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AVAX Technologies, Inc. Closes Bridge Financing
Date:12/16/2009

PHILADELPHIA, Dec. 16 /PRNewswire-FirstCall/ -- AVAX Technologies, Inc. (Pink Sheets: AVXT) ("AVAX" or the "Company") today announced that it recently closed a bridge loan financing (the "2009 Financing") pursuant to a Convertible Note and Warrant Purchase Agreement (the "Agreement") with Firebird Global Master Fund, Ltd., ("Firebird"). Pursuant to the Agreement, the Company sold a convertible promissory note, due June 30, 2010, in the aggregate principal amount of US$1,400,000, and issued a warrant to purchase an aggregate of 93,333,333 shares of the Company's common stock, par value $0.004 per share. Assuming the conversion of all shares underlying its convertible securities and the exercise of its warrants, Firebird would control a majority voting interest in the Company and it currently has a majority beneficial interest in AVAX.

The proceeds of the 2009 Financing are being used: (i) for working capital; (ii) to recertify and operate AVAX's vaccine manufacturing facility in Philadelphia, PA; and (iii) to pursue a recapitalization in an amount that would enable AVAX to undertake a planned interim assessment in connection with its pivotal Phase III clinical trial of M-Vax® for the treatment of Stage IV melanoma. M-Vax® has been designated as an orphan drug by the Food and Drug Administration ("FDA") and AVAX has reached agreement with the FDA under its Special Protocol Assessment for eligibility to receive accelerated approval of M-Vax®.

The Company has also announced the addition of two additional Board members: Howard S. Fischer, a former portfolio manager/research analyst with Silverback Asset Management's Life Sciences fund and previously a senior investment banker with UBS Global Healthcare Investment banking, and Anne T. Kavanagh, former head of healthcare investment banking at PaineWebber and Prudential Securities, CEO of Natwest Securities and a current Board of Directors member of Destination Materni
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