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<SEC-DOCUMENT>0001157523-08-006445.txt : 20080806
<SEC-HEADER>0001157523-08-006445.hdr.sgml : 20080806
<ACCEPTANCE-DATETIME>20080806105150
ACCESSION NUMBER:		0001157523-08-006445
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080806
DATE AS OF CHANGE:		20080806

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:		08993719

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


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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d)</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>OF
      THE SECURITIES EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): </font><font style="font-size: 10pt; font-family: Times New Roman"><b>August
      6, 2008</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>AVANT
      Immunotherapeutics, Inc.</b></font><br><i><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></i><br>
    </p>
    <hr style="color: #000000; width: 25%; text-align: center; height: 1.0 pt">


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

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Commission file number <b>0-15006</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-3191702</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <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 style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(I.R.S. Employer</i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>119 Fourth Avenue<br>Needham, Massachusetts 02494</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal executive offices, including zip code)</font></i>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(781) 433-0771</b><br>(<i><font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code)</font></i><br><br><br><i><font style="font-size: 10pt; font-family: Times New Roman">(Former
      name, if changed since last report) </font></i><br><br>
    </p>
    <hr style="color: #000000; width: 25%; text-align: center; height: 1.0 pt">


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

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

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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; width: 100%; text-align: center; height: 1.0 pt">
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Item
      2.02&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</font><br>
    </p>
    <p>
      On August 6, 2008, AVANT Immunotherapeutics, Inc. issued a press release
      announcing its financial results for the second quarter of 2008.&#160;&#160;The
      full text of the press release is furnished as Exhibit 99.1 hereto and
      is incorporated by reference herein.
    </p>
    <p>

    </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 &#8220;filed&#8221; for purposes of
      Section 18 of the Securities Exchange Act of 1934, as amended (the
      &#8220;Exchange Act&#8221;), 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
      &#8220;Securities Act&#8221;), or the Exchange Act, except as shall be expressly set
      forth by specific reference in such a filing.
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font><br>
    </p>
    <p>
      (d) Exhibits
    </p>
    <p>

    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of AVANT Immunotherapeutics, Inc., dated
      August 6, 2008.<br><br><br><br><br><br>
    </p>
    <p style="text-align: center">
      [Remainder of page left blank intentionally]
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
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        </div>
      </div>
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        <div style="text-align: center">

        </div>
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          <hr style="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            AVANT Immunotherapeutics, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 44%; text-align: left" valign="top">
          August 6, 2008
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; width: 4%; text-align: left" valign="top">
          By:
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 4%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 42%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Avery W. Catlin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

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

        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 42%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Avery W. Catlin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

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

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

        </td>
        <td style="padding-left: 0.0px; width: 42%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

