AVAX Technologies, Inc. Closes Bridge Financing

Now has the Ability to Pursue Funding for a Phase III Clinical Trial for M-Vax(R)

PHILADELPHIA, December 16 - AVAX Technologies, Inc. (Pink Sheets: AVXT) ("AVAX" or the "Company")
today 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 US$0.004 per share. Assuming the conversion
of all shares underlying its convertible securities and the exercise of its
warrants, Firebird would control a majority voting interest in the Company
and it currently has a majority beneficial interest in AVAX.

The proceeds of the 2009 Financing are being used: (i) for working
capital; (ii) to recertify and operate AVAX's vaccine manufacturing facility
in Philadelphia, PA; and (iii) to pursue a recapitalization in an amount that
would enable AVAX to undertake a planned interim assessment in connection
with its pivotal Phase III clinical trial of M-Vax(R) for the treatment of
Stage IV melanoma. M-Vax(R) has been designated as an orphan drug by the Food
and Drug Administration ("FDA") and AVAX has reached agreement with the FDA
under its Special Protocol Assessment for eligibility to receive accelerated
approval of M-Vax(R).

The Company has also announced the addition of two additional Board
members: Howard S. Fischer, a former portfolio manager/research analyst with
Silverback Asset Management's Life Sciences fund and previously a senior
investment banker with UBS Global Healthcare Investment banking, and Anne T.
Kavanagh, former head of healthcare investment banking at PaineWebber and
Prudential Securities, CEO of Natwest Securities and a current Board of
Directors member of Destination Maternity (Nasdaq: DEST).

John Prendergast, Chief Executive Officer and Chairman of the Company,
stated, "We have always believed the data, science and economics surrounding
M-Vax(R) to be compelling and we were disappointed in 2007 when the capital
markets for cancer immunotherapies all but closed after the FDA did not
approve Dendreon's Provenge(R). While the clinical data surrounding our
technology had proved to be promising, and only months before the FDA's
Dendreon decision we raised US$10 million in support of our clinical program,
we were forced thereafter to substantially scale back operations because of
financing considerations. We are grateful for Firebird's continued support,
which will provide us the opportunity to pursue a capital raise allowing us
to conduct our pivotal Phase III M-Vax(R) trial to its planned interim
assessment point. Recent and anticipated news by companies involved with
cancer vaccines and immunotherapies has resulted in renewed interest in the
sector by institutional investors, larger pharma, biotechnology companies and
the medical and scientific communities at large. We believe that once AVAX is
reintroduced to those involved in our industry, they will find the
opportunities presented by the Company to be quite compelling." Dr.
Prendergast further commented, "We are delighted to have Anne Kavanagh and
Howard Fischer join our Board. Their backgrounds and capabilities will
greatly assist the Company reach its next important set of milestones, and to
reestablish itself in the capital markets."

The 2009 Financing triggered the anti-dilution provisions in the
definitive agreements from a 2008 bridge funding involving the sale of
convertible promissory notes and warrants ("the 2008 Financing") to certain
accredited investors (including Firebird) and current and then existing
insiders of the Company. The Company now has approximately 143 million common
shares outstanding. This number does not include approximately 564 million
common shares underlying convertible securities and the exercise of all
outstanding options and warrants, which assumes an amendment to the Company's
charter to increase the number of authorized shares. The holders of the notes
issued in the 2008 Financing have agreed to extend the maturity date of those
securities to June 30, 2010.

There is no assurance that the capital obtained in the 2009 Financing
will be sufficient for its intended purposes. In particular, there can be no
assurance that Company will successfully obtain required additional capital,
or, if that if obtained, the amounts will be sufficient to fund current or
anticipated operations, including, but not limited to, its anticipated
pivotal Phase III trial for M-Vax(R). The inability to secure additional
capital would have a material adverse effect on the Company, and it is
probable that in such eventuality the Company would lose control of its
manufacturing facilities and intellectual property, be forced to cease
operations and potentially seek bankruptcy relief. If the Company
discontinues its operations, it will not have sufficient funds to pay any
amounts to its stockholders.

The Note and the Warrant were sold without registration under the
Securities Act of 1933, as amended (the "Act") and may not be resold unless
subsequently registered under the Act or pursuant to an exemption from
registration under the Act.

About AVAX Technologies, Inc.

AVAX Technologies, Inc. is a biotechnology company with operations in the
United States and France. The Company is engaged in the research and clinical
and commercial development of biological products and cancer therapeutics.
The Company's AC Vaccine platform is a therapeutic cancer vaccine.

Certain statements in this release are "forward-looking" statements that
are made pursuant to the safe harbor provisions of 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 the Company 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. These statements include, but are not
limited to, the Company's immediate need to obtain additional funding to
continue to finance the Company, the Company's plans, objectives,
projections, expectations and intentions such as those relating to the future
development of M-Vax(R) and other vaccines. The Company does not undertake
any obligation to release publicly any revisions to these forward-looking
statements or to reflect the occurrence of unanticipated events.

Media contact: Jamie Bittenbender +1-215-241-9760

Jamie Bittenbender of AVAX Technologies, Inc., +1-215-241-9760