange Commission takes the position that in a transaction such as the Merger,
there is always a change of independent accountants (unless the same firm had
served as the independent accountants of both the acquiring and the acquired
companies). Accordingly, the Company filed a Current Report on Form 8-K on June
9, 2008 to report that when the Company&#146;s Audit Committee authorized PwC
continue as the Company&#146;s independent accountants, as a technical matter that
authorization resulted in E&amp;Y being &#147;dismissed&#148; as Celldex&#146;s independent
accountants. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>During
the past two years, E&amp;Y&#146;s report on the financial statements of Celldex did
not contain an adverse opinion or disclaimer of opinion, was not qualified or
modified as to uncertainty, audit scope or accounting principles. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During the two fiscal years
preceding the &#147;dismissal&#148; of E&amp;Y: </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no
  disagreements between Celldex or the Company and E&amp;Y on any</FONT> <FONT face=serif size=2>matter of accounting principles or practices, financial
  statement disclosure, or auditing</FONT> <FONT face=serif size=2>scope or
  procedure, which disagreement(s), if not resolved to the satisfaction of
  E&amp;Y,</FONT> <FONT face=serif size=2>would have caused it to make reference
  to the subject matter of the disagreement(s) in</FONT> <FONT face=serif size=2>connection with its report.<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the
  &#147;reportable events&#148; listed in paragraphs (a)(1)(v)(A) through (D) of</FONT>
  <FONT face=serif size=2>Item 304 of Regulation S-K promulgated by the
  Securities and Exchange Commission</FONT> <FONT face=serif size=2>(&#147;Item 304&#148;)
  occurred, except as set forth below.<BR>&nbsp;</FONT>
  <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" type=disc>
    <LI><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Response to
    paragraph (a)(1)(v)(A) of Item 304 </U></FONT><FONT face=serif size=2>- On
    May 7, 2008, E&amp;Y</FONT> <FONT face=serif size=2>reported to the
    Company&#146;s management and Audit Committee that it had noted</FONT> <FONT face=serif size=2>the following material weaknesses in Celldex&#146;s internal
    control over financial</FONT> <FONT face=serif size=2>reporting: (i) during
    2007, Celldex did not maintain an effective segregation of</FONT> <FONT face=serif size=2>duties (specifically, certain authority and responsibility
    were not appropriately</FONT> <FONT face=serif size=2>assigned and delegated
    to employees within the organization); and (ii) during</FONT> <FONT face=serif size=2>2007, Celldex did not maintain effective internal control
    over the financial</FONT> <FONT face=serif size=2>statement closing process
    (specifically, Celldex did not maintain formal, written</FONT> <FONT face=serif size=2>policies and procedures governing the financial close and
    reporting process to</FONT> <FONT face=serif size=2>ensure an accurate and
    timely financial statement closing process). The latter</FONT> control
    deficiency resulted in misstatements to general and administrative expense,
    research and development expense and accrued liability accounts and related
    financial statement disclosures. Management of the Company had already noted
    those material weaknesses as of March 31, 2008, and there was no
    disagreement with E&amp;Y concerning these matters. These material
    weaknesses were discussed with the Company&#146;s Audit Committee. The Company
    has authorized E&amp;Y to respond fully to the inquiries of the successor
    accountant with respect to these matters, without limitations.