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

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

        </td>
        <td style="padding-left: 0.0px; width: 42%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Exhibit Index</font>
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; width: 12%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 12%; text-align: left" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of AVANT Immunotherapeutics, Inc., dated August 6,
            2008.
          </p>
        </td>
      </tr>
    </table>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5749378ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>AVANT
      Reports Second Quarter and Six Month Financial Results</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Conference
      Call Wednesday, August 6 at 9:00 a.m. Eastern Time </b></font>
    </p>
    <p style="text-align: left">
      NEEDHAM, Mass.--(BUSINESS WIRE)--AVANT Immunotherapeutics, Inc. (NASDAQ:
      AVAN) today reported financial results for the second quarter and
      six-month period ended June 30, 2008. AVANT reported a net loss of $10.3
      million, or $0.67 per share, for the second quarter of 2008 compared to
      a net loss of $2.8 million, or $0.33 per share, for the second quarter
      of 2007. For the six months ended June 30, 2008, AVANT reported a net
      loss of $32.4 million, or $2.56 per share, compared to a net loss of
      $6.8 million, or $0.82 per share, for the six months ended June 30,
      2007. The 2007 financial results reflect the activities of Celldex only.
      As discussed in further detail later in this release, the increase in
      net loss between the three-month periods was primarily due to increased
      operating expenses as a result of the merger of AVANT and Celldex,
      offset partially by increased revenues and investment and other income.
      The increase in net loss between the six-month periods was primarily due
      to non-cash charge of $17.2 million, or $1.35 per share, relating to
      purchased in-process research and development of $14.8 million and
      stock-based compensation expense of $2.4 million. At June 30, 2008,
      AVANT reported cash and cash equivalents of $52.4 million. This amount
      includes upfront payments totaling $50 million from AVANT&#8217;s license and
      development agreement with Pfizer for CDX-110, including a $10 million
      equity investment by Pfizer. AVANT anticipates receiving a $10 million
      milestone payment from Paul Royalty Fund upon GlaxoSmithKline&#8217;s U.S.
      launch of Rotarix&#174;, which we expect to receive in the second half of
      2008.
    </p>
    <p>
      &#8220;During the quarter, AVANT completed one of the largest partnership
      agreements in cancer immunotherapy when we entered into an agreement
      with Pfizer for our novel therapeutic vaccine candidate&#8212;CDX-110,&#8221; said
      Anthony S. Marucci, AVANT&#8217;s interim President and Chief Executive
      Officer. &#8220;We continued to add to the rich data package for CDX-110 with
      the presentation of positive Phase 2 survival data in patients with
      glioblastoma multiforme at ASCO. In addition, we augmented our vaccine
      platform, entering into a collaboration with 3M to access key toll-like
      receptor (TLR) agonists for clinical study with our proprietary Antigen
      Presenting Cell Targeting Technology&#8482;. We are now able to implement a
      comprehensive immunotherapy strategy which we believe will open new
      doors to treatments for cancer and infectious disease.&#8221;
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>
      Key 2008 events recently announced:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Entered into an exclusive worldwide licensing agreement with Pfizer
        for our therapeutic cancer vaccine candidate, CDX-110, which is in
        Phase 2/3 development for the treatment of glioblastoma multiforme
        (GBM). This agreement also gives Pfizer exclusive rights to the
        development of EGFRvIII vaccines in other potential indications. Under
        the licensing and development agreement, Pfizer made an upfront
        payment to AVANT of $40 million and made a $10 million equity
        investment in AVANT, and thereafter Pfizer will fund all development
        costs for these programs. AVANT is also eligible to receive milestone
        payments exceeding $390 million for the successful development and
        commercialization of CDX-110 and additional EGFRvIII vaccine products,
        as well as double-digit royalties on any product sales.
      </li>
      <li style="margin-bottom: 10.0px">
        Presented updated data from the Phase 2 ACTIVATE trial (n=21) and the
        continuation study, ACT II (n=23) of CDX-110 in patients with newly
        diagnosed EGFRvIII-positive glioblastoma multiforme (GBM) at ASCO.
        CDX-110 was generally well-tolerated with primary toxicity reported as
        local injection site reactions.
      </li>
      <li style="margin-bottom: 10.0px">
        In the ACTIVATE study, median survival time was 26 months (95% CI:
