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<SEC-DOCUMENT>0001157523-08-001769.txt : 20080227
<SEC-HEADER>0001157523-08-001769.hdr.sgml : 20080227
<ACCEPTANCE-DATETIME>20080227080013
ACCESSION NUMBER:		0001157523-08-001769
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080227
DATE AS OF CHANGE:		20080227

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15006
		FILM NUMBER:		08644688

	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>8-K
<SEQUENCE>1
<FILENAME>a5620560.htm
<DESCRIPTION>AVANT IMMUNOTHERAPEUTICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      D.C. 20549</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15 (d)</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font></b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report (Date of earliest event reported): </font><font style="font-family: Times New Roman; font-size: 10pt"><b>February
      27, 2008</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>AVANT
      Immunotherapeutics, Inc.</b></font><br><i><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font></i><br>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 34%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Commission file number <b>0-15006</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 33%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-3191702</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(State or other jurisdiction</i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>of incorporation or organization)</i>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(IRS Employer</i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>119 Fourth Avenue<br>Needham, Massachusetts 02494</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 25%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices, including zip code)</font></i>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 25%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    <p style="text-align: center">
      <b>(781) 433-0771</b><br><i><font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code</font></i>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name, if changed since last report) </font></i>
    </p>
    <hr style="color: #000000; text-align: center; width: 25%; height: 1.0 pt">


    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </font>
    </p>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>
      On February 27, 2008, AVANT Immunotherapeutics, Inc. issued a press
      release announcing its financial results for the fourth quarter and
      fiscal year 2007. The full text of the press release is furnished as
      Exhibit 99.1 hereto and is incorporated by reference herein.
    </p>
    <p>
      The information in this Item 2.02 of this Current Report on Form 8-K and
      Exhibit 99.1 attached hereto shall not be deemed &quot;filed&quot; for purposes of
      Section 18 of the Securities Exchange Act of 1934, as amended (the
      &quot;Exchange Act&quot;), or otherwise subject to the liabilities of that
      Section, nor shall such information be deemed incorporated by reference
      in any filing under the Securities Act of 1933, as amended (the
      &quot;Securities Act&quot;), or the Exchange Act, except as shall be expressly set
      forth by specific reference in such a filing.
    </p>
    <p style="white-space: nowrap">
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>(d)</u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibits</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; width: 10%; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 90%">
          Press Release of AVANT Immunotherapeutics, Inc., dated February 27,
          2008.
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p style="text-align: center">
      [Remainder of page left blank intentionally]
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">
          &#160;
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            AVANT Immunotherapeutics, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          Date:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 54%; padding-bottom: 2.0px">
          February 27, 2008
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Avery W. Catlin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Avery W. Catlin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President and<br>Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Exhibit Index</font>
    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; width: 12%; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of AVANT Immunotherapeutics, Inc., dated February
            27, 2008.
          </p>
        </td>
      </tr>
    </table>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5620560ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>AVANT
      Reports Fourth Quarter and Fiscal 2007 Financial Results</b></font>
    </p>
    <p>
      NEEDHAM, Mass.--(BUSINESS WIRE)--AVANT Immunotherapeutics, Inc. (Nasdaq:
      AVAN) today reported financial results for the fourth quarter and year
      ended December 31, 2007. AVANT reported a net loss of $5.3 million, or
      $0.07 per share, for the fourth quarter of 2007 compared to a net loss
      of $6.2 million, or $0.08 per share, for the fourth quarter of 2006. For
      the twelve months ended December 31, 2007, the net loss was $21.6
      million, or $0.29 per share, compared with a net loss of $20.4 million,
      or $0.27 per share, for the twelve months of 2006. As discussed in more
      detail later in this release, the increase in net loss between the
      twelve-month periods was due to increased operating expenses and
      decreased investment and other income, offset partially by increased
      revenues. At December 31, 2007, AVANT reported cash and cash equivalents
      of $15.7 million.
    </p>
    <p>
      On October 22, 2007, AVANT and Celldex Therapeutics, Inc., a privately
      held company, announced the signing of a definitive merger agreement.
