Exhibit 14

# CODE OF ETHICS

# AVAX TECHNOLOGIES, INC. and subsidiaries(As adopted June
14, 2005)

# Introduction

As employees, officers and
directors of AVAX Technologies, Inc. and its foreign and domestic subsidiaries (AVAX), we frequently encounter a
variety of ethical and legal questions. The way we decide these issues should be consistent with AVAXs basic values and
principles. AVAX expects all employees, officers and directors to obey the law and to act ethically  this includes everyone
from AVAXs board members and its chief executive officer to the most recently hired employee. This policy provides general
guidance for resolving a variety of ethical and legal questions for AVAXs employees, officers and directors. Those
individuals who work in specialized areas, such as financial reporting, government procurement and regulatory matters, must also
comply with additional functional guidelines.

As our business continues to
grow, we find ourselves subject to heightened regulatory scrutiny making adherence to basic corporate policies and general ethical
conduct extremely important. Because of the continuing need to reassess and clarify our practices, the contents of this Code of
Ethics (Code) will be updated as necessary. The Code is in addition to and supplemented by other AVAX policies,
guidelines and procedures, including the employee handbook (collectively the AVAX Policies), which continue to remain
in full effect following the adoption of the Code. It is your responsibility to review the Code and all other AVAX Policies. If
you have any questions with regard to the Code or the AVAX Policies, including how the policies affect you and your job at AVAX,
you should discuss them with your supervisor or other responsible person.

This Code is designed to
promote:

| |  |  | Honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional relationships;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Full, fair, accurate, timely, and understandable disclosure in
reports and documents that AVAX files with, or submits to, the U.S. Securities and Exchange Commission and in other public
communications made by the AVAX;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Compliance with applicable governmental laws, rules and
regulations;
| | - |  | --------------------------------------------------------------------

| |  |  | The prompt internal reporting to an appropriate person or persons
identified in the Code of violations of the Code; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------

| |  |  | Accountability for adherence to the Code.
| | - |  | -----------------------------------------

All employees, officers and
directors of AVAX are expected to be familiar with the Code and to adhere to those principles and procedures set forth herein.

-1-

---

# Honest and Candid Conduct

Each employee, officer and
director of AVAX owes a duty to the company to act with integrity. Integrity requires, among other things, being honest and
candid. Fraud, misrepresentation, and deceit are inconsistent with integrity and are not tolerated at AVAX. Each employee, officer
and director must:

| |  |  | Act with integrity, including being honest and candid while still
maintaining the confidentiality of information, where required or consistent with the AVAX Policies;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Deal fairly with AVAXs patients, clinical trial sponsors,
research partners, suppliers, competitors and employees, avoiding unfair advantage based on manipulation, concealment, abuse of
privileged information, misrepresentation of material facts or other unfair dealing practices;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Observe both the form and spirit of laws and governmental rules
and regulations, accounting standards and the AVAX Policies; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------

| |  |  | Adhere to a high standard of business ethics.
| | - |  | ---------------------------------------------

# Conflicts of Interest

A
Conflict of Interest occurs when an individuals private interest
interferes or appears to interfere with the interests of AVAX. A conflict of interest can
arise when an employee, officer or director takes actions or has interests that may make
it difficult to perform his or her work objectively and effectively. Common types of
conflicts of interest include:

Assisting a Competitor

An obvious conflict of
interest is providing assistance to an organization that markets products and services in competition with AVAXs current or
potential products or service offerings. You may not, without AVAXs consent, work for such an organization as an employee, a
consultant, or as a member of its board of directors or have any financial interest, including stock ownership, in any such
organization that might create or give the appearance of a conflict of interest.

Competing Against AVAX

Employees should be careful
not to become engaged in activities that conflict with AVAXs business interests. You may not commercially develop or market
products or services in competition with AVAXs current or potential product or service offerings.

Use of AVAXs Time
and Assets

You may not perform outside,
non-AVAX work or solicit such business on AVAX premises or while working on AVAX time, including time you are given with pay to
handle personal matters or while on a paid leave. Also, you are not permitted to use AVAX equipment, telephones, public folders,
networks, software, materials, resources or proprietary information for any outside work, particularly when it is for your
financial gain.

Your service to AVAX should
never be subordinated to personal gain and advantage. Conflicts of interest should, wherever possible, be avoided. Keep in mind
that anything that would present a conflict of interest for an employee, officer or director would likely also present a conflict
of interest if it is related to a member of his or her family.

-2-

---

Employees, officers and
directors should not usurp the business opportunities of AVAX. No employee, officer or director may (a) take for himself or
herself personally opportunities that are discovered through the use of AVAXs property, information or position, or (b) use
AVAX property, information or position for personal gain. Employees, officers and directors owe a duty to AVAX to advance its
legitimate interests when the opportunity to do so arises.

