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
|SOURCE AVAX Technologies, Inc.|
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