      The merger will create a NASDAQ-listed, fully integrated and diversified
      biopharmaceutical company with a deep pipeline of product candidates
      addressing high-value indications including oncology and infectious and
      inflammatory diseases. The all-stock transaction, approved by both
      companies&#8217; Boards of Directors, will combine the two companies under the
      name AVANT. Closing of the merger is contingent upon a vote of approval
      by AVANT&#8217;s current shareholders at a special meeting of shareholders
      scheduled for March 6, 2008.
    </p>
    <p>
      &#8220;AVANT&#8217;s 2007 financial results are in line with our expectations and we
      are in position to execute on the business plan of the proposed combined
      company of AVANT and Celldex,&#8221; said Una S. Ryan, Ph.D., AVANT&#8217;s
      President and Chief Executive Officer. &#8220;We expect the merger with
      Celldex to close in March 2008. The result will be a promising
      biopharmaceutical company with a robust portfolio of immunotherapy-based
      product candidates in development for serious indications in significant
      markets.&#8221;
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Other key events of 2007 included:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Reported results from a placebo-controlled, double-blind Phase 1/2
        clinical trial of AVANT&#8217;s single-dose, oral typhoid fever vaccine
        candidate, Ty800, under the sponsorship of the National Institutes of
        Health (NIH), showed the vaccine to be well tolerated and immunogenic,
        with over 90% of vaccinated subjects generating immune responses.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed enrollment in an AVANT-sponsored randomized,
        placebo-controlled, double-blind Phase 2 study of Ty800. The
        out-patient, dose-ranging trial is evaluating two dose levels of the
        vaccine and results are expected in the first half of 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Filing of a Biologics License Application (BLA) for Rotarix<sup>&#174;</sup>
        by AVANT&#8217;s partner, GlaxoSmithKline (GSK), was accepted for review by
        the U.S. Food and Drug Administration (FDA). AVANT&#8217;s agreement with an
        affiliate of Paul Royalty Fund (PRF) includes a $10 million milestone
        payment upon a Rotarix<sup>&#174;</sup> product launch in 2008 in the
        United States. On February 20, 2008, the FDA&#8217;s vaccines advisory
        committee recommended Rotarix<sup>&#174;</sup> for approval as safe
        and effective for stopping the leading cause of diarrhea in infants.
        While the FDA is not obligated to follow the advice of its advisory
        committee, it usually does. The FDA is expected to issue a decision on
        the approval of Rotarix<sup>&#174;</sup> by April 3.
      </li>
      <li style="margin-bottom: 10.0px">
        Sponsorship by the National Institute of Allergy and Infectious
        Diseases (NIAID) of a Phase 1 study of AVANT&#8217;s investigational
        single-dose, oral vaccine designed to offer combined protection
        against both enterotoxigenic <i>Escherichia coli</i> (ETEC) and
        cholera. The trial is expected to start in the first half of 2008.
      </li>
      <li style="margin-bottom: 10.0px">
        Presented preclinical data demonstrating positive immunogenicity and
        lack of immune interference for an experimental single-dose, oral
        vaccine combining protection from three of the most important causes
        of severe enteric diseases: typhoid fever, ETEC and cholera.
      </li>
    </ul>
    <p>
      <b>Further Financial Highlights</b>
    </p>
    <p>
      The net loss for the fourth quarter of 2007 showed a decrease of
      $958,320 compared to the net loss for the same period in 2006. The
      decrease in net loss reflected an increase in revenues primarily due to
      increased product royalties from net sales on Rotarix&#174;, offset by
      reduced levels of vaccine development work billable to DVC LLC (DVC)
      during the fourth quarter of 2007. In the fourth quarter of 2007, AVANT
      recognized $1,627,932 in Rotarix-related product royalty revenue,
      consisting of $890,324 related to PRF&#8217;s purchased interest in Rotarix
      net royalties and $737,608 related to royalty expense payable to
      Cincinnati Children&#8217;s Hospital Medical Center (CCH). Research and
      development (R&amp;D) expenses in the fourth quarter of 2007 decreased
      $725,484 compared to R&amp;D expenses in 2006. This decrease included
      $737,608 of royalty expense payable to CCH. General and Administrative
      (G&amp;A) expenses increased $466,156 due primarily to an increase in
      professional services expenses incurred in connection with the proposed
      merger with Celldex. AVANT had lower investment income in 2007,
      primarily reflecting lower cash balances between periods.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The twelve-month results for 2007 reflect an increase in net loss of
      $1.3 million compared to the same period in 2006. This increase in net
      loss primarily reflected an increase in operating expense and a decrease
      in investment income, partially offset by an increase in revenue.