In addition, no officer or
director may (unless expressly waived or approved in accordance with this Code):

| |  |  | Accept any personal loan or guarantee of obligations from AVAX,
except to the extent such arrangements are legally permissible; or
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------

| |  |  | Conduct business on behalf of AVAX with immediate family members,
which include spouses, children, parents, siblings and persons sharing the same home, whether or not legal relatives, other than
employment of family members by the company, which employment arrangements are reported to the audit committee or compensation
committee, as appropriate, from time to time.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Disclosure

Each employee, officer and
director involved in AVAXs disclosure process including the chief executive officer and principal financial and accounting
officers (the Principal Executive Officers) is required to be familiar with and comply with AVAXs disclosure
controls and procedures and internal control over financial reporting, to the extent relevant to his or her area of
responsibility. This compliance is required so that AVAXs public reports and documents filed with the U.S. Securities and
Exchange Commission (SEC) or NASDAQ or any stock exchange comply in all material respects with the applicable laws and
regulations. In addition, each person having direct or supervisory authority regarding SEC filings or other public communications
concerning AVAXs business should, to the extent appropriate, consult with other officers and employees (and take other
appropriate steps) to ensure full, fair, accurate, timely and understandable disclosure is made.

Each employee, officer and
director who is involved in AVAXs disclosure process, including the Principal Executive Officers, must:

| |  |  | Familiarize himself or herself with the disclosure requirements
applicable to AVAX as well as the business and financial operations of the company;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Not knowingly misrepresent, or cause others to misrepresent, facts
about AVAX to others, whether within or outside the company, including to AVAXs independent auditors, governmental
regulators and self-regulatory associations; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Properly review and critically analyze proposed disclosure for
accuracy and completeness (or, where appropriate, delegate this task to others).
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------

-3-

---

# Compliance

It is AVAXs policy to
comply with applicable laws, rules and regulations. It is the personal responsibility of each employee, officer and director to
adhere to the standards and restrictions imposed by those laws, rules and regulations.

In the course of your
employment with AVAX, you may become aware of information about AVAX or other companies that has not been made public. The use of
such nonpublic or inside information about AVAX or another company for your own financial benefit is not only
unethical, but also may be a violation of law. U.S. law prohibits insider trading and deceptive practices in stocks and
securities; these prohibitions may apply outside the United States. AVAX will not tolerate the improper use of inside information
(for more information see Trading in AVAX Stock below).

This Code of Ethics reflects
general principles to help guide employees in making ethical decisions and cannot and is not intended to address every specific
situation. As such, nothing in this Code prohibits or restricts AVAX from taking any disciplinary action on any matters pertaining
to employee conduct, whether or not they are expressly discussed in this document. This Code is not intended to create any
expressed or implied contract with any employee or third party. In particular, noting in this document creates any employment
contract between AVAX and any of its Employees.

# Reporting Violations

AVAXs audit committee
is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to
interpret this Code in any particular situation. Any employee, officer or director who becomes aware of any existing or potential
violations of this Code should notify its appropriate Code of Ethics Contact Person. For officers and directors, the Code of
Ethics Contact Person is any member of AVAXs audit committee. For employees of the AVAX, the initial Code of Ethics Contact
Person is his or her applicable supervisor. If an employee is not comfortable making the disclosure to his or her supervisor or if
the violation involves such supervisor, the employee may contact Richard P. Rainey, AVAXs President, at the companys
home office. Disclosures may be sent to Mr. Rainey anonymously by letter or facsimile. An employee may also report serious
violations to any member of AVAXs audit committee, if warranted by the circumstances of the particular violation. If an
employee, officer or director is unsure of whether a situation violates this Code, he or she should discuss the situation with the
proper Code of Ethics Contact Person to prevent possible misunderstandings or embarrassment at a later date.

Pursuant to this Code, each
employee, officer and director must:

| |  |  | Notify the Code of Ethics Contact Person promptly of any existing
or potential violation of the Code;
| | - |  | -----------------------------------------------------------------------------------------------------

| |  |  | Not retaliate against any other employee, officer or director for
reports of potential violations that are made in good faith.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------

AVAX will handle all
inquiries discreetly and make every effort to maintain, within the limits allowed by the law, the confidentiality of anyone
requesting guidance or reporting a possible violation. In addition, federal laws and regulations applicable to AVAX make it
illegal for the company or its employees, officers and directors to retaliate against persons making disclosures of potential
violations of law. AVAX will protect all employees, officers and directors making disclosures of violations from such retaliation.

-4-

---

The audit committee (or other
appropriate supervisory officer in the case of employee violations) will take all action they consider appropriate to investigate
any violations reported to them. If a violation has occurred, AVAX will take such disciplinary or preventative action it deems
appropriate, after consultation with its legal counsel.

# Confidentiality

Confidential Information
means internal communications, business plans, and undisclosed financial information, information about our customers, information
about our patients and trade secrets of the company. It also means all nonpublic information that might be of use to competitors
or harmful to AVAX or our customers or patients, if disclosed. It includes, but is not limited to, research, design, development,
installation, purchasing, accounting, marketing, selling, servicing, finance, business systems, business practices, documentation,
methodology, procedures, manuals (both internal and user), program listings, source codes, working papers, customer lists,
marketing and sales materials not otherwise available to the general public, clinical trial results, sales activity information,
computer programs and software, compensation plans, performance evaluations, all other customer related data, and all other
nonpublic information of AVAX, its employees, customers and patients.

