Avax Technologies and Neptunus International Holdings Limited execute joint venture agreement to market AC Vaccine™ Technology

November 30, 1999

Company Contact: Jeffrey M. Jonas, MD AVAX Technologies, Inc. (816) 960-1333 Investors/Media: Olga Fleming/Sue Yeoh CPR Financial Communications (201) 641-2408 FOR IMMEDIATE RELEASE AVAX TECHNOLOGIES AND NEPTUNUS INTERNATIONAL HOLDINGS LIMITED EXECUTE JOINT VENTURE AGREEMENT TO MARKET AC VACCINE™ TECHNOLOGY IN AUSTRALIA AND NEW ZEALAND -AVAX Australia Pty. Ltd. Receives $3.6 Million (AUD) from NIHL to Begin Commercialization Process- - Joint Venture on Track to Market Melanoma Vaccine in 2000 - Kansas City, MO, December 1, 1999 -- AVAX Technologies, Inc. (NASDAQ: AVXT) today announced that it has executed its joint venture agreement with Neptunus International Holdings Limited (NIHL) in Australia, under the subsidiary name, AVAX Australia Pty. Ltd. AVAX Australia will manufacture and market AVAX's autologous cancer vaccine (AC Vaccine™) for melanoma, M-Vax™, in Australia and has similar rights in New Zealand. As part of the agreement, AVAX Australia has received $3.6 million (AUD) and will receive an additional $0.4 million (AUD) within thirty days from NIHL for the purchase of a 20% interest in the joint venture. NIHL also has the option to purchase an additional 30% interest for $6.0 million (AUD). Under the terms of the agreement, AVAX has also been granted options to purchase common stock equivalent to 5% of NIHL's fully diluted shares. In June 1999, AVAX announced that it had received notice from Australia's Therapeutic Goods Administration (TGA) that M-Vax may be made available for commercial sale, subject only to licensure of a manufacturing facility. M-Vax, AVAX's lead cancer vaccine, is currently in pivotal registration trials in the United States for patients with Stage III melanoma, a deadly form of skin cancer. Jeffrey M. Jonas, M.D., President and CEO of AVAX Technologies, Inc., stated, "We are very pleased to execute this important agreement with NIHL, another step in becoming the first company to market an autologous melanoma vaccine. We are very excited by the commercialization opportunities present in Australia, as this market allows us to demonstrate once again the validity of our business model and the ease of marketing a custom product. At this time, we are in the final stages of choosing a location for our clean-room facility, which will be the manufacturing and distribution center for M-Vax in Australia. We expect to begin the build-out of this facility by January 2000." M-Vax, a therapeutic cancer vaccine, is an essentially non-toxic, post-surgical experimental treatment for Stage III melanoma. To date, over 350 patients have been treated with M-Vax on an outpatient basis in the U.S. In Phase 2 studies, patients with Stage III melanoma demonstrated a five-year survival rate of 55%. AVAX Technologies, Inc. specializes in the development and commercialization of novel biotechnologies, immunotherapies and pharmaceuticals for cancer and other life-threatening diseases using three core technologies: the AC Vaccine technology, topoisomerase inhibitors and anti-estrogens. # # # 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 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 stage 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 31,1998. 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.

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