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Philadelphia biotech firm resolves debt dispute with cancer hospital

2015-08-06 00:33:46| Biotech - Topix.net

Avax Technologies , a Philadelphia-based biotechnology company developing cancer immunotherapy products, said Wednesday it has reached a settlement with the Cancer Treatment Centers of America to resolve its debt dispute with the cancer hospital network. Under the terms of the agreement, CTCA has agreed to settle its $5.8 million judgment against Avax in exchange for 860,000 shares of the company preferred Series A stock and a one-time payment of $1.5 million in cash.

Tags: firm hospital cancer debt

Category:Biotechnology and Pharmaceuticals

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