744218--3/16/2006--AVANT_IMMUNOTHERAPEUTICS

related topics

{product, candidate, development}

{gas, price, oil}

{product, liability, claim}

{property, intellectual, protect}

{stock, price, share}

{customer, product, revenue}

{product, market, service}

{cost, regulation, environmental}

{personnel, key, retain}

{acquisition, growth, future}

{control, financial, internal}

{regulation, change, law}

Our history of losses and uncertainty of future profitability make our common stock a highly speculative investment. If we cannot sell capital stock to raise necessary funds, it may force us to limit our research, development and testing programs. Our share price has been and could remain volatile. If selling stockholders choose to sell shares in large volume, the trading price of our common stock could suffer. Our products and product candidates are subject to extensive regulatory scrutiny. If our products do not pass required tests for safety and effectiveness, we will not be able to derive commercial revenue from them. Product testing is critical to the success of our products but subject to delay or cancellation if we have difficulty enrolling patients. Any delay in obtaining regulatory approval would have an adverse impact on our ability to earn future revenues. Failure to comply with applicable regulatory requirements would adversely impact our operations. We depend greatly on the intellectual capabilities and experience of our key executives and scientists and the loss of any of them could affect our ability to develop our products. We rely on our contract manufacturers. Should the cost, delivery and quality of clinical and commercial grade materials supplied by contract manufacturers vary to our disadvantage, our business operations could suffer significant harm. We rely on third parties to plan, conduct and monitor our clinical tests, and their failure to perform as required would interfere with our product development. We depend greatly on third party collaborators to license, develop and commercialize some of our products, and they may not meet our expectations. We may face delays, difficulties or unanticipated costs in establishing sales, distribution and manufacturing capabilities for our commercially ready products. A decrease in the demand and sales and profitability of for Megan Vac 1 and Megan Egg could adversely affect our revenues. Certain factors could negatively affect the demand for and sales and profitability of Rotarix Any of these factors could have a material adverse effect on the sales of Other factors could affect the demand for and sales and profitability of We may be unable to manage multiple late stage clinical trials for a variety of product candidates simultaneously. We face the risk of product liability claims, which could exceed our insurance coverage, and produce recalls, each of which could deplete our cash resources. Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them. We may not be able to successfully integrate newly acquired technology with our existing technology or to modify our technologies to create new vaccines. We license technology from other companies to develop our products, and those companies could restrict our use of it. We have many competitors in our field and they may develop technologies that make ours obsolete. We rely on patents, patent applications and other intellectual property protections to protect our technology and trade secrets; they are expensive and may not provide sufficient protection. Our business requires us to use hazardous materials, which increases our exposure to dangerous and costly accidents. Health care reform and restrictions on reimbursement may limit our returns on potential products.

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744218--3/16/2006--AVANT_IMMUNOTHERAPEUTICS_INC