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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 24, 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 6 Pages
Exhibit Index Appears at Page 3
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Item 5. Other Events
AVAX Technologies, Inc. (the "Company"), announced on Friday, July
24, 1998 its results for the second quarter ended June 30, 1998, reporting a net
loss of $1.6 million, or $.31 per share, versus a net loss of $1.1 million, or
$.33 per share, for the second quarter ended June 30, 1997.
Reference is made to the Company's related press release attached
hereto as Exhibit 99.17 and incorporated by reference herein (including, without
limitation, the information set forth in the cautionary statement contained in
the final paragraph of Page 4 of this Form).
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits:
99.17 Press Release dated July 24, 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: July 24, 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
- -------------- -----------
99.17 Press Release dated July 24, 1998.
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EXHIBIT 99.17
Contact Jeffery M. Jonas, MD Thomas Redington
Chief Executive Officer 203/222-7399
816/960-1333 212/926-1733
AVAX REPORTS SECOND QUARTER 1998 RESULTS
KANSAS CITY, MO July 24 -- AVAX Technologies, Inc. (Nasdaq: AVXT)
announced results for the second quarter ended June 30, 1998.
The company reported a net loss of $1.6 million, or 31 cents per share,
for the second quarter ended June 30, 1998 versus a net loss of $1.1 million, or
33 cents per share, for the second quarter ended June 30, 1997.
Research and development expenses for the three-month period increased to
$1,152,779 from $590,013, and general and administrative expenses decreased to
$577,504 from $769,365 for the same period last year.
Other income, primarily interest income, decreased to $170,855 from
$264,632 for the year-ago period. There were 5,044,755 and 3,441,314 weighted
average common shares outstanding for the second 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 June 30, 1998, cash, cash equivalents and marketable securities totaled
approximately $13.1 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.
# # #
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
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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 and its Quarterly Report on Form 10-QSB for the
Period Ended March 31, 1998. 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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AVAX Technologies, Inc.
(a development stage company)
SUMMARY OF FINANCIAL DATA
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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, "Management's
Discussion and Analysis of Financial Condition and Plan of Operation", and the
Financial Statements (including the notes thereto) of the Company included in
the Company's periodic filings with the Securities and Exchange Commission (the
"Financial Statements").
<TABLE>
<CAPTION>
Year Ended December 31, Three Months Ended June 30,
1997 1997 1998
---- ---- ----
(Unaudited) (Unaudited)
----------- -----------
<S> <C> <C> <C>
Statement of Operations Data:
Total operating loss ................... $ (5,172,983) $ (1,359,378) $ (1,730,283)
Net loss ............................... (4,266,125) (1,136,136) (1,559,428)
Net loss attributable to common
stockholders .......................... (4,266,125) (1,136,136) (1,559,428)
Net loss per common share .............. (1.14) (.33) (.31)
Weighted average number of shares
outstanding ........................... 3,750,440 3,441,314 5,044,755
<CAPTION>
December 31, 1997 June 30, 1998
----------------- -------------
Balance Sheet Data:
<S> <C> <C>
Cash and cash equivalents .............. $ 6,820,884 $ 1,760,372
Marketable securities .................. 9,102,028 11,293,329
Total current assets ................... 17,277,841 13,252,645
Total assets ........................... 17,354,833 13,336,853
Amount payable to preferred stockholders 1,150,200 --
Amount payable to former officer ....... 49,800 --
Total current liabilities .............. 1,553,726 360,930
Deficit accumulated during development
stage ................................. (7,520,147) (10,479,881)
Stockholders' equity ................... 15,801,107 12,975,923
</TABLE>
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