</LI></UL></LI></UL>
<P align=center><FONT face=serif size=2>-36- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Company provided E&amp;Y with a copy of the disclosures that the Company is
making herein in response to Item 304 and requested that E&amp;Y furnish to the
Company a letter addressed to the Securities and Exchange Commission stating
whether it agrees with the statements made by the Company in response to Item
304 and, if not, stating the respects in which it does not agree. The Company
filed the letter received from E&amp;Y in response to that request as an exhibit
to the Current Report on Form 8-K filed with the Commission on June 9, 2008.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As
discussed above, when the Company&#146;s Audit Committee authorized PwC to continue
as the Company&#146;s independent accountants, PwC became engaged as the Company&#146;s
independent registered public accounting firm as of March 7, 2008. During the
two most recent fiscal years and through March 7, 2008, Celldex had not
consulted with PwC regarding either (i) the application of accounting principles
to a specified transaction, either completed or proposed; or the type of audit
opinion that might be rendered on Celldex&#146;s financial statements, and neither a
written report was provided to Celldex nor oral advice was provided that PwC
concluded was an important factor considered by Celldex in reaching a decision
as to the accounting, auditing or financial reporting issue; or (ii) any matter
that was either the subject of a disagreement, as that term is defined in Item
304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of
Regulation S-K, or a reportable event, as that term is defined in Item
304(a)(1)(v) of Regulation S-K. </FONT></P>
<P align=center><B><FONT face=serif size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT THE STOCKHOLDERS VOTE<BR></FONT></B><B><FONT face=serif size=2>FOR THE
RATIFICATION OF THE INDEPDENT REGISTERED PUBLIC<BR></FONT></B><B><FONT face=serif size=2>ACCOUNTING FIRM </FONT></B></P>
<P align=center><B><FONT face=serif size=2>PROPOSAL 3: AMEND
THE<BR></FONT></B><B><FONT face=serif size=2>CERTIFICATE OF
INCORPORATION</FONT></B></P>
<P align=center><B><FONT face=serif size=2></FONT></B><B><FONT face=serif size=2>(Proposal No. 3) </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On July
17, 2008, our Board of Directors adopted, subject to stockholder approval, an
amendment to our Certificate of Incorporation to change the name of the Company
from &#147;AVANT Immunotherapeutics, Inc.&#148; to &#147;Celldex Therapeutics, Inc.&#148; A copy of
the Certificate of Amendment is attached hereto as Annexure A. The Board of
Directors determined that, due to strategic considerations, it is in the best
interest of the Company and its stockholders to re-brand the business of the
Company under the name &#147;Celldex Therapeutics, Inc.&#148;</FONT></P>
<P align=center><FONT face=serif size=2>-37- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
ticker symbol of the Company (AVAN) is expected to change as a result of the
proposed name change. We will publicly announce the new ticker symbol at such
time as we receive it. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Stockholders will not be required to submit their stock certificates for
exchange as a result of this proposed name change. Following the effective date
of the amendment changing the Company&#146;s name, all new stock certificates issued
by the Company will be overprinted with the Company&#146;s new name. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If
stockholders approve the proposal at the Annual Meeting, the Company will
implement the name change on or about September 25, 2008. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>THE
BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE &#147;FOR&#148; APPROVAL OF THE
CERTIFICATE OF AMENDMENT. </FONT></B></P>
<P align=center><B><FONT face=serif size=2>STOCKHOLDER PROPOSALS</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Stockholder Proposals for 2009
Annual Meeting</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Any
stockholder proposals submitted pursuant to Exchange Act Rule 14a-8 for
inclusion in AVANT&#146;s proxy statement and form of proxy for our 2009 annual
meeting must be received by AVANT on or before December 21, 2008 in order to be
considered for inclusion in our proxy statement and form of proxy. Such proposal
must also comply with the requirements as to form and substance established by
the SEC if such proposals are to be included in the proxy statement and form of
proxy. Any such proposal shall be mailed to: AVANT Immunotherapeutics. Inc., 119
Fourth Avenue, Needham, MA 02494-2725, Attn.: Secretary. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
by-laws state that the stockholder must provide timely written notice of such
