AVAX REPORTS REVENUE INCREASES 52% OVER PRIOR YEAR.

AVAX Technologies, Inc. (BULLETIN BOARD: AVXT), Philadelphia, has announced financial results for the first quarter ended March 31, 2004. Net loss decreased for the three-month period ended March 31, 2004 to $1,081,600 from $1,104,490 for the same period in the prior year. Total revenue in the first quarter 2004 was $347,703 versus $228,615 for the same period in the prior year. The increase in revenue was attributed to contract manufacturing and product sales recorded in the current year. Manufacturing, research and development expenses in the first quarter 2004 increased to $849,299 from $786,555 for the prior year first quarter while administrative expenses decreased to $495,336 from $556,563 in the same period of 2003. The company recorded interest expense of $85,992 in the first quarter 2004 with no comparative amount in the prior year. Operating cash outflows for the first quarter 2004 decreased to $402,608 from $2,287,214 for the same period in 2003.

The company has completed the previously announced private placement of common stock realizing gross proceeds of $3,050,000. Proceeds received net of commissions payable to advisors were $2,931,000.

Commenting on the company's recent operations, Rich Rainey, president of AVAX, stated "During the first quarter our revenue increased while we maintained a tight control on our expenses. We signed a contract manufacturing alliance during the quarter that, in addition to providing funding of $1,500,000 per year for each of the next two years, has allowed us to deploy our personnel and infrastructure in order to maximize our manufacturing capabilities. In addition, we filed two IND's for two new cancer indications for the AC Vaccine and have continued the preparation of our BLA submission in France for the treatment of Stage III melanoma with the AC Vaccine." Relating to the completion of the Private Placement, Rainey commented, "With the closing of this current financing, we will be able to continue to advance our clinical development efforts related to each of our research programs."

AVAX Technologies, Inc. is a biotechnology company with operations in the United States and Europe. The company is engaged in the research, clinical and commercial development of biological products and cancer therapeutics. In addition the company offers contract-manufacturing services of biological products to other pharmaceutical and biotechnology companies.

For more information, call 215/241-9760 or visit http://www.avax-tech.com.