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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 16, 2007
AVANT IMMUNOTHERAPEUTICS, INC.
(Exact name of registrant as specified in charter)
Delaware 0-15006 13-3191702
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
119 Fourth Avenue
Needham, Massachusetts 02494-2725
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(781) 433-0771
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On April 16, 2007, AVANT Immunotherapeutics, Inc. (the "Company") issued a press
release announcing its planned restructuring activities to reduce ongoing
operational costs, following an extensive review of its operations and cost
structure. The restructuring aims to increase the focus of the Company's
resources upon key programs and core operational capabilities and lower the
Company's overall cost structure.
The restructuring, which will be implemented over the next few months, will
result in a workforce reduction of approximately 30%. The Company expects to
reduce its overall cost structure by approximately 18% over the next two years.
The Company estimates that the workforce reduction charge will be approximately
$1 million, which includes termination and retention benefits. There are no
incremental future cash expenditures associated with these obligations.
A copy of the Press Release is attached hereto as Exhibit 99.1 and incorporated
herein by reference.
Forward-Looking Statements
Except for any historical information contained herein, the matters discussed in
this current report on Form 8-K are forward-looking statements that involve
risks and uncertainties that could cause actual results to differ materially
from those predicted by such forward-looking statements. These risks also
include the risks detailed from time to time in the Company's publicly filed
documents, including the Company's Annual Report on Form 10-K for the year ended
December 31, 2006. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future events
or otherwise.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description of Exhibit
99.1 AVANT Immunotherapeutics, Inc. Press Release, dated
April 16, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AVANT IMMUNOTHERAPEUTICS, INC.
Dated: April 16, 2007 By: /s/ Avery W. Catlin
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Avery W. Catlin
Title: Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
The following designated exhibit is furnished herewith:
Exhibit
Number Description of Exhibit
99.1 AVANT Immunotherapeutics, Inc. Press Release, dated
April 16, 2007