<PAGE>
Exhibit 99.1
[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE/JULY 17, 2000
<TABLE>
<S> <C>
Una S. Ryan, Ph.D. Avery W. CatlinFOR MEDIA:
President and CEO Chief Financial OfficerJoan Kureczka/Jesse Fisher
AVANT Immunotherapeutics, Inc. AVANT Immunotherapeutics, Inc .J. Kureczka Associates
(781) 433-0771(781) 433-0771(415) 821-2413
[email protected] [email protected]
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AVANT ANNOUNCES $36.5 MILLION PRIVATE PLACEMENT
NEEDHAM, MA (JULY 17, 2000): AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN)
announced today the closing of a private placement of approximately 4.65 million
shares of AVANT common stock at $7.85 per share for a total amount of
approximately $36.5 million. The offering price per share represents a 7.6%
discount to the closing price of AVANT's shares on Friday, July 14, 2000.
PaineWebber Incorporated served as the exclusive placement agent for the
offering that included selected leading U.S. and European institutional
investors.
AVANT expects to use the proceeds from this financing to complete the clinical
development of its complement inhibitor, TP10, in infants undergoing cardiac
surgery, to manufacture commercial grade quantities of TP10, to initiate Phase
II clinical trials of TP10 for adult cardiac surgery and for general working
capital purposes.
"This financing provides the resources to reach commercial launch of TP10 for
pediatric cardiac surgery," said Una S. Ryan, Ph.D., President and Chief
Executive Officer of AVANT Immunotherapeutics. "Further, it allows us to
accelerate clinical development of our CETi-1 vaccine program for cholesterol
management."
<PAGE>
AVANT Immunotherapeutics, Inc. is engaged in the discovery, development and
commercialization of products that harness the human immune response to prevent
and treat disease. The company's most advanced therapeutic program focuses on
compounds with the potential to inhibit inappropriate activation of
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119 FOURTH AVENUE NEEDHAM, MA 02194-2725 USA 781-433-0771 FAX 781-433-0262
WWW.AVANTIMMUNE.COM
<PAGE>
AVANT ANNOUNCES $36.5 MILLION PRIVATE PLACEMENT
JULY 17, 2000
Page 6
the complement cascade, a vital part of the body's immune defense system. AVANT
is also developing on its own a proprietary therapeutic vaccine for the
management of atherosclerosis, and Therapore-TM-, a novel system for the
delivery of immunotherapeutics for chronic viral infections and certain cancers.
The company and its collaborators are developing vaccines using the proprietary
adjuvants, Adjumer and Micromer, for the prevention of Lyme disease and
respiratory syncytial virus (RSV). Through additional collaborations, AVANT is
also developing an oral human rotavirus vaccine and an oral cholera vaccine.
Additional information on AVANT Immunotherapeutics, Inc. can be obtained through
our site on the World Wide Web: HTTP://WWW.AVANTIMMUNE.COM.
THE SECURITIES DESCRIBED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 OF THE UNITED STATES, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES EXCEPT PURSUANT TO THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OF 1933 OF THE UNITED STATES, AS AMENDED, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION. ANY PUBLIC OFFERING OF SECURITIES TO BE
MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE
OBTAINED FROM THE COMPANY AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE
COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS WHICH REFLECT AVANT'S
CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL PERFORMANCE. THE WORDS
"BELIEVE," "EXPECT," "ANTICIPATE," AND SIMILAR EXPRESSIONS IDENTIFY
FORWARD-LOOKING STATEMENTS. INVESTORS SHOULD NOT RELY ON FORWARD-LOOKING
STATEMENTS BECAUSE THEY ARE SUBJECT TO A VARIETY OF RISKS, UNCERTAINTIES, AND
OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
EXPRESSED IN ANY SUCH FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE
NOT LIMITED TO: (1) THE ABILITY TO SUCCESSFULLY COMPLETE DEVELOPMENT AND
COMMERCIALIZATION OF TP10, THE CETI-1 VACCINE AND OTHER PRODUCTS, INCLUDING THE
COST, SCOPE AND RESULTS OF PRECLINICAL AND CLINICAL TESTING; (2) THE ABILITY TO
SUCCESSFULLY COMPLETE PRODUCT RESEARCH AND FURTHER DEVELOPMENT, INCLUDING
ANIMAL, PRE-CLINICAL AND CLINICAL STUDIES; (3) CHANGES IN EXISTING AND POTENTIAL
RELATIONSHIPS WITH CORPORATE COLLABORATORS; (4) THE TIME, COST AND UNCERTAINTY
OF OBTAINING REGULATORY APPROVALS; (5) THE ABILITY TO OBTAIN SUBSTANTIAL
ADDITIONAL FUNDING; (6) THE ABILITY TO DEVELOP AND COMMERCIALIZE PRODUCTS BEFORE
COMPETITORS; (7) THE ABILITY TO RETAIN CERTAIN MEMBERS OF MANAGEMENT; AND (8)
OTHER FACTORS DETAILED FROM TIME TO TIME IN FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION.
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