Wednesday, June 11, 2008

Avant unit Celldex licenses vaccine IP from 3M

By Mass High Tech Staff

A subsidiary of Avant Immunotherapeutics Inc. reports it has struck a research deal with technology giant 3M Co. to develop vaccines.

Celldex Therapeutics Inc., the New Jersey unit of Needham-based Avant (Nasdaq: AVAN), said the deal gives it licensed rights to 3M’s toll-like receptor agonists, and Celldex plans to combine the 3M science with its own antigen technology to create new adjuvant vaccines.

St. Paul, Minn.-based 3M’s toll-like receptor agonists are intended to spur the immune system to combat diseases. Avant officials said that combining the 3M and Celldex technologies could lead to potent, new treatments that deliver vaccines and toll-like receptor agonists to the immune system. The licensing deal with 3M also complements Avant’s vaccine work with biotech firm Oncovir Inc. of Washington, D.C., officials said.  

Avant, a biotech firm focused on the development of vaccines and other immunological treatments, reported a 2007 net loss of $21.6 million, with revenue of $5.1 million. The company wrapped up a $129.3 million, all-stock merger with Celldex in March.