New Issue: Avax raises $8.58 million in private placement of stock

By Sheri Kasprzak

Atlanta, April 6 - Avax Technologies Inc. said it has completed a private placement of stock for $8,582,766.

The company sold 25,243,430 shares at $0.34 each to institutional investors, including Credit Suisse Equity Global Biotech Fund, BSI New Biomedical Frontier Fund and JFE Hottinger & Co.

The investors also received warrants for 3,786,515 shares, exercisable at $0.41 each and warrants for 3,786,515 shares at $0.48 each.

Based in Philadelphia, Avax is a biotechnology company engaged in the research, clinical and commercial development of biological products and cancer therapeutics. The proceeds will be used to accelerate its clinical and commercial development.

Issuer:	Avax Technologies Inc.
Issue:	Stock
Amount:	$8,582,766
Shares:	25,243,430
Price:	$0.34
Warrants:	For 7,573,030 shares
Warrant strike price:	$0.41 for 3,786,515 shares; $0.48 for 3,786,515 shares
Investors:	Credit Suisse Equity Global Biotech Fund, BSI New Biomedical Frontier Fund and JFE Hottinger & Co.
Settlement date:	April 6
Stock price:	$0.33 at close April 5

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