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Vaccine company completes bridge loan; provides clinical update.
2004 JAN 1 - (NewsRx.com & NewsRx.net) -- Avax Technologies, Inc., (AVXT) announced that it has closed a bridge financing in the aggregate principal amount of $925,000.
The bridge notes mature on May 17, 2004, and bear interest at the rate of 5% per annum. In addition, the investors were granted warrants to purchase an aggregate of 7,115,300 shares of common stock at an exercise price of $0.143 per share.
Richard Rainey, president of Avax stated, "With the finalization of this loan facility we will continue the internal restructuring of our operations. Most recently, we have consolidated our manufacturing capabilities in Lyon, France where we will be able to ship worldwide the re-developed product format of our AC Vaccine therapeutic. This will allow us to continue our clinical and commercial programs with the AC Vaccine while also helping to finalize additional near term revenue opportunities through the offering of contract manufacturing services."
Avax intends to use the proceeds principally to continue the clinical and commercial development of its AC Vaccine therapeutic, to maintain its current operations and to market its services for contract manufacturing. Significantly, the company intends to capitalize on the following specific clinical development activities:
1) In consultation with AFSSAPS (the French regulatory authorities), the filing of a BLA (biologics license ...
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...University of Illinois, Chicago, a Company collaborator, showed that administration of the Company's hapten-modified AC Vaccine technology significantly improved relapse-free survival after removal of primary tumors in a mouse metastatic mammary tumor...
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...Inc. (CTCA) for AVAX's O-Vax, the AC Vaccine Therapeutic for the treatment of Ovarian Cancer and for...whole person - all under one roof." About the AC Vaccine Therapeutic The AC Vaccine is a therapeutic treatment prepared by attaching...
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...Inc. (CTCA) for AVAX's O-Vax, the AC Vaccine Therapeutic for the treatment of Ovarian Cancer and for...whole person - all under one roof." About the AC Vaccine Therapeutic The AC Vaccine is a therapeutic treatment prepared by attaching...
Source: HighBeam Research, Vaccine company completes bridge loan; provides clinical update.