Avant Immunotherapeutics receives $5 million royalty payment on Rotarix

New York, Dec. 1 - Avant Immunotherapeutics, Inc. said it received the second $5 million payment from an affiliate of Paul Royalty Fund II, LP.

The payment was made under a May 2005 agreement. Paul Royalty Fund II bought an interest in the net royalties Avant will receive on worldwide sales of Rotarix for up to $61 million.

Remaining milestone payments from Paul Royalty Fund II to Avant include $40 million upon the launch of Rotarix in the European Union, currently expected for the first half of 2006, and between $11 and $9 million on the launch in the United States, depending on the date.

Avant said it retains "substantial upside" in future Rotarix royalty revenues, depending on the product's commercial success. Rotarix, an oral vaccine against rotavirus, is licensed by Avant to GlaxoSmithKline. Rotavirus is the most common cause of severe diarrhea and dehydration in infants and young children, especially in developing countries.

Avant is a Needham, Mass., biotechnology company.

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