The European Commission has granted approval for GlaxoSmithKline's Rotarix, making it the first rotavirus vaccine available to children in Europe for the prevention of gastroenteritis caused by rotavirus.

"European approval marks a significant milestone for the global commercialization of Rotarix(R), which has already been approved for commercial use in an additional 33 countries. It brings in a milestone payment from GSK and leads to a substantial payment of $40 million to Avant through its transaction with Paul Royalty Fund ("PRF")." In May 2005, AVANT entered into an agreement whereby an affiliate of PRF purchased an interest in the net royalties AVANT will receive on worldwide sales of Rotarix(R).

For more details of the agreement with PRF, refer to Avant Immunotherapeutics' press release.