      Revenues for 2007 were $5.1 million compared with revenues of $4.9
      million for 2006. The decrease in product development and licensing
      revenue in 2007 reflects a one-time milestone payment of $2.6 million
      recorded in the first quarter of 2006. In 2007, AVANT recognized $4.5
      million in product royalty revenue consisting primarily of $2.3 million
      related to PRF&#8217;s purchased interest in Rotarix net royalties and $2
      million related to royalty expense payable to CCH. In 2006, AVANT
      recognized $550,800 in product royalty revenue related to PRF&#8217;s
      purchased interests in Rotarix net royalties. The decrease in government
      contracts and grants revenue in 2007 compared to 2006 primarily reflects
      reduced levels of biodefense vaccine development work billable to DVC in
      2007.
    </p>
    <p>
      Increased operating expenses in fiscal 2007 primarily resulted from an
      increase in research and development expense of approximately $429,396.
      This was due primarily to restructuring charges of $765,204 recorded
      during the second quarter of 2007 and an increase in royalty expense.
      R&amp;D expenses included $2,036,240 and $600,000 of royalty expense payable
      to CCH during the twelve-month periods ended December 31, 2007 and 2006,
      respectively. The increase in operating expenses was also due to higher
      G&amp;A expenses, which are primarily due to higher professional services
      expenses incurred in connection with the proposed Celldex merger. AVANT
      had higher investment income in 2006 primarily reflecting higher cash
      balances between years.
    </p>
    <p>
      <i><u>Clinical Development Program Update</u></i>
    </p>
    <p>
      Preliminary results in the NIAID sponsored investigational double-blind,
      placebo-controlled Phase 1/2 in-patient dose-escalation clinical trial
      showed AVANT&#8217;s single-dose, oral Ty800 typhoid fever vaccine to be well
      tolerated and immunogenic, with over 90% of vaccinated subjects
      generating immune responses. Based on these excellent results, AVANT
      initiated a company-sponsored double-blind, placebo-controlled Phase 2
      trial of Ty800 in approximately 180 healthy adult volunteers in July
      2007. The Phase 2 study is an out-patient, dose-ranging clinical trial
      that will evaluate two dose levels of the Ty800 vaccine and will follow
      each subject for six months post-vaccination. Enrollment in the Phase 2
      study was completed in late September 2007. AVANT expects to report
      results in the first half of 2008.
    </p>
    <p>
      In 2005, AVANT and its partner, the International Vaccine Institute
      (IVI), announced the successful completion of a Phase 2 trial of
      CholeraGarde&#174;, AVANT&#8217;s cholera vaccine, in Bangladesh where cholera is
      endemic. With support from the Gates Foundation, IVI is now planning to
      initiate further Phase 2 and Phase 3 studies of CholeraGarde beginning
      in the first half of 2008.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      In early 2008, AVANT expects the NIAID to initiate a Phase 1 trial of
      its ETEC <i>E. coli </i>&#8211; cholera combination vaccine candidate. AVANT&#8217;s
      long-term goal is to develop a combination vaccine containing
      CholeraGarde, Ty800, <i>S. paratyphi A</i> and ETEC as a &#8220;super enteric
      vaccine&#8221; to address the travelers&#8217; market.
    </p>
    <p>
      <i><u>Webcast and Conference Call</u></i>
    </p>
    <p>
      AVANT will host a conference call and live audio webcast at 11:00 AM ET
      on Wednesday, February 27, 2008 to discuss AVANT&#8217;s fourth quarter and
      fiscal 2007 financial results. To access the conference call, dial
      888-713-4216 (within the U.S.), or 617-213-4868 (if calling from outside
      the U.S.). The passcode for participants is 90507438. An audio replay
      will be available approximately two hours after the call for
      approximately one week and can be accessed by dialing 888-286-8010
      (within the U.S.), or 617-801-6888 (if calling from outside the U.S.).
      The passcode I.D. number is 96094569. The replay will also be broadcast
      via the Company&#8217;s website, www.avantimmune.com, after the live call.
      Additionally, a copy of this press release is available by contacting
      Investor Relations at (781) 433-0771.
    </p>
    <p>
      <b>About AVANT Immunotherapeutics, Inc.</b>
    </p>
    <p>
      AVANT Immunotherapeutics, Inc. is a Massachusetts-based NASDAQ-listed
      company discovering and developing innovative vaccines and therapeutics
      that harness the human immune system to prevent and treat disease.
      AVANT&#8217;s innovative bacterial vector delivery technologies with unique
      manufacturing and preservation processes offer the potential for a new
      generation of vaccines. AVANT has three commercialized products,
      including Rotarix<sup>&#174;</sup> for the treatment of rotavirus and
      two human food safety vaccines for reducing salmonella infection in
      chickens and eggs. AVANT also has four product candidates in its
      development pipeline, an anti-inflammatory agent, TP10, and three
      candidates based on its oral, rapidly-protecting, single-dose and
      temperature-stable vaccine technology, including combination vaccines
      for travelers, the military and global health needs.
    </p>
    <p>
      Additional information on AVANT Immunotherapeutics, Inc. can be obtained
      through our site on the World Wide Web: http://www.avantimmune.com.
    </p>
    <p>
      <b>Additional Information about the Merger and Where to Find It</b>
    </p>
    <p>
      This communication may be deemed to be solicitation material in respect
      of the proposed merger of AVANT and Celldex. In connection with the
      proposed merger, AVANT and Celldex have filed relevant materials with
      the Securities and Exchange Commission (SEC), including AVANT&#8217;s joint
      registration statement/proxy statement on Form S-4. SHAREHOLDERS OF
      AVANT ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC,
      INCLUDING AVANT&#8217;S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT
      INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security
      holders can obtain the documents free of charge at the SEC's web site,
      http://www.sec.gov.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Participants in the Solicitation</b>
    </p>
    <p>
      The directors and executive officers of AVANT and Celldex may be deemed
      to be participants in the solicitation of proxies from the holders of
      AVANT common stock in respect of the proposed transaction. Information
      about the directors and executive officers of AVANT is set forth in the
      proxy statement for AVANT&#8217;s most recent annual meeting of stockholders
      that is incorporated by reference into the Annual Report on Form 10-K,
      which was filed with the SEC on March 16, 2007. Investors may obtain
      additional information regarding the interest of AVANT and its directors
      and executive officers, and Celldex and its directors and executive
      officers in the proposed transaction by reading the proxy statement
      filed with the SEC.
    </p>
    <p>
      <i><b>Safe Harbor Statement Under the Private Securities Litigation
      Reform Act of 1995: </b>The statements made in this press release which
      are not statements of historical fact are forward-looking statements
      within the meaning of Section 27A of the Securities Act of 1933 and
      Section 21E of the Securities Exchange Act of 1934, including, without
      limitation, statements that may be identified by words such as
      &quot;expectations,&quot; &quot;remains,&quot; &quot;focus,&quot; &quot;expected,&quot; &quot;prospective,&quot;
      &quot;expanding,&quot; &quot;building,&quot; &quot;continue,&quot; &quot;progress,&quot; &#8220;plan,&#8221; &quot;efforts,&quot;
      &quot;hope,&quot; &quot;believe,&quot; &quot;objectives,&quot; &quot;opportunities,&quot; &quot;will,&quot; &quot;seek,&quot; and
      other expressions which are predictions of or indicate future events and
      trends and which do not constitute historical matters identify
      forward-looking statements.</i> <i>These statements also include
      statements regarding: (i) AVANT&#8217;s expectations regarding its
      restructuring and quarterly cash burn rate, (ii) AVANT&#8217;s expectations
      regarding the proposed merger with Celldex (iii) AVANT&#8217;s expectations of
      royalty payments from PRF related to Rotarix, (iv) AVANT&#8217;s expectations
      regarding its own sponsored double-blind, placebo-controlled Phase 2
      dose-ranging trial of Ty800 </i>and<i> the NIH-sponsored Phase 1 trial
      of its ETEC Cholera vaccine candidate, and (v) statements made regarding
      AVANT&#8217;s goals for its programs and products. This release includes
      forward-looking statements that are subject to a variety of risks and
      uncertainties and reflect AVANT&#8217;s current views with respect to future
      events and financial performance.</i> <i>There are a number of important
      factors that could cause the actual future experience and results to
      differ materially from those expressed in any forward-looking statement
      made by AVANT.</i>
    </p>
    <p>
      <i>Factors related to the proposed merger with Celldex include, but are
      not limited to: (i) costs related to the merger; (ii) failure of AVANT&#8217;s
      shareholders to approve the merger; (iii) AVANT&#8217;s or Celldex&#8217;s inability
      to satisfy the conditions of the merger; (iv) AVANT&#8217;s inability to
      maintain its NASDAQ listing; (v) the risk that AVANT&#8217;s and Celldex&#8217;s
      businesses will not be integrated successfully; (vi) the combined
      company&#8217;s inability to further identify, develop and achieve commercial
      success for new products and technologies; (vii) the possibility of
      merger-related delays in the research and development necessary to
      select drug development candidates and delays in clinical trials; (viii)
      the risk that clinical trials by the combined company may not result in
      marketable products; (ix) the risk that the combined company may be
      unable to successfully secure regulatory approval of and market its drug
      candidates; (x) the risks associated with reliance on outside financing
      to meet capital requirements; (xi) risks associated with Celldex&#8217;s new
      and uncertain technology and the development of competing technologies;
      and (xii) risks related to the combined company&#8217;s ability to protect its
      proprietary technologies and patent-infringement claim.</i>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>AVANT Reports Fourth Quarter and Fiscal 2007 Financial Results</b>
    </p>
    <p>
      <i>Factors not related to the proposed merger with Celldex include, but
      are not limited to: (1) the ability to adapt AVANT&#8217;s vectoring systems
      to develop new, safe and effective orally administered vaccines against
      other disease causing agents; (2) the ability to successfully complete
      product research and further development, including animal, pre-clinical
      and clinical studies, and commercialization of CholeraGarde&#174; (Peru-15),
      Ty800, ETEC Cholera vaccine, and other products and AVANT&#8217;s expectations
      regarding market growth; (3) the cost, timing, scope and results of
      ongoing safety and efficacy trials of CholeraGarde&#174; (Peru-15), Ty800,
      ETEC Cholera vaccine and other preclinical and clinical testing; (4) the
      ability to negotiate strategic partnerships or other disposition
      transactions for AVANT&#8217;s cardiovascular programs, including TP10 and
      CETi; (5) the ability of AVANT to manage multiple clinical trials for a
      variety of product candidates; (6) AVANT&#8217;s expectations regarding its
      technological capabilities and expanding its focus to broader markets
      for vaccines; (7) AVANT&#8217;s ability to develop products through its
      collaborations; (8) changes in existing and potential relationships with
      corporate collaborators; (9) the availability, cost, delivery and
      quality of clinical and commercial grade materials produced at AVANT&#8217;s
      own manufacturing facility or supplied by contract manufacturers and
      partners; (10) the timing, cost and uncertainty of obtaining regulatory
      approvals; (11) the ability to develop and commercialize products before
      competitors that are superior to the alternatives developed by
      competitors; (12) the ability to retain certain members of
      management;(13) AVANT&#8217;s expectations regarding research and development
      expenses and general and administrative expenses; (14) AVANT&#8217;s
      expectations regarding cash balances, capital requirements, anticipated
      royalty payments (including those from PRF), revenues and expenses,
      including infrastructure expenses; (15) AVANT&#8217;s belief regarding the
      validity of its patents and potential litigation; and (16) certain other
      factors that might cause AVANT&#8217;s actual results to differ materially
      from those in the forward-looking statements including those set forth
      under the headings &#8220;Business,&#8221; &#8220;Risk Factors&#8221; and Management&#8217;s
      Discussion and Analysis of Financial Condition and Results of
      Operations&#8221; in each of AVANT&#8217;s Annual Report on Form 10-K, and its
      Quarterly Reports on Form 10-Q, as well as those described in AVANT&#8217;s
      other press releases and filings with the Securities and Exchange
      Commission, from time to time.</i> <i>You should carefully review all of
      these factors, and you should be aware that there may be other factors
      that could cause these differences.</i> <i>These forward-looking
      statements were based on information, plans and estimates at the date of
      this press release, and we do not promise to update any forward-looking
      statements to reflect changes in underlying assumptions or factors, new
      information, future events or other changes.</i>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="18" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>AVANT IMMUNOTHERAPEUTICS, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="17" valign="top" style="text-align: left; padding-left: 0.0px">
          <b>CONSOLIDATED STATEMENTS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          <b>OF OPERATIONS DATA</b>
        </td>
        <td colspan="7" valign="top" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>Quarter Ended December 31,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" valign="top" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>Year Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>2006</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>2006</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          <b>REVENUE</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Product Development and
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Licensing Agreements
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          6,427
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          182,371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          125,039
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2,855,266
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Government Contracts and Grants
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          49,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          167,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          491,345
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,408,434
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Product Royalties
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          1,663,437
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          30,476
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          4,486,546
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          667,397
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Total Revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          1,719,802
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          380,132
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          5,102,930
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          4,931,097
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          <b>OPERATING EXPENSE</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Research and Development
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,111,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,837,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          18,495,788
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          18,066,392
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          General and Administrative
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2,778,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2,312,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          8,501,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          8,236,854
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Amortization of Acquired Intangible Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          240,068
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          248,776
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          960,212
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          995,110
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Total Operating Expense
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          7,130,555
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          7,398,591
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          27,957,891
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          27,298,356
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Operating Loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (5,410,753
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (7,018,459
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (22,854,961
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (22,367,259
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Investment and Other Income, Net
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          156,998
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          554,384
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          1,096,200
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2,113,327
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 5.0px">
          Loss before Provision for Income Taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (5,253,755
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (6,464,075
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (21,758,761
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (20,253,932
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          Provision for Income Taxes
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (252,000
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (120,000
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          120,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px; border-bottom: solid black 1.0pt">
          Net Loss
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (5,253,755
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (6,212,075
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (21,638,761
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (20,373,932
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Basic and Diluted Net Loss per
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 30.0px; border-bottom: solid black 1.0pt">
          Common Share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (0.07
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (0.08
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (0.29
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (0.27
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Weighted Average Common
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 30.0px; border-bottom: solid black 1.0pt">
          Shares Outstanding
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          75,188,066
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          74,334,722
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          75,186,046
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          74,216,450
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 5.0px">
          <b>CONDENSED CONSOLIDATED</b>
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; border-bottom: solid black 1.0pt">
          <b>BALANCE SHEETS</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>December 31,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>2006</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Cash and Cash Equivalents
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          15,657,980
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          40,911,539
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Other Current Assets
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          754,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,491,955
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Property and Equipment, net
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          16,440,677
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          13,967,800
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Intangible and Other Assets, net
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          4,795,025
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          5,108,248
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 4.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          37,648,415
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          61,479,542
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 5.0px">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</b>
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Current Liabilities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          9,833,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          10,084,313
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px">
          Long-Term Liabilities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          46,858,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          49,234,249
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Stockholders' Equity
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (19,043,611
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2,160,980
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 4.0px">
          Total Liabilities and Stockholders' Equity
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          37,648,415
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          61,479,542
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    <p>

    </p>
    <p>
      CONTACT:<br>AVANT Immunotherapeutics, Inc.<br>Una S. Ryan, Ph.D.,
      781-433-0771<br>President and CEO<br>or<br>Avery W. Catlin, 781-433-0771<br>Chief
      Financial Officer<br><u>info@avantimmune.com</u><br>or<br><u>For Media:</u><br>Kureczka/Martin
      Associates<br>Joan Kureczka, 415-821-2413<br><u>jkureczka@comcast.net</u>
    </p>
    <p>

    </p>
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</SEC-DOCUMENT>
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