PHILADELPHIA, Oct. 19, 2015 /PRNewswire/ -- AVAX Technologies, Inc. (USOTC:AVXT), a pioneer and leader in the clinical development and production of autologous cancer immunotherapy vaccines, is pleased to announce the expansion of its executive team with the appointment of Adele Sommerfeld as Chief Executive Officer. Ms. Sommerfeld joins the AVAX management team with a breadth of experience within the biotechnology industry, spanning over 25 years. She brings significant experience across functional areas including biotechnology equity financing transactions, corporate strategy, strategic partnering, and business development. Ms. Sommerfeld has a MBA and M.Sc. in Molecular Genetics from the University of Toronto. "I am excited about the prospects and potential of AVAX as we move forward in re-launching the company's significant achievements back into the mainstream. As a pioneer in the immuno-oncology arena, AVAX has successfully moved two vaccines into clinical development, has built a vaccine production facility, and has a patented Autologous Cell vaccine technology platform. Furthermore, the enhanced management team will continue to focus on closing the previously announced $45 million financing, advancing AVAX's proprietary cancer immunotherapy vaccines through clinical and commercial development, and developing future next generation products that leverage off of the Company's proven AC technology platform and intellectual property," said Adele Sommerfeld.
Andrew Dahl, the Chairman of the Board of Directors of AVAX, stated, "The Board of Directors is pleased to welcome Adele Sommerfeld as CEO of AVAX. We are excited to have the opportunity to enhance the management team with Adele's experience in biotech financing and business development. I would like to thank our major shareholder, Firebird Management, for its continued support of AVAX and belief in the medical and economic value of our proprietary cancer immunotherapy technology. We believe that AVAX is positioned to continue its pioneering work in the field of cancer immunotherapy."
About AVAX Technologies, Inc. (USOTC:AVXT)
AVAX Technologies, Inc., a pioneer in cancer vaccine development, was founded in 1990 and is based in Philadelphia, Pennsylvania. Although subject to the same FDA regulations as other biological products, vaccines are inherently more difficult to develop, characterize, and manufacture than most pharmaceutical products. Vaccine development and commercialization is a long complex process. AVAX is a leader in terms of stage of development and commercial readiness in the immuno-oncology arena. Today, the cGMP approved facility is in Philadelphia and represents one of the very few autologous vaccine approved production facilities in the world.
AVAX's core technology platform, termed, Autologous Cell ("AC") Vaccine Technology is a universal platform approach to individualized cancer vaccine therapy. AVAX has 2 vaccines that have completed phase 2 clinical trials, both designated with Orphan Drug Status. M-Vax is a post-surgical autologous cell vaccine for melanoma, which was approved to enter a Phase III-REGISTRATION trial for the treatment of Stage 4 melanoma patients with measurable metastasis. O-Vax - is AVAX's post-surgical autologous cell vaccine for Stage 3 & 4 ovarian cancer. The O-Vax trial is a phase I/II trial that has completed enrollment and is in the process of gathering follow-up data on all patients. This data will be submitted to FDA when complete and will be used to file an application in support of a follow-on phase II or phase III trial. In addition, the Company's pipeline includes a second generation autologous vaccine, developed by the inventor of MVax and OVax. Finally, the Company has an extensive bio-bank of lymphocytes and tumor cells from AC Vaccine-treated patients that may be of commercial interest as a key to identifying new human cancer antigens.
Further information about AVAX can be found on the Company website (www.avax-tech.com), 2000 Hamilton St., Suite #204, Philadelphia, Pennsylvania 19130, Telephone: 215-241-9760
Statements made in this news release contain forward-looking statements that are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described. Statements made in this news release that are not historical facts, including statements concerning future treatment of patients using O-Vax and M-Vax and future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, that are not historical fact, are statements that could be deemed forward-looking statements, including estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, and regulatory or clinical results or practices. More specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as risks related to the Company's ongoing ability to raise additional capital, risks related to the Company's ability to enroll patients in its clinical trials and complete the trials on a timely basis, uncertainties about the clinical trial process, uncertainties about the timely performance of third parties, and risks related to whether the Company's products will demonstrate safety and efficacy. Words such as "expect," "believe," "intend," "design," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve significant risks and uncertainties, including those discussed herein and more fully described in the Securities and Exchange Commission (SEC) reports filed by AVAX.
Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. Clinical and commercial development for existing product candidates cannot be guaranteed and movement from the clinic phase to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new product will be successful and become a commercial product. The length of time that it takes to complete clinical trials and obtain regulatory approval for product marketing varies. We cannot guarantee that we will be able to produce commercially successful product. You should not place undue reliance on any forward-looking statements. Our stock price may be affected by actual or perceived market opportunity, competitive position, and success or failure of our product candidates. The Company assumes no obligation to update any forward-looking statements, as a result of new information, future events or developments, except as required by securities laws.
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SOURCE AVAX Technologies, Inc.