AVAX Technologies Announces Definitive Agreement for Sale of Common Stock OVERLAND PARK, Kan., May 19 /PRNewswire-FirstCall/ -- AVAX Technologies, Inc. (BULLETIN BOARD: AVXT) announces that the Company has entered into definitive agreements for the sale to certain accredited and institutional investors of approximately 10,000,000 shares of its common stock at a purchase price of $0.30 per share for gross proceeds of $3,000,000. In connection with the purchase of the stock the Company has also agreed to issue to the investors warrants to purchase an additional 1,500,000 shares of common stock at $0.35 per share of common stock and 1,500,000 shares of common stock at $0.39 per share. Participants in the fundraising included Credit Suisse Equity Global Biotech Fund, Matignon Technologies Fund, and the Fortis Equity Biotechnology Fund. Privateq Advisors of Zurich, Switzerland acted as an advisor to the Company related to the placement. "We are pleased to have executed agreements for the closing of this private placement so that we may continue the repositioning of AVAX," said Rich Rainey, AVAX's President. "The confidence demonstrated by these quality investors reflects positively on the potential of the Company to meet some important operating milestones over the immediate term. A significant step for AVAX will be the filing of our BLA submission for Stage III melanoma in France. In addition we are in the process of commencing clinical trials in several other indications to demonstrate the broad utility of our vaccine platform." Concurrent with this financing, the Company also reports that the $950,000 principal amount of bridge notes issued by the Company in December 2003 and the accrued interest thereon will be converted into approximately 7,486,000 shares of common stock in accordance with the terms of the bridge notes. AVAX Technologies, Inc. is a biotechnology company with operations in the United States and Europe. The Company is engaged in the research, clinical and commercial development of biological products and cancer therapeutics. In addition the Company offers contract-manufacturing services of biological products to other pharmaceutical and biotechnology companies. Except for statements that are historical, the 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 AVAX 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. Many important factors affect the Company's prospects, including (1) the Company's ability to close the private placement transaction and in the future to obtain substantial additional funds, beyond the announced private placement, (2) the Company's ability to enter into and to maintain contract manufacturing agreements that are adequate to sustain its operations, (3) the results of laboratory testing of its vaccine technologies and the small molecule compounds, (4) possible future FDA or AFSSAPS questions regarding the Company's products and manufacturing processes, (5) the Company's ability to maintain its rights under license and research funding agreements and to meeting funding requirements under its license and research funding agreements, (6) the Company's ability to demonstrate the safety and efficacy of product candidates at each stage of development and to meet applicable regulatory standards and receive required regulatory approvals, as well as other risks detailed from time to time in AVAX's public disclosure filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2003. AVAX does not undertake any obligation to release publicly any revisions to these forward-looking statements or to reflect the occurrence of unanticipated events. DATASOURCE: AVAX Technologies, Inc. CONTACT: Richard P. Rainey, President, of AVAX Technologies, +1-215-241-9760

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