SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                   FORM 10-QSB


|X|  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934

                  For the quarterly period ended March 31, 1998

                                       or

|_|  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

           For the transition period from _____________ to ___________

                       Commission file number ____________


                             AVAX TECHNOLOGIES, INC.
        (Exact name of small business issuer as specified in its charter)

           Delaware                                              13-3575874     
(State or other jurisdiction of                               (I.R.S. Employer  
incorporation or organization)                               Identification No.)

       4520 Main Street, Suite 930                                 64111    
          Kansas City, Missouri                                 (Zip Code)  
(Address of principal executive offices)                       

       Registrants's telephone number, including area code: (816) 960-1333

      Securities registered under Section 12 (b) of the Exchange Act: None

         Securities registered under Section 12 (g) of the Exchange Act:

                     Common Stock, par value $.004 per share

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. |X| Yes |_| No

As of April 5, 1998,  4,923,570  shares of the  Registrant's  common stock,  par
value $.004 per share, were outstanding.

Documents incorporated by reference:  None.

Transitional Small Business Disclosure Format: |_| Yes        |X| No


<PAGE>



                             AVAX TECHNOLOGIES, INC.

                                Table of Contents

                                                                          Page
                                                                          ----

PART I - FINANCIAL INFORMATION

     Item 1. Financial Statements
             BALANCE SHEETS -- As of December 31, 1997
                and March 31, 1998 (unaudited) ......................... Page 3

             STATEMENTS  OF  OPERATIONS  (unaudited)  -- For the  
               Three  Months  Ended March 31, 1997 and March 31, 1998;
               and   for   the   Period   from    January   12,   1990
               (Incorporation) through March 31, 1998 .................. Page 4

             STATEMENTS  OF CASH  FLOWS  (unaudited)  -- For the  
               Three  Months  Ended  March 31, 1997 and March 31, 1998
               and   for   the   Period   from    January   12,   1990
               (Incorporation) through March 31, 1998 .................. Page 5

             Notes to Financial Statements ............................. Page 7


     Item 2. Management's Discussion and Analysis of Financial 
                Condition and Results of Operations .................... Page 9


PART II - OTHER INFORMATION

     Item 1.  Legal Proceedings. ....................................... Page 11

     Item 2.  Change in Securities. .................................... Page 11

     Item 3.  Defaults Upon Senior Securities. ......................... Page 11

     Item 4.  Submission of Matters to a Vote of Security Holders. ..... Page 11

     Item 5.  Other Information. ....................................... Page 11

     Item 6.  Exhibits and Reports on Form 8-K. ........................ Page 11


     Signatures ........................................................ Page 12


                                     Page 2
<PAGE>


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

                             AVAX Technologies, Inc.
                          (a development stage company)
                                 Balance Sheets

<TABLE>
<CAPTION>
                                                                   December 31,       March 31,
                                                                       1997             1998
                                                                   ----------------------------
Assets                                                                              (Unaudited)
<S>                                                                <C>             <C>         
Current assets:
   Cash and cash equivalents                                       $  6,820,884    $  3,388,303
   Marketable securities                                              9,102,028      11,264,405
   Common stock receivable from a related party                       1,200,000              --
   Prepaid expenses and other current assets                            154,929         111,308
                                                                   ----------------------------
Total current assets                                                 17,277,841      14,764,016
Furniture and equipment, at cost                                         91,959         103,739
   Less accumulated depreciation                                         14,967          19,582
                                                                   ----------------------------
Net furniture and equipment                                              76,992          84,157
                                                                   ----------------------------
Total assets                                                       $ 17,354,833    $ 14,848,173
                                                                   ----------------------------

Liabilities and stockholders' equity Current liabilities:
   Accounts payable and accrued liabilities                        $    353,726    $    380,096
   Amount payable to preferred stockholders                           1,150,200              --
   Amount payable to Former Officer                                      49,800              --
                                                                   ----------------------------
Total current liabilities                                             1,553,726         380,096
Commitments and contingencies
Stockholders' equity :
   Preferred stock, $.01 par value:
     Authorized shares - 5,000,000, including
       Series B - 300,000 shares
     Series B convertible preferred stock:
       Issued and outstanding shares - 204,159 and 193,202 at
         December 31, 1997  and  March 31,  1998, respectively
        (liquidation preference - $27,561,465 and $26,082,270 at
         December 31, 1997 and March 31, 1998, respectively)              2,041           1,932
   Common stock, $.004 par value:
     Authorized shares - 50,000,000
     Issued and outstanding shares - 4,582,305 and 4,868,137 at
        December 31, 1997 and March 31, 1998, respectively               18,329          19,472
   Additional paid-in capital                                        23,995,640      23,994,606
   Subscription receivable                                                 (432)           (432)
   Deferred compensation                                               (694,324)       (627,048)
   Deficit accumulated during the development stage                  (7,520,147)     (8,920,453)
                                                                   ----------------------------
Total stockholders' equity                                           15,801,107      14,468,077
                                                                   ----------------------------
Total liabilities and stockholders' equity                         $ 17,354,833    $ 14,848,173
                                                                   ----------------------------
</TABLE>


