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

ately 564 million common shares underlying convertible securities and the exercise of all outstanding options and warrants, which assumes an amendment to the Company's charter to increase the number of authorized shares. The holders of the notes issued in the 2008 Financing have agreed to extend the maturity date of those securities to June 30, 2010.

There is no assurance that the capital obtained in the 2009 Financing will be sufficient for its intended purposes. In particular, there can be no assurance that Company will successfully obtain required additional capital, or, if that if obtained, the amounts will be sufficient to fund current or anticipated operations, including, but not limited to, its anticipated pivotal Phase III trial for M-Vax®. The inability to secure additional capital would have a material adverse effect on the Company, and it is probable that in such eventuality the Company would lose control of its manufacturing facilities and intellectual property, be forced to cease operations and potentially seek bankruptcy relief. If the Company discontinues its operations, it will not have sufficient funds to pay any amounts to its stockholders.

The Note and the Warrant 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 France. 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
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SOURCE AVAX Technologies, Inc.
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