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

ty ( DEST).

John Prendergast, Chief Executive Officer and Chairman of the Company, stated, "We have always believed the data, science and economics surrounding M-Vax® to be compelling and we were disappointed in 2007 when the capital markets for cancer immunotherapies all but closed after the FDA did not approve Dendreon's Provenge®. While the clinical data surrounding our technology had proved to be promising, and only months before the FDA's Dendreon decision we raised $10 million in support of our clinical program, we were forced thereafter to substantially scale back operations because of financing considerations. We are grateful for Firebird's continued support, which will provide us the opportunity to pursue a capital raise allowing us to conduct our pivotal Phase III M-Vax® trial to its planned interim assessment point. Recent and anticipated news by companies involved with cancer vaccines and immunotherapies has resulted in renewed interest in the sector by institutional investors, larger pharma, biotechnology companies and the medical and scientific communities at large. We believe that once AVAX is reintroduced to those involved in our industry, they will find the opportunities presented by the Company to be quite compelling." Dr. Prendergast further commented, "We are delighted to have Anne Kavanagh and Howard Fischer join our Board. Their backgrounds and capabilities will greatly assist the Company reach its next important set of milestones, and to reestablish itself in the capital markets."

The 2009 Financing triggered the anti-dilution provisions in the definitive agreements from a 2008 bridge funding involving the sale of convertible promissory notes and warrants ("the 2008 Financing") to certain accredited investors (including Firebird) and current and then existing insiders of the Company. The Company now has approximately 143 million common shares outstanding. This number does not include approxim
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