See accompanying notes.


                                     Page 3
<PAGE>


                             AVAX Technologies, Inc.
                          (a development stage company)
                            Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                             Period from
                                                                              January 12, 
                                                                                1990
                                                                           (Incorporation)
                                                  Three months ended             to
                                                       March 31,              March 31,
                                                 1997            1998           1998
                                            --------------------------------------------
<S>                                         <C>             <C>             <C>         
Gain from sale of the Product               $         --    $         --      $  1,951,000

Costs and expenses:
   Research and development                      379,769         957,364       5,758,649
   Marketing and selling                              --              --         543,646
   General and administrative                    822,513         650,652       6,212,796
                                            --------------------------------------------
Total operating loss                          (1,202,282)     (1,608,016)    (10,564,091)

Other income (expense):
   Interest income                               279,965         207,710       2,144,163
   Interest expense                              (39,848)             --        (646,293)
   Other, net                                         --              --         145,768
                                            --------------------------------------------
Total other income, net                          240,117         207,710       1,643,638
                                            --------------------------------------------

Net loss                                        (962,165)     (1,400,306)     (8,920,453)
Amount payable for liquidation preference
                                                      --              --      (1,870,033)
                                            --------------------------------------------
Net loss attributable to common
   stockholders                             $   (962,165)   $ (1,400,306)   $(10,790,486)
                                            ============================================

Net loss per common share - basic           $       (.28)   $       (.30)
                                            =============================

Weighted average number of common shares
   outstanding                                 3,379,450       4,725,221
                                            =============================
</TABLE>


See accompanying notes.


                                     Page 4
<PAGE>


                             AVAX Technologies, Inc.
                          (a development stage company)
                            Statements of Cash Flows
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                 Period from
                                                                                  January 12, 
                                                                                    1990
                                                                               (Incorporation)
                                                      Three months ended             to
                                                           March 31,              March 31,
                                                     1997            1998           1998
                                                --------------------------------------------
<S>                                             <C>             <C>             <C>         
Operating activities
Net loss                                        $   (962,165)   $ (1,400,306)   $ (8,920,453)
Adjustments to reconcile net loss to net
   cash used in operating activities:
     Depreciation and amortization                    69,678          71,891         584,212
     Gain from sale of the Product                        --              --      (1,951,000)
     Gain on sale of intellectual property                --              --            (787)
     Accretion of interest on common stock
       receivable                                    (39,848)             --        (449,000)
     Accretion of interest on amount
       payable to preferred stockholders
       and Former Officer                             39,848              --         449,000
     Loss on sale or abandonment of
       furniture and equipment                            --              --          37,387
     Issuance of common stock for services                --              --         147,000
     Changes in operating assets and
       liabilities:
       Prepaid expenses and other
         current assets                              (24,519)         43,621        (111,308)
       Accounts payable and accrued
         liabilities                                  41,234          26,370         380,096
       Amount payable to Former Officer                   --              --          80,522
                                                --------------------------------------------
Net cash used in operating activities               (875,772)     (1,258,424)     (9,754,331)

Investing activities
Purchase of marketable securities and
   short-term investments                         (2,055,372)     (2,162,377)    (18,380,877)
Proceeds from sale of short-term investments              --              --       7,116,472
Purchases of furniture and equipment                 (13,828)        (11,780)       (169,673)
Proceeds from sale of furniture and equipment
                                                          --              --           4,600
Organization costs incurred                               --              --          (1,358)
                                                --------------------------------------------
Net cash used in investing activities             (2,069,200)     (2,174,157)    (11,430,836)
</TABLE>



