By Devika Patel
Knoxville, Tenn., Dec. 16 - AVAX Technologies, Inc. said it sold a $1.4 million convertible promissory note to Firebird Global Master Fund, Ltd.
The note matures on June 30, 2010.
Firebird also received a warrant for 93,333,333 shares.
Proceeds will be used for working capital; to recertify and operate the company's vaccine manufacturing facility in Philadelphia; and to pursue a recapitalization for a phase 3 clinical trial for M-Vax.
Based in Philadelphia, Avax is a biotech company focused on vaccine therapies and cancer treatments.
| Issuer: | AVAX Technologies, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1.4 million
|
| Maturity: | June 30, 2010
|
| Price: | Par
|
| Warrants: | For 93,333,333 shares
|
| Investor: | Firebird Global Master Fund, Ltd.
|
| Settlement date: | Dec. 16
|
| Stock symbol: | OTCBB: AVXT
|
| Stock price: | $0.07 at close Dec. 15
|
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