PhillyInc

Philadelphia-based biotech Avax Technologies Inc. says in an SEC filing today that, essentially, it has laid off too many people and been too busy raising money to file its paperwork on time: "The registrant is unable to complete the preparation of its quarterly report on Form 10-QSB for the quarter ended March 31, 2007 on a timely basis due to the limited executive and staff resources of the registrant (which have been significantly reduced to reduce the cash needs of the registrant), the efforts of management to complete a private offering of securities in April 2007, and the efforts of management to complete and file the Company's annual report on Form 10-KSB for the year ended December 31, 2006, which was filed on May 9, 2007." - Jonathan Berr