nomination or proposal and supporting documentation as well as be present at
such meeting, either in person or by a representative. A stockholder&#146;s notice
shall be timely received by AVANT at our principal executive office not less
than seventy-five (75) days nor more than one hundred twenty (120) days prior to
the anniversary date of the immediately preceding annual meeting (the
&#147;Anniversary Date&#148;); provided, however, that in the event the annual meeting is
scheduled to be held on a date more than thirty (30) days before the Anniversary
Date or more than sixty (60) days after the Anniversary Date, a stockholder&#146;s
notice shall be timely if received by AVANT at our principal executive office
not later than the close of business on the later of (1) the seventy-fifth
(75<SUP>th</SUP>) day prior to the scheduled date of such annual meeting or (2)
the fifteenth (15<SUP>th</SUP>) day following the day on which such public
announcement of the date of such annual meeting is first made by AVANT. Proxies
solicited by our Board of Directors will confer discretionary voting authority
with respect to these proposals, subject to SEC rules and regulations governing
the exercise of this authority. Any such proposal shall be mailed to: AVANT
Immunotherapeutics. Inc., 119 Fourth Avenue, Needham, Massachusetts 02494-2725,
Attn.: Secretary. </FONT></P>
<P align=center><FONT face=serif size=2>-38- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>ANNUAL REPORT </FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Copies of our Annual Report on Form
10-K (including audited financial statements), as amended, filed with the
Securities and Exchange Commission may be obtained without charge by writing to
Corporate Secretary, AVANT Immunotherapeutics, Inc., 119 Fourth Avenue, Needham,
MA 02494. A request for a copy of our Annual Report on Form 10-K must set forth
a good-faith representation that the requesting party was either a holder of
record or a beneficial owner of our common stock on August 15, 2008. Exhibits to
the Form 10-K will be mailed upon similar request and payment of specified fees
to cover the costs of copying and mailing such materials. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our audited financial statements for
the fiscal year ended December 31, 2007 and certain other related financial and
business information are contained in our 2007 Annual Report to Stockholders,
which is being made available to our stockholders along with this proxy
statement, but which is not deemed a part of the proxy soliciting material.
</FONT></P>
<P align=center><B><FONT face=serif size=2>OTHER MATTERS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of the
date of this proxy statement, the Board of Directors does not intend to present
at the Annual Meeting any matters other than those described herein and does not
presently know of any matters that will be presented by other parties. If any
other matter requiring a vote of the stockholders should come before the
meeting, it is the intention of the persons named in the proxy to vote with
respect to any such matter in accordance with the recommendation of the Board of
Directors or, in the absence of such a recommendation, in accordance with the
best judgment of the proxy holder. </FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>By Order of the Board
      of Directors</FONT> </TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>Avery W. Catlin</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif size=2>Chief Financial
      Officer and Secretary</FONT> </TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif size=2>Needham, MA<BR>August 27, 2008
</FONT></P>
<P align=center><FONT face=serif size=2>-39- </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>AVANT IMMUNOTHERAPEUTICS,
INC.</FONT></B></P>
<P align=center><B><FONT face=serif size=2>This Proxy is Solicited on Behalf of
the Board of Directors<BR>For The Annual Meeting of Shareholders on September
25, 2008 </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
undersigned hereby appoints Anthony S. Marucci and Avery W. Catlin, and each of
them as proxies, each with full power of substitution and authorizes them to
represent and to vote as designated on the reverse side of this form, all the
shares of Common Stock of AVANT Immunotherapeutics, Inc. held of record by the
undersigned on August 15, 2008, at the Annual Meeting Shareholders to be held on
September 25, 2008, at 9:00 a.m. local time at 1251 Avenue of the Americas, 18th
Floor, New York, NY 10020, or any adjournment or postponement of such meeting.
</FONT></P>
<P align=justify><B><FONT face=serif size=2>THIS PROXY WHEN PROPERLY EXECUTED,
WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF
NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS LISTED HEREIN.
