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
April 14, 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
(State 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 April 14, 1998,
that it has received authorization from Philadelphia's Economic Development
Corporation for a $150,000 Economic Stimulus Mortgage Loan, at a fixed interest
rate of 3 percent, to assist the Company in establishing its GMP manufacturing
facility in Philadelphia. The loan is subject to negotiation and execution of
definitive documentation.
Reference is made to the Company's related press release attached
hereto as Exhibit 99.9 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:
99.9 Press Release dated April 14, 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: April 14, 1998
By: /s/ Jeffrey M. Jonas
--------------------------------------------
Name: Jeffrey M. Jonas, M.D.
Title: President and Chief Executive Officer
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Exhibit Index
Exhibit Number Description
- -------------- -----------
99.9 Press Release dated April 14, 1998.
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EXHIBIT 99.9
Contact Jeffery M. Jonas, MD Thomas Redington
Chief Executive Officer 203/222-7399
816/960-1333 212/926-1733
AVAX OF KANSAS CITY GRANTED BUILDING LOAN IN PHILADELPHIA
Kansas City Firm To Design Facility
KANSAS CITY, MO APR. 14 - AVAX Technologies, Inc. (Nasdaq: AVXT) announced
it has received authorization from Philadelphia's Economic Development
Corporation for a $150,000 Economic Stimulus Mortgage Loan, at a fixed interest
rate of 3 percent, to assist the company in establishing its GMP manufacturing
facility there. The loan is subject to negotiation and execution of definitive
documentation.
The 12,000-square-foot facility is being designed and built out by CRB, a
Kansas City-based engineering consulting firm.
In late December 1997, in conjunction with the company's earlier announced
plans to enter Phase III clinical trials for M-Vax(TM), its AC Vaccine(TM)
technology for melanoma, the company signed a lease agreement for space in
Philadelphia sufficient for the establishment of this manufacturing facility.
Initially the facility will be used for clinical manufacturing, although the
company will have the option to expand the facility for commercial manufacturing
of AC Vaccines at a later date.
As previously reported, AVAX believes M-Vax to be the first therapeutic
cancer vaccine to show a substantial increase in the survival rate for patients
with stage 3 melanoma. The company also believes the AC Vaccine technology to
have application in other cancers, and is currently treating post-surgical stage
3 ovarian cancer patients with O-Vax(TM), its AC Vaccine for ovarian cancer, in
a Phase I/II clinical trial. The manufacturing facility, once completed, will
also be used for clinical manufacturing of O-Vax.
Jeffrey M. Jonas, MD, president and chief executive officer of AVAX said,
"Construction of this facility is an important step in our strategic plan to
become a fully integrated biopharmaceutical company, and we are very
appreciative of the support we have received from the City of Philadelphia."
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 efforts primarily on the development of immunotherapies and
chemotherapies for cancer. Immunotherapy is a rapidly developing segment of the
cancer therapeutic market.
# # #
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
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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 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. AVAX 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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