        21.6, infinity) and median time-to-progression (TTP) was 14.2 months.
        No significant adverse events were seen in this study. Median survival
        in a historical matched cohort was 15.2 months (17/17) (95% CI: 13.9,
        20.5) (p=0.0001) with median time to progression of 7.13 months
        (p=0.0001).<sup>1</sup>
      </li>
      <li style="margin-bottom: 10.0px">
        Preliminary results from the ACT II study currently estimate median
        overall survival to be 33.1 months, although the median has not yet
        been reached. The survival of a matched historical control group was
        14.3 months (95% CI: 13.0, 16.2) and a subgroup treated with
        temozolomide (TMZ) of 15.2 months (95% CI: 13.9, 20.5 p=0.0078).
        Overall TTP was 16.6 months (95% CI: 10.8, infinity) compared with 6.4
        months for the historical control group (95% CI: 5.0, 14.1).
      </li>
      <li style="margin-bottom: 10.0px">
        Announced multi-year clinical research collaborations with 3M to
        access their proprietary Immune Response Modifier Resiquimod&#8482; (and
        additional Toll-Like Receptor 7/8 agonists (TLR)) for clinical study
        with the Company&#8217;s proprietary Antigen Presenting Cell (APC) Targeting
        Technology&#8482;, for use as vaccine adjuvants.
      </li>
      <li style="margin-bottom: 10.0px">
        Announced that the Division of Microbiology and Infectious Diseases of
        the National Institute of Allergy and Infectious Diseases (NIAID), an
        institute of the National Institutes of Health (NIH), has initiated a
        Phase 1 safety 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. ETEC
        infection is a major cause of travelers&#8217; diarrhea.
      </li>
    </ul>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>
    <ul>
      <li style="margin-bottom: 10.0px">
        Reported results that the double-blind, placebo-controlled
        multi-center Phase 2 clinical trial of Ty800 met all primary
        endpoints. Importantly, immunogenic response was dose-dependent.
        Positive immune response or seroconversion (prospectively defined as a
        4-fold increase in anti-LPS titers over pre-dose level) rates were 65%
        (36/55) and 80% (44/55) in the low and high dose groups, respectively,
        and was significantly (p&lt;0.001) higher than placebo.
      </li>
      <li style="margin-bottom: 10.0px">
        Announced that GlaxoSmithKline (Glaxo) received approval from the U.S.
        Food and Drug Administration (FDA) for Glaxo&#8217;s Rotarix&#174; product for
        the prevention of rotavirus gastroenteritis in infants. AVANT licensed
        a rotavirus strain to Glaxo that was used in the development of
        Rotarix&#174;. FDA approval triggered a $1.5 million milestone payment from
        Glaxo, $750,000 of which AVANT retained.
      </li>
    </ul>
    <p>
      <b>Further Financial Highlights</b>
    </p>
    <p>
      The net loss for the second quarter of 2008 showed an increase of $7.5
      million compared to the net loss for the same period in 2007. The
      increase in net loss reflected an increase in operating expenses which
      includes the combined operations of AVANT and Celldex post-merger,
      offset in part by an increase in revenues. The increase in net loss also
      reflected an increase in investment and other income. Research and
      development (R&amp;D) expenses in the second quarter of 2008 increased $5.2
      million compared to R&amp;D expenses in 2007 due primarily to sublicense
      fees payable and increased clinical trials costs for CDX-110 and
      CD-1307. General and administrative (G&amp;A) expenses increased $3.6
      million due primarily to accrued severance costs and increased
      professional services expenses.
    </p>
    <p>
      The six-month results for 2008 reflect an increase in net loss compared
      to the same period in 2007. The increase in net loss reflected an
      increase in operating expenses due primarily to the combined operating
      expenses of the two companies from March 8 to June 30, 2008, including a
      non-cash charge of $14.8 million for purchased in-process R&amp;D and
      non-cash charges of $1.1 million and $1.3 million for stock-based
      compensation expense in R&amp;D expense and G&amp;A expense, respectively. The
      increase in operating expenses also resulted from higher general and
      administrative expenses, which is primarily due to increases in
      personnel-related expenses and professional services costs for the
      combined companies. The increase in net loss also reflected a decrease
      in investment and other income.
    </p>
    <p>
      Revenues for the first six months of 2008 increased compared with
      revenues for the first six months of 2007. The increase in product
      development and licensing revenue in 2008 primarily reflects recognition
      of $492,020 in Pfizer deferred revenue related to CDX-110 in the second
      quarter of 2008. The decrease in contracts and grants revenue in 2008
      compared to 2007 primarily reflects reduced levels of vaccine