</FONT></B></P>
<P align=center><FONT face=serif size=2>(Continued and to be signed on the
reverse side) </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>ANNUAL MEETING OF SHAREHOLDERS
OF</FONT></B></P>
<P align=center><B><FONT face=serif size=4>AVANT IMMUNOTHERAPEUTICS,
INC.</FONT></B></P>
<P align=center><B><FONT face=serif size=2>September 25, 2008</FONT></B></P>
<P align=center><B><FONT face=serif size=2>Please date, sign and mail
your<BR>proxy card in the envelope provided as soon as possible!</FONT></B></P>
<P align=center><FONT face=serif size=2><B>&#8595;</B>Please detach along perforated
line and mail in the envelope provided<B>&#8595;</B></FONT><FONT face=sans-serif></FONT></P>
<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <CENTER><B><FONT face=serif size=2>THE BOARD OF DIRECTORS UNANIMOUSLY
      RECOMMENDS<BR>A VOTE FOR ALL OF THE PROPOSALS.</FONT></B></CENTER><B><FONT face=serif size=2>Please Mark Your Vote In Blue Or Black As Shown
      Here&nbsp; <FONT face=wingdings size=2>x</FONT></FONT></B></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><FONT size=2>1.</FONT></TD>
    <TD vAlign=top width="93%" colSpan=2>
      <P align=justify><FONT face=serif size=2>ELECTION OF
    DIRECTORS</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">
      <P align=center><FONT face=serif size=2>For All</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">
      <P align=center><FONT face=serif size=2>Withhold<BR>All</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">
      <P align=center><FONT face=serif size=2>For All<BR>Except</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="92%"></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">o</TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">o</TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">o</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="2%" colSpan=2>
      <P align=justify><FONT face=serif size=2>Nominees: &nbsp;</FONT></P></TD>
    <TD vAlign=top width="92%">
      <P align=justify><FONT face=serif size=2>01) Charles R. Schaller,<BR>02)
      Herbert J. Conrad,<BR>03) Larry Ellberger,<BR>04) George O. Elston,<BR>05)
      Karen Shoos Lipton,<BR>06) Dr. Rajesh B. Parekh, and<BR>07) Harry H.
      Penner, Jr.</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="92%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT size=2>2.</FONT></TD>
    <TD vAlign=top width="99%" colSpan=8>
      <P align=justify><FONT face=serif size=2>TO</FONT><B><FONT face=serif size=2></FONT></B> <FONT face=serif size=2>RATIFY THE APPOINTMENT OF
      PRICEWATERHOUSECOOPERS LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING
      FIRM FOR THE YEAR ENDING DECEMBER 31, 2008;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="94%" colSpan=3>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="94%" colSpan=3>
      <P align=justify><FONT face=serif size=2><FONT face=wingdings size=2>o</FONT>FOR&nbsp;&nbsp; <FONT face=wingdings size=2>o</FONT>AGAINST</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="92%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT size=2>3.</FONT></TD>
    <TD vAlign=top width="99%" colSpan=8>
      <P align=justify><FONT face=serif size=2>APPROVE AN AMENDMENT TO OUR
      CERTIFICATE OF INCORPORATION TO CHANGE OUR NAME TO CELLDEX THERAPEUTICS,
      INC.; AND</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="92%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="94%" colSpan=3>
      <P align=justify><FONT face=serif size=2><FONT face=wingdings size=2>o</FONT>FOR&nbsp;&nbsp; <FONT face=wingdings size=2>o</FONT>AGAINST</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="92%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><FONT size=2>4.</FONT></TD>
    <TD vAlign=top width="99%" colSpan=8>
      <P align=justify><FONT face=serif size=2>IN THEIR DISCRETION, UPON SUCH
      OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUALMEETING OR ANY
      ADJOURNMENT OR POSTPONEMENT</FONT></P></TD></TR></TABLE>
<P align=justify><B><FONT face=serif size=2>PLEASE MARK, SIGN AND DATE THIS
PROXY CARD AND PROMPTLY RETURN IT IN THE ENVELOPEPROVIDED. NO POSTAGE NECESSARY
IF MAILED WITHIN THE UNITED STATES.</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="30%" colSpan=2>&nbsp;</TD>
