AVAX Technologies, Inc. Announces Closing of Bridge Loan Financing
PHILADELPHIA, October 31 /PRNewswire/ —
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 US$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 US$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 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.
AVAX Technologies, Inc.
Francois Martelet, President and Chief Executive Officer of AVAX Technologies, Inc., +1-215-241-9760, fmartelet@avax-tech.com