      development work billable to Rockefeller University between periods. In
      the first six months of 2008, AVANT also recognized $837,122 in product
      royalty revenue related to royalty expense payable to CCH.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>
      <u><i>Important Information Related to AVANT&#8217;s Financial Results</i></u>
    </p>
    <p>
      On March&#160;7, 2008, AVANT completed the merger of a wholly-owned
      subsidiary of AVANT with Celldex Therapeutics, Inc. (Celldex). The
      merger has created a NASDAQ-listed, fully-integrated and diversified
      biopharmaceutical company with a deep pipeline of product candidates
      addressing indications in oncology, infectious and inflammatory
      diseases. In connection with the merger, AVANT&#8217;s board of directors
      approved a 1-for-12 reverse stock split of AVANT&#8217;s common stock, which
      became effective on March&#160;7, 2008. As of June 30, 2008, AVANT had
      approximately 15.8&#160;million shares outstanding.
    </p>
    <p>
      The merger was accounted for using the purchase method of accounting and
      was treated as an acquisition by Celldex of AVANT with Celldex being
      considered the accounting acquirer even though AVANT was the issuer of
      common stock and 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 Company. Accordingly, the financial
      statements of the Company prior to the merger reflect the financial
      position, results of operations and cash flows of Celldex only.
      Following the merger, the financial statements of the current three- and
      six-month periods reflect the financial position, results of operation
      and cash flows of Celldex for the three- and six-month periods ended
      June 30, 2008 combined with the results of operations of AVANT beginning
      March&#160;8, 2008. Accordingly, the attached financial information reflects
      the financial condition, results of operations and liquidity of the
      Company at June&#160;30, 2008 and historically of Celldex on a stand-alone
      basis for all periods prior to March&#160;8, 2008. The financial condition,
      results of operations and liquidity of the Company as of June&#160;30, 2008
      and 2007 may not be indicative of the Company&#8217;s future performance or
      reflect what the Company&#8217;s financial conditions, results of operations
      and liquidity would have been had the merger been consummated as of
      January&#160;1 of each respective year or had the Company operated as a
      separate, stand-alone entity during the periods presented.
    </p>
    <p>
      <u><i>Webcast and Conference Call</i></u>
    </p>
    <p>
      AVANT will host a conference call and live audio webcast at 9:00 AM ET
      on Wednesday, August 6, 2008 to discuss AVANT&#8217;s second quarter and six
      month 2008 financial results. To access the conference call, dial
      888-713-4199 (within the U.S.), or 617-213-4861 (if calling from outside
      the U.S.). The passcode for participants is 98796339. 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 22696598. The replay will also be broadcast
      via the Company&#8217;s website, <u>www.avantimmune.com</u>, after the
      live call. Additionally, a copy of this press release is available by
      contacting Investor Relations at 781-433-0771.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>About AVANT Immunotherapeutics, Inc.</b>
    </p>
    <p>
      AVANT Immunotherapeutics, Inc. is a NASDAQ-listed company discovering
      and developing innovative vaccines and targeted immunotherapeutics for
      the treatment of cancer, infectious and inflammatory diseases. AVANT
      focuses on the use of tumor-specific targets and human monoclonal
      antibodies (mAbs) to precisely deliver therapeutic agents through its
      novel &#8220;targeted immunization&#8221; approach. In addition, AVANT is also
      exploiting its access to proprietary human antibody technology for
      development of therapeutics monoclonal antibodies (mAbs). AVANT&#8217;s deep
      product pipeline consists of products in varying stages of development,
      with its lead candidate, CDX-110, partnered with Pfizer, Inc., currently
      undergoing evaluation in a Phase 2/3 clinical trial in newly diagnosed
      glioblastoma multiforme, one of the most aggressive forms of brain
      cancer. AVANT also has five product candidates in its development
      pipeline including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        CDX-1307, a product based on its proprietary APC Targeting Technology<sup>&#8482;</sup>,
        which is in two Phase 1 clinical trials for patients with advanced
        pancreatic, bladder, breast and colon cancer;
      </li>
      <li style="margin-bottom: 10.0px">
        TP10, a complement inhibitor, in development for transplantation and
        other indications; and
      </li>
      <li style="margin-bottom: 10.0px">
        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.
      </li>
    </ul>
    <p>
      AVANT licensed a rotavirus strain to GlaxoSmithKline that was used in