                                     Page 5
<PAGE>


                             AVAX Technologies, Inc.
                          (a development stage company)
                      Statements of Cash Flows (continued)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                 Period from
                                                                                  January 12, 
                                                                                    1990
                                                                               (Incorporation)
                                                      Three months ended             to
                                                           March 31,              March 31,
                                                     1997            1998           1998
                                                --------------------------------------------
<S>                                             <C>             <C>             <C>         
Financing activities
Proceeds from issuance of notes payable to
   related party                                $         --    $         --    $    957,557   
Principal payments on notes payable to          
   related party                                          --              --        (797,000)
Proceeds from loans payable                               --              --       1,389,000
Principal payments on loans payable                       --              --      (1,389,000)
Payments for fractional shares from reverse     
   splits and preferred stock conversions                 --              --             (76)
Financing costs incurred                                  --              --         (90,000)
Payments received on subscription receivable              --              --           4,532
Proceeds received from exercise of stock        
   warrants                                               --              --           6,250
Net proceeds received from issuance of          
   preferred and common stock                             --              --      24,492,207
                                                --------------------------------------------
Net cash provided by financing activities                 --              --      24,573,470
                                                --------------------------------------------
                                                
Net increase (decrease) in cash and cash        
   equivalents                                    (2,944,972)     (3,432,581)      3,388,303
Cash and cash equivalents at beginning          
   of period                                      13,832,179       6,820,884              --
                                                --------------------------------------------
Cash and cash equivalents at end of period      $ 10,887,207    $  3,388,303    $  3,388,303
                                                ============================================
                                                
Supplemental disclosure of cash flow            
   information                                  
Interest paid                                   $         --    $         --    $    197,072
                                                ============================================
</TABLE>                                       

See accompanying notes.



                                     Page 6
<PAGE>


                             AVAX Technologies, Inc.
                      (formerly Walden Laboratories, Inc.)
                          (a development stage company)
                    Notes to Financial Statements (Unaudited)
               For the Three Months ended March 31, 1997 and 1998


1.   Description of Business

AVAX(TM)   Technologies,   Inc.   (the   Company)   is   a   development   stage
biopharmaceutical company.

In November 1995,  the Company sold its leading  product under  development,  an
over-the-counter   nutritional,   dietary,  medicinal  and/or  elixorative  food
supplement  or drug  and  all of the  related  patents  and  other  intellectual
property (the Product).

Also in November  1995,  the Company  entered into a license  agreement with the
Thomas Jefferson University (TJU) to develop,  commercially manufacture and sell
products  embodying  immunotherapeutic  vaccines for the  treatment of malignant
melanoma and other cancers (the Invention).

In December 1996, the Company entered into a license agreement with Rutgers, The
State  University  of New Jersey and the  University  of Medicine and  Dentistry
(collectively,  Rutgers) to develop,  commercially manufacture and sell products
embodying  a series of  compounds  for the  treatment  of cancer and  infectious
diseases (the Rutgers Compounds).

In February  1997, the Company  entered into a license  agreement with The Texas
A&M University System (Texas A&M) to develop,  commercially manufacture and sell
products  embodying a series of compounds for the treatment of cancer (the Texas
A&M Compounds).

The  Company's   business  is  subject  to  significant  risks  consistent  with
biotechnology  companies that are developing products for human therapeutic use.
These risks include,  but are not limited to,  uncertainties  regarding research
and development,  access to capital,  obtaining and enforcing patents, receiving
regulatory approval, and competition with other biotechnology and pharmaceutical
companies.  The  Company  plans to continue  to finance  its  operations  with a
combination of equity and debt financing and, in the longer term,  revenues from
product  sales,  if  any.  However,  there  can be no  assurance  that  it  will
successfully  develop any product or, if it does, that the product will generate
any or sufficient revenues.


2.  Basis of Presentation

The accompanying  financial statements have been prepared by the Company without
audit,  in accordance with GAAP for interim  financial  information and with the
rules  and   regulations  of  the  Securities  and  Exchange   Commission   (the
"Commission").  Certain information and footnote disclosure normally included in
the Company's audited annual financial  statements has been condensed or omitted
in the Company's  interim financial  statements.  In the opinion of the Company,
these  financial  statements  contain  all  adjustments  (consisting  of  normal
recurring  adjustments)  necessary  for a  fair  presentation.  The  results  of
operations  for the three  month  periods  ended March 31, 1997 and 1998 may not
necessarily  be indicative  of the results of  operations  expected for the full
year,  except that the Company expects to incur a significant  loss for the year
ended December 31, 1998.