As an employee, officer or
director of AVAX, you have access to Confidential Information. You must at all times maintain the confidentiality of all
information entrusted to you, except when disclosure is authorized or legally mandated.

Inadvertent Disclosure

The unintentional disclosure
of Confidential Information can be just as harmful as intentional disclosure.

To avoid unintentional
disclosure, never discuss with any unauthorized person Confidential Information that has not been made public by AVAX. This
information includes unannounced business plans, prices, earnings, procurement plans, research results, etc. Furthermore, you
should not discuss Confidential Information even with authorized AVAX employees if you are in the presence of others who are not
authorized  for example, at an industry event or in a public area such as an elevator or an airplane. This also applies to
discussions with family members or with friends, who might innocently or inadvertently pass the information on to someone else.

Direct
Requests for Information

If
someone outside the company asks you questions about AVAX or its business activities,
either directly or through another person, do not attempt to answer them unless you are
certain you are authorized to do so. If you are not authorized, refer the person to the
appropriate source within the company. Industry analysts, including security analysts and
investors, should be referred to the companys chief executive officer. Under no
circumstances should you continue contact without guidance from AVAX. If you receive a
request for information or to conduct an interview from an attorney, an investigator, or
any law enforcement officer, and it concerns AVAX business, you should refer the request
to AVAXs President, Richard P. Rainey. Similarly, unless you have been authorized to
talk to reporters, or to anyone else writing about or otherwise covering the company or
the industry, direct the person to the companys chief executive.

-5-

---

Disclosure
and Use of Confidential Information

Besides
your obligation not to disclose any AVAX Confidential Information to anyone outside the
company, you are also required as an employee to use such information only in connection
with AVAXs business. These obligations apply whether or not you developed the
information yourself.

It
is inappropriate, under any circumstances, to forward company materials outside of AVAX
unless authorized to do so. This includes forwarding internal e-mails and posting to
external websites or chat boards.

This
policy also applies to our customers and patients information. It is a clear
violation of policy to grant unauthorized access to, manipulation of, or share
customers or patients information.

Trading
in AVAX Stock

Employees,
officers and directors, and members of their immediate families or households, may not
trade in or recommend AVAX stock based on inside information, or encourage others to trade
AVAXs stock, or the stock of a company whose inside information is acquired as a
direct result of being a AVAX employee. Insider Trading is the purchase or
sale of a security while in possession of material, nonpublic information about the issuer
of the security. Insider Trading, as well as tipping, which is communicating
material nonpublic information to anyone who might use it to purchase or sell securities,
are illegal under both U.S. federal and state securities laws. Violation of U.S.
securities laws may result in both criminal and civil penalties, ranging from monetary
fees to incarceration. When in doubt, information obtained as an employee, officer or
director of AVAX should be presumed to be material and nonpublic.

All
employees, officers and directors are prohibited from trading in AVAX stock during any
blackout period announced by AVAX. Officers and directors of AVAX are also
prohibited from trading in AVAX stock during any period in which participants in
AVAXs retirement plans cannot engage in similar transactions.

In
addition to the foregoing, each employee, officer and director is expected to comply with
AVAXs separate, more detailed Insider Trading Policy.

Leaving
AVAX

The
obligation to maintain and protect Confidential Information continues even after the end
of employment with the company or service on AVAXs board of directors.

# Protection of Company
Assets

All
employees, officers and directors should protect the assets of AVAX and ensure their
efficient use. Theft, carelessness and waste have a direct impact on the companys
profitability. All company assets should be used only for legitimate business purposes.

# Bribes, Gifts and
Entertainment

Under
no circumstances should any employee, officer or director of AVAX ever offer or accept a
bribe, for any reason whatsoever.

-6-

---

Gifts
offered to or exchanged by employees of different companies vary widely. They can range
from widely distributed advertising novelties of nominal value, which you may give or
accept, to bribes, which you unquestionably may not give or accept.

You
may pay for or accept customary business amenities such as meals, provided the expenses
involved are kept at a reasonable level and are not prohibited by law or known client
business practice.

If
you are offered money or a gift of more than nominal value, or if either arrives at your
home or office, tell your supervisor immediately. Appropriate arrangements will be made to
return or dispose of what has been received, and the supplier or client will be reminded
of AVAXs policy.

Relationships
with Government Employees

What
is acceptable practice in the commercial business environment, such as providing
education, transportation, entertainment or other things of value, may be entirely
unacceptable, and may even violate certain U.S., French or other federal, state or local
laws and regulations, in dealings with government employees or those who act on the
governments behalf. Therefore, you must be aware of and adhere to the relevant laws
and regulations governing relations between government clients and suppliers.

# Waivers of this Code of
Ethics

Any
amendment or waiver, including an implicit waiver, of this Code for the chief executive
officer or other principal financial or accounting officer may be made only by resolution
of AVAXs independent directors or audit committee and will be promptly disclosed as
required by law. The provisions of this Code may be waived for any other officer or
director by resolution of AVAXs audit committee.

#        #        #

---