      the development of Rotarix<sup>&#174;</sup> for the prevention of
      rotavirus infection. In addition, AVANT has two human food safety
      vaccines for reducing salmonella infection in chickens and eggs which
      have been commercialized. Additional information on AVANT
      Immunotherapeutics, Inc. can be obtained through its site on the World
      Wide Web: <u>http://www.avantimmune.com</u>.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>
      <i><b>Safe Harbor Statement Under the Private Securities Litigation
      Reform Act of 1995: </b>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 results to differ materially from those expressed in
      any forward-looking statement made by AVANT.</i> <i>These factors
      include, but are not limited to: (1) the successful integration of the
      businesses, multiple technologies and programs of AVANT and Celldex; (2)
      the ability to adopt AVANT&#8217;s APC Targeting Technology<sup>TM</sup>
      to develop new, safe and effective vaccines against oncology and
      infectious disease indications; (3) the ability to adapt AVANT&#8217;s
      vectoring systems to develop new, safe and effective orally administered
      vaccines against disease causing agents; (4) the ability to successfully
      complete product research and further development, including animal,
      preclinical and clinical studies, and commercialization of CDX-110,
      CDX-1307, CholeraGarde&#174; (Peru-15), Ty800, ETEC E. coli vaccine, and
      other products and AVANT&#8217;s expectations regarding market growth; (5) the
      cost, timing, scope and results of ongoing safety and efficacy trials of
      CDX-110, CDX-1307, CholeraGarde&#174; (Peru-15), Ty800, ETEC E. coli vaccine
      and other preclinical and clinical testing; (6) the ability to negotiate
      strategic partnerships or other disposition transactions for AVANT&#8217;s
      cardiovascular programs, including TP10 and CETi; (7) the ability of
      AVANT to manage multiple clinical trials for a variety of product
      candidates; (8)&#160;the volume and profitability of product sales of Megan<sup>&#174;</sup>Vac
      1, Megan<sup>&#174;</sup>Egg and other future products;
      (9)&#160;GlaxoSmithKline&#8217;s, or Glaxo&#8217;s, process of obtaining regulatory
      approval for the sale of Rotarix<sup>&#174;</sup> in major commercial
      markets, as well as the timing and success of worldwide
      commercialization of Rotarix<sup>&#174;</sup> by Glaxo, which is not
      within our control; (10)&#160;Glaxo&#8217;s strategy and business plans to launch
      and supply Rotarix<sup>&#174;</sup> worldwide, including in the U.S. and
      other major markets, which is not within our control, and its payment of
      royalties to AVANT; (11) Pfizer&#8217;s and our strategy and business plans
      concerning the continued development and commercialization of CDX-110;
      (12) AVANT&#8217;s expectations regarding its technological capabilities and
      expanding its focus to broader markets for vaccines; (13) changes in
      existing and potential relationships with corporate collaborators; (14)
      the availability, cost, delivery and quality of clinical and commercial
      grade materials produced at AVANT&#8217;s own manufacturing facility or
      supplied by contract manufacturers and partners; (15) the timing, cost
      and uncertainty of obtaining regulatory approvals; (16) AVANT&#8217;s ability
      to develop and commercialize products before competitors that are
      superior to the alternatives developed by such competitors; (17) AVANT&#8217;s
      ability to retain certain members of management;(18) AVANT&#8217;s
      expectations regarding research and development expenses and general and
      administrative expenses; (19) AVANT&#8217;s expectations regarding cash
      balances, capital requirements, anticipated royalty payments (including
      those from Paul Royalty Fund), revenues and expenses, including
      infrastructure expenses; (20)&#160;the ability to obtain substantial
      additional funding; (21) AVANT&#8217;s belief regarding the validity of our
      patents and potential litigation; and (22) 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, its current Reports on Form 8-K, 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 AVANT does not promise
      to update any forward-looking statements to reflect changes in
      underlying assumptions or factors, new information, future events or
      other changes.</i>
    </p>
    <p>
      <sup>1</sup> Heimberger, A., et al. <i>Epidermal Growth Factor Receptor
      VIII</i> <i>Peptide Vaccination Is Efficacious Against Established
      Intracerebral Tumors</i>. Clin Cancer Res Vol. 9, pp4247-4254, September
      15, 2003.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt">
      <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>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="18" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>AVANT IMMUNOTHERAPEUTICS, INC.</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </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>