The  accompanying  financial  statements and the related notes should be read in
conjunction with the Company's audited financial  statements for the years ended
December 31, 1997 and 1996 included in the Company's  Registration  Statement on
Form SB-2, Registration No. 333-09349.


                                     Page 7
<PAGE>



3. Net Loss per Common Share

In 1997, the Financial  Accounting  Standards  Board (FASB) issued  Statement of
Financial  Accounting  Standards (SFAS) No. 128,  "Earnings Per Share." SFAS No.
128 replaced the  calculation  of primary and fully  diluted  earnings per share
with basic and diluted  earnings per share.  Unlike primary  earnings per share,
basic earnings per share exclude any dilutive  effects of options,  warrants and
convertible  securities.  Diluted  earnings  per  share is very  similar  to the
previously  required  fully diluted  earnings per share.  All earnings per share
amounts for all periods have been presented, and where appropriate,  restated to
conform to the SFAS No. 128 requirements.

Net loss per share is based on net loss  divided by weighted  average  number of
shares of common stock outstanding  during the respective  periods,  adjusted to
reflect the reverse stock splits.  The weighted  average number of common shares
outstanding has been calculated in accordance with Staff Accounting  Bulletin 83
(SAB 83) of the Securities and Exchange Commission.  SAB 83 requires that shares
of common  stock,  warrants  and  options  issued one year prior to the  initial
filing of a registration  statement  relating to an initial  public  offering at
amounts  below the  public  offering  price be  considered  outstanding  for all
periods  presented  in the  Company's  registration  statement.  For purposes of
calculating  the  net  loss  per  share,  the  private  placement  of  Series  B
convertible  preferred stock,  completed in June 1996, has been considered to be
the equivalent of an initial filing of a registration  statement  relating to an
initial public offering, and the initial public offering price was determined to
be $3.92 per share by assuming that the preferred  stock issued was  immediately
converted into common stock. Those shares of common stock, warrants and options,
considered as cheap stock in accordance with SAB 83, were considered outstanding
for  all  periods,  prior  to  July  10,  1997,  at  which  time  the  Company's
registration  statement  on Form SB-2 to register the shares sold in the private
placement was declared effective.

Prior to the first closing of a private  placement on May 15, 1996,  the Company
effected a 1-for-2 reverse stock split of the Company's  common stock.  Pursuant
to an amendment to the Company's Certificate of Incorporation dated May 7, 1997,
a second 1-for-2 reverse split of the Company's  common stock was effected as of
the close of  business  on May 13,  1997.  All  outstanding  share and per share
amounts included in the accompanying  financial statements have been adjusted to
reflect both 1-for-2 reverse stock splits.


                                     Page 8
<PAGE>


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

PLAN OF OPERATION

Statements in this Form 10-QSB that are not descriptions of historical facts are
forward-looking  statements,  within  the  meaning  of  the  Private  Securities
Litigation  Reform Act of 1995,  that are  subject  to risks and  uncertainties.
Actual results could differ materially from those currently anticipated due to a
number of factors,  including those set forth in the Company's filings under the
Securities Act of 1933 and under the Securities Exchange Act of 1934,  including
under the headings "Risk Factors" and elsewhere,  including, without limitation,
risks  relating  to the  early  stage  of the  Company  and its  products  under
development,  government regulation,  dependence on third parties, patent risks,
lack of  manufacturing  facilities and  competition.  The Company  undertakes no
obligation to publicly update or revise any forward-looking statements,  whether
as a result of new events, future information or otherwise.

The Company is currently  engaged in the  development and  commercialization  of
biotechnology and  pharmaceutical  products and technologies.  In November 1995,
the Company acquired the rights to the AC Vaccine(TM) technology pursuant to the
TJU  License.  The  Company  initially  intends to be engaged  primarily  in the
development and  commercialization of the AC Vaccine technology,  as well as the
potential  anti-cancer and  anti-infective  technology  licensed pursuant to the
Rutgers License and the potential  anti-cancer  technology  licensed pursuant to
the Texas A&M License. The Company anticipates that during the next 12 months it
will conduct substantial  research and development of the AC Vaccine technology,
including,  without  limitation,  Phase III clinical  trials on  M-Vax(TM),  the
Company's lead AC Vaccine technology for metastatic  melanoma.  The Company also
anticipates  that it will  expend  substantial  resources  on the  research  and
development of that same  technology  for the treatment of other cancers,  