Navigation Links
AVAX Technologies, Inc. Announces Closing of Bridge Loan Financing
Date:10/30/2008

PHILADELPHIA, Oct. 30 /PRNewswire-FirstCall/ -- AVAX Technologies, Inc. (OTC Bulletin Board: AVXT) (the "Company") today announced that on October 24, 2008, it closed a bridge loan financing pursuant to a Convertible Note and Warrant Purchase Agreement, as amended by the Amendment to Convertible Note and Warrant Purchase Agreement (collectively the "Agreement"). Pursuant to the Agreement, the Company sold convertible promissory notes (the "Notes") in the aggregate principal amount of $1,291,000 and issued warrants (the "Warrants") to purchase an aggregate of 12,910,000 shares of the Company's common stock, par value $0.004 per share, to certain insiders of the Company and accredited investors.

Francois Martelet, Chief Executive Officer of the Company, commented on the closing of the bridge financing, "I am very grateful to our current shareholders for their driving role in completing the bridge against the background of extremely difficult market conditions. The Company's management team and I remain absolutely committed to securing long term financing for the Company as we believe the Company's autologous vaccine platform has tremendous potential in the treatment of cancer."

The Notes and the Warrants were sold without registration under the Securities Act of 1933, as amended (the "Act") and may not be resold unless subsequently registered under the Act or pursuant to an exemption from registration under the Act.

About AVAX Technologies, Inc.

AVAX Technologies, Inc. is a biotechnology company with operations in the United States and Europe. The Company is engaged in the research and clinical and commercial development of biological products and cancer therapeutics. The Company's AC Vaccine platform is a therapeutic cancer vaccine. In addition, the Company performs contract-manufacturing services for biological products for other pharmaceutical and biotechnology companies. More information can be found at http://www.avax-tech.com.

Certain statements in this release are "forward-looking" statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve significant risks and uncertainties, and in light of the significant uncertainties inherent in such statements, the inclusion of such information should not be regarded as a representation by the Company that the objectives and plans of the Company will be achieved. In fact, actual results could differ materially from those contemplated by such forward-looking statements. These statements include, but are not limited to, the Company's immediate need to obtain additional funding to continue to finance the Company, the Company's plans, objectives, projections, expectations and intentions such as those relating to the future development of MVax, and the business uncertainties arising from the Company's manufacturing activities at its Lyon, France facility and the logistical issues and risks relating to shipping biologics from the U.S. and other countries to France and the vaccine from France to patients in the U.S. and other countries. Additional information concerning factors that could cause actual results to materially differ from those in the forward looking statements is contained in the Company's public disclosure filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008. The Company does not undertake any obligation to release publicly any revisions to these forward- looking statements or to reflect the occurrence of unanticipated events.


'/>"/>
SOURCE AVAX Technologies, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Advanced Analytical Technologies, Inc. Expands Into New Office and Production Space
2. Arbios Sells HepatAssist Bioartificial Liver System to HepaLife Technologies, Inc.
3. Palatin Technologies, Inc. Revised Call-In Number for Teleconference and Webcast to be held on September 30, 2008
4. Neurobiological Technologies, Inc. (Nasdaq: NTII) Q4/08 Review Issued by Scimitar Equity, LLC
5. JD Technologies, LLC Selected by FCT Ingenieurkeramik GmbH to Represent Their High Performance Ceramic Expertise In the United States
6. Microchip Biotechnologies, Inc. Awarded Contract Under US Army Commercialization Pilot Program
7. Palatin Technologies, Inc. Reports Positive Results of Phase 2a Clinical Study with PL-3994 for the Treatment of Heart Failure
8. Mark C. Mirken Named New CEO and Chairman of the Board of Millennium Biotechnologies, Inc.
9. MaxWell Biocorporation, LLC, and International Medical Information Technologies, Inc., Announce Partnership
10. [video] Edward Spink, CEO of TurboSonic Technologies, Inc. Discusses Contract With Biofuel Producer in Exclusive Interview on WallSt.nets 3-Minute Press Show
11. Hologic Completes Cash Tender Offer for Third Wave Technologies, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... Feb. 11, 2016  Neurocrine Biosciences, Inc. (NASDAQ: NBIX ) ... December 31, 2015. --> --> ... net loss of $29.3 million, or $0.34 loss per share, compared ... share for the same period in 2014. For the year ended ... million, or $1.05 loss per share, as compared to a net ...
(Date:2/11/2016)... Germany and GERMANTOWN, Maryland ... ; Frankfurt Prime Standard: QIA) today announced the introduction ... for gene expression profiling, expanding QIAGEN,s portfolio of Sample ... enable researchers to select from over 20,000 human genes ... interactions between genes, cellular phenotypes and disease processes. ...
(Date:2/11/2016)... -- Spectra BioPharma Selling Solutions (Spectra) is a new ... the experience, expertise, operational delivery and customer focus ... Created in concert with industry leading commercial experts, ... tactical needs of its clients by providing value-based ... and non-personal promotion. --> ...
(Date:2/11/2016)... ... February 11, 2016 , ... ... delivering cutting-edge information focused on the development and manufacture of biopharmaceuticals and ... premier sponsor of the 2016 BioProcess International Awards – Recognizing Excellence in ...
Breaking Biology Technology:
(Date:1/20/2016)... A market that just keeps on growing. Molecular Diagnostics ... genomics knowledge. Learn all about it in this new ... trends are pushing market growth and company valuations. Trends ... pathogen evolution - next generation sequencing - emergence of ... the role of genetic material in Disease and Health ...
(Date:1/20/2016)... JOSE, Calif. , Jan. 20, 2016 /PRNewswire/ ... developer of human interface solutions, today announced sampling ... controller solution for wearables and small screen applications ... such as printers. Supporting round and rectangular shapes, ... S1423 offers excellent performance with moisture on screen, ...
(Date:1/15/2016)... , Jan. 15, 2016 Recent publicized breaches ... to find new ways to ensure data security and ... iOS and Android that ties a ... transforming it into a hardware authorization token. Customer service ... their fingerprint on their KodeKey enabled device to verify ...
Breaking Biology News(10 mins):