    <TD align=left width="39%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="28%">&nbsp;</TD>
    <TD noWrap align=right width="2%"><FONT size=1>&nbsp; Dated:</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="28%">&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT size=1>, 2008</FONT> </TD>
    <TD align=left width="39%">&nbsp; </TD>
    <TD align=left width="30%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="30%" colSpan=2><FONT face=serif size=1>(SIGNATURE)</FONT> </TD>
    <TD align=center width="39%"><FONT face=serif size=1>(SIGNATURE, IF HELD
      JOINTLY)</FONT> </TD>
    <TD align=left width="30%" colSpan=2>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%"><STRONG><FONT size=1>NOTE:</FONT></STRONG></TD>
    <TD vAlign=top width="2%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="96%">
      <P align=justify><FONT face=serif size=1>Please sign exactly as your name
      appears hereon and mail it promptly even though you may plan to attend the
      meeting. When shares are held by joint tenants, both should sign. When
      signing as attorney, executor, administrator, trustee or guardian, please
      give full title as such. If a corporation, please sign in full corporate
      name by president or other authorized officer. If a partnership, please
      sign in the partnership name by authorized person.
  </FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT face=serif size=2>Annexure A </FONT></P>
<P align=center><B><FONT face=serif size=3>CERTIFICATE OF AMENDMENT
OF<BR>CERTIFICATE OF INCORPORATION</FONT></B><BR><B><FONT face=serif size=3>OF
AVANT IMMUNOTHERAPEUTICS, INC. </FONT></B></P>
<P align=justify><FONT face=serif size=2>The corporation organized and existing
under and by virtue of the General Corporation Law of the State of Delaware does
hereby certify:</FONT></P>
<P align=justify><B><FONT face=serif size=2>FIRST</FONT></B><FONT face=serif size=2>: That at a meeting of the Board of Directors of AVANT
Immunotherapeutics, Inc. </FONT><FONT face=serif size=2>resolutions were duly
adopted setting forth a proposed amendment of the Certificate of Incorporation
of said corporation, declaring said amendment to be advisable and calling a
meeting of the stockholders of said corporation for consideration thereof. The
resolution setting forth the proposed amendment is as follows: </FONT></P>
<P align=justify><B><FONT face=serif size=2>RESOLVED</FONT></B><FONT face=serif size=2>, that the Certificate of Incorporation of this corporation be amended by
changing Article One of the Certificate of Incorporation so that, as amended,
said Article shall be and read as follows:</FONT></P>
<P align=justify><FONT face=serif size=2>"1. </FONT><FONT face=serif size=2>The
name of the Corporation is Celldex Therapeutics, Inc." </FONT></P>
<P align=justify><B><FONT face=serif size=2>SECOND</FONT></B><FONT face=serif size=2>: That thereafter, pursuant to resolution of its Board of Directors, said
amendment was submitted for stockholder approval at an annual meeting of the
stockholders of said corporation and held upon notice in accordance with Section
222 of the General Corporation Law of the State of Delaware at which meeting the
necessary number of shares as required by statute were voted in favor of the
amendment.</FONT></P>
<P align=justify><B><FONT face=serif size=2>THIRD</FONT></B><FONT face=serif size=2>: That said amendment was duly adopted in accordance with the provisions
of Section 242 of the General Corporation Law of the State of
Delaware.</FONT></P>
<P align=justify><B><FONT face=serif size=2>IN WITNESS WHEREOF</FONT></B><FONT face=serif size=2>, said corporation has caused this certificate to be signed
this _______ day of __________, 2008.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><FONT size=2>By:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=serif size=2>Authorized
  Officer</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><FONT size=2>Title:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="99%">&nbsp;</TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><FONT size=2>Name:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=serif size=2>(Print or
  Type)</FONT></P></TD></TR></TABLE><BR>
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