Monday, September 29, 2008

Avant now named Celldex Therapeutics

By Mass High Tech Staff

Avant Immunotherapeutics Inc. has voted to change its name to Celldex Therapeutics Inc. and its ticker symbol to CLDX on the Nasdaq stock exchange. The change will go into effect on Oct. 1, 2008. Avant and Phillipsburg, N.J.-based Celldex merged in early 2008 for an estimated $129.3 million in stock. Avant’s manufacturing facility in Fall River will remain in operation.

The Needham-based company also appointed Anthony Marucci as permanent president and CEO of Celldex. He had been serving as interim president and CEO since May 2008. Marucci stated the name change reflected the firm’s vaccines and antibodies focus, specifically because of its use of Celldex’s APC Targeted Technology platform.

Biotech industry veteran Una Ryan left her long-time post as CEO of Avant, stepping down in March, two months after the companies completed the merger.

In June, Avant licensed a vaccine for brain cancer to drug giant Pfizer Inc. for an initial sum of $40 million, the companies reported.

Pfizer stated it also plans to invest $10 million in Avant as part of the deal. The agreement includes milestone payments of more than $390 million linked to development of the vaccine, called CDX-110. Avant will also receive royalties from Pfizer on sales of the vaccine, which is now in Phase 2 clinical trials for a type of brain cancer called glioblastoma multiforme.

The deal is subject to standard federal approvals and is due to close in the second quarter of 2008.

Avant reported a 2007 net loss of $21.6 million on revenue of $5.1 million.