SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 28, 1998
Date of Report (Date of earliest event reported)
AVAX TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 000-29222 13-3575874
(Stare or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
4520 Main Street
Suite 930
Kansas City, MO 64111
(Address of principal executive offices)
(816) 960-1333
(Registrant's telephone number, including area code)
Page 1 of 5 Pages
Exhibit Index Appears at Page 3
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Item 5. Other Events
AVAX Technologies, Inc. (the "Company") announced on May 28, 1998
its results for the first quarter ended March 31, 1998, reporting a net loss of
$1.4 million, or $.30 per share, for the first quarter ended March 31, 1998
versus a loss of $962,165, or $.28 per share, for the first quarter ended March
31, 1997.
Reference is made to the Company's related press release attached
hereto as Exhibit 99.11 and incorporated by reference herein (including, without
limitation, the information set forth in the cautionary statement contained in
the final paragraph of the press release).
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibit:
99.11 Press Release dated May 28, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AVAX TECHNOLOGIES, INC.
Date: May 29, 1998
By: /s/ Jeffrey M. Jonas
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Name: Jeffrey M. Jonas, M.D.
Title: President and Chief
Executive Officer
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Exhibit Index
Exhibit Number Description
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99.11 Press Release dated May 28, 1998.
Contact Jeffrey M. Jonas, MD Thomas Redington
Chief Executive Officer 203/222-7399
8161960-1333 212/926-1733
AVAX Reports First Quarter 1998 Results
KANSAS CITY, MO May 28 -- AVAX Technologies, Inc. (Nasdaq: AVXT) announced
results for the first quarter ended March 31, 1998.
The company reported a net loss of $1.4 million, or 30 cents per share,
for the first quarter ended March 31, 1998 versus a loss of $962,165, or 28
cents per share, for the first quarter ended March 31, 1997.
Research and development expenses for the three-month period increased to
$957,364 from $379,769, and general and administrative expenses decreased to
$650,652 from $822,513 for the same period last year.
Other income, primarily interest income, decreased to $207,710 from
$240,117 for the year-ago period. There were 4,725,221 and 3,379,450 weighted
average common shares outstanding for the first quarters of 1998 and 1997,
respectively.
The increase in research and development expense was planned and,
according to Jeffrey M. Jonas, MD, president and chief executive officer of
AVAX, "reflects increased clinical activity with the company's initial AC
Vaccine(TM) for melanoma and ovarian cancers, increased operating costs relating
to the Class 10,000 'clean room' laboratory established by the company in 1997
for clinical manufacturing of the vaccine, and increased preclinical activity
related to the company's topoisomerase inhibitor and anti-estrogen
technologies."
At March 31, 1998, cash, cash equivalents and marketable securities
totaled approximately $14.8 million.
AVAX Technologies, Inc. is a development-stage biopharmaceutical company
that acquires rights to and is developing technologies and products for the
treatment of cancer and other life-threatening diseases. The company has focused
its initial clinical efforts primarily on the development of immunotherapies and
chemotherapies for cancer. Immunotherapy is a rapidly developing segment of the
therapeutic market.
AVAX Technologies, Inc.
(a development stage company)
SUMMARY OF FINANCIAL DATA
The following table presents certain summary historical financial
information derived from the financial statements of the Company. The summary is
qualified in its entirety by, and should be read in conjunction with,
"Managements Discussion and Analysis of Financial Condition and Plan of
Operation," and the Financial Statements (including the
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notes thereto) of the Company included in the Company's periodic filings with
the Securities and Exchange Commission (the "Financial Statements").
Year Ended Three Months Ended
December 31, 1997 March 31,
1997 1998
(Unaudited) (Unaudited)
Statement of Operations Data:
Total operating loss $(5,172,983) $(1,202,282) $(1,608,016)
Net loss (4,266,125) (962,165) (1,400,306)
Net loss attributable to
Common stockholders (4,266,125) (962,165) (1,400,306)
Net loss per common share (1.14) (.28) (.30)
Weighted average number
of shares outstanding 3,750,440 3,379,450 4,725,221
December 31, 1997 March 31, 1998
Balance Sheet Data:
Cash and cash equivalents $ 6,820,884 $ 3,388,303
Marketable securities 9,102,028 11,264,405
Total current assets 17,277,841 14,764,016
Total assets 17,354,833 14,848,173
Amount payable to
preferred stockholders 1,150,200 --
Amount payable to
former officer 49,800 --
Total current liabilities 1,553,726 380,096
Deficit accumulated during
development stage (7,520,147) (8,920,453)
Stockholders' equity 15,801,107 14,468,077
# # #
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 the Private Securities Litigation Reform Act of 1995 and 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 ability to achieve the
stated outcomes and to successfully develop and commercialize its product
candidates, including, among other things, the ability to obtain substantial
additional funds, obtain and maintain all
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necessary patents or licenses, to demonstrate the safety and efficacy of product
candidates at each state of development, to meet applicable regulatory standards
and receive required regulatory approvals, to meet obligations and required
milestones under its license agreements, to be capable of producing drug
candidates in commercial quantities at reasonable costs, to compete successfully
against other products, and to market products in a profitable manner, as well
as other risks detailed from time to time in AVAX'S public disclosure filings
with the Securities and Exchange Commission, including, without limitation, its
Annual Report on Form 10-KSB for the fiscal year ended December 31, 1997 and its
Quarterly Report on Form 10-QSB for the Period Ended March 31, 1998. A VAX does
not undertake any obligation to publicly release any' revisions to these
forward-looking statements or to reflect the occurrence of unanticipated events.
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