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          Megan Health, Inc. is a privately held company founded in 1993 by Dr. Brian L. Clevinger and Dr. Roy Curtiss III. The start-up was financed by Upjohn Co. (the major pharmaceutical manufacturer), A/W Co. (a joint venture of Washington University), and Moshe Alafi (a California-based venture capitalist that tries to turn Washington University research into commercial products). CID Equity Partners financed the second round in 1996, raising $5 million. In 1998-99, the company raised another $3 million by supplementing its financing with R&D agreements with corporate partners and grants from the National Institutes of Health.
          Megan Health Inc.'s purpose is to develop human and animal vaccines using patented gene modification technologies. The new technologies modify organisms that normally cause disease in man and/or animals. The goal of Megan Health Inc. is "to develop safe, practical, proprietary vaccines to protect humans and animals from a variety of disease challenges."
          Dr. Clevinger received a Ph.D. in Immunology and M.S. in Microbiology from the Indiana School of Medicine. Formerly, he was Chairman of Biomedical Sciences, and Associate Professor at the Washington University School of Dental Medicine. Over the past nine years, Dr. Clevinger has been active in the founding and operation of several companies in the biological, medical and pharmaceutical fields, including Field Inversion Technologies, of which he was president; Fiber Imaging Inc. and Dimensional Data of which he was a founder, president, and board member; and LipoMatrix, Inc., of which he was a founder and board member. Since 1987, Dr. Clevinger has also been President and Chief Operating Officer of A/W Company, a limited partnership formed by Washington University and Alafi Capital Company.
          Dr. Curtiss has been a Freiberg Professor of Biology at Washington University in St. Louis since 1984. Dr. Curtiss is a leading authority on Escherichia coli and Salmonella and developed the technology, which serves as a basis for the Company. From 1991 to 1994, Dr. Curtiss was the Director of Washington University's Center for Plant Science and Biotechnology, and from 1983 to 1993, Dr. Curtiss was Chairman of the University's Department of Biology. He received his Ph.D. in Microbiology from the University of Chicago.
          On December 4, 2000 the sale of Megan Health Inc. was finalized when AVANT Immunotherapeutics, Inc. announced that it had completed the acquisition. Megan Health will now operate as a wholly owned subsidiary of AVANT. In connection with the acquisition, AVANT will issue approximately 1.9 million shares valued at approximately $18 million to Megan Health's current shareholders. AVANT also announced that Pfizer Inc. will develop animal health and food safety vaccines based on the Megan Health technology.