AVAX Technologies, Inc. Closes Bridge Financing

AVAX Technologies, Inc. (Pink Sheets: AVXT) ("AVAX" or the "Company") announced that it recently closed a bridge loan financing (the "2009 Financing") pursuant to a Convertible Note and Warrant Purchase Agreement (the "Agreement") with Firebird Global Master Fund, Ltd., ("Firebird"). Pursuant to the Agreement, the Company sold a convertible promissory note, due June 30, 2010, in the aggregate principal amount of US$1,400,000, and issued a warrant to purchase an aggregate of 93,333,333 shares of the Company's common stock, par value $0.004 per share. Assuming the conversion of all shares underlying its convertible securities and the exercise of its warrants, Firebird would control a...

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