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

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Quarter</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Six Months</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          <b>OF OPERATIONS DATA</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="middle">
          <b>Ended June 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="middle">
          <b>Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <b>2007</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <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 colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Product Development and
        </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 style="padding-left: 5.0px; text-align: left" valign="top">
          Licensing Agreements
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          845,529
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          116,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          965,393
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          233,078
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Contracts and Grants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          278,960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          492,645
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          306,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          520,146
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Product Royalties
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          837,122
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          -
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          837,122
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="bottom">
          -
        </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="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Total Revenue
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,961,611
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          609,184
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          2,109,009
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          753,224
        </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="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <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 colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Research and Development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          7,611,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,369,824
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          12,117,294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          5,159,189
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          General and Administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          4,605,482
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,049,423
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          7,619,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,578,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Charge for Purchased In-Process
        </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 style="padding-left: 5.0px; text-align: left" valign="top">
          Research and Development
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          14,755,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Amortization of Acquired Intangible Assets
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          104,164
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          29,233
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          153,058
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          58,466
        </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="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          12,321,312
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          3,448,480
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          34,645,646
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          7,795,655
        </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="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Operating Loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (10,359,701
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (2,839,296
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (32,536,637
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (7,042,431
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </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" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Investment Income, Net
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          99,191
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          84,159
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          145,445
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          254,891
        </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="2" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          Net Loss
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (10,260,510
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (2,755,137
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (32,391,192
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (6,787,540
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </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" style="padding-left: 0.0px; text-align: left" valign="top">
          Basic and Diluted Net Loss per
        </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 style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 5.0px; text-align: left" valign="top">
          Common Share
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.67
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.33
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (2.56
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (0.82
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Weighted Average Common
        </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 style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; padding-left: 5.0px; text-align: left" valign="top">
          Shares Outstanding
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          15,227,475
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          8,309,420
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          12,677,455
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          8,309,420
        </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 colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>CONDENSED CONSOLIDATED</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" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          <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" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <b>June 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <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 colspan="3" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <b>2007</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(Unaudited)</b>
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <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" style="padding-left: 0.0px; text-align: left" valign="top">
          Cash and Cash Equivalents
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          52,379,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          4,909,530
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Other Current Assets
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          16,645,978
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          788,843
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Property and Equipment, net
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          14,033,088
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,918,036
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Intangible and Other Assets, net
        </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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          3,283,735
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,758,095
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          86,342,637
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          9,374,504
        </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="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</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" style="padding-left: 0.0px; text-align: left" valign="top">
          Current Liabilities
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          20,155,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          10,136,440
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Long-Term Liabilities
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          36,753,589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          369,961
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          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 style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          29,433,183
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (1,131,897
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          86,342,637
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          9,374,504
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>AVANT Immunotherapeutics, Inc.<br>Anthony S. Marucci,
      781-433-0771<br>Interim President and CEO<br>or<br>AVANT
      Immunotherapeutics, Inc.<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>BMC
      Communications Group<br>Marissa Nelson, 212-477-9007 x21<br><u>mnelson@bmccommunications.com</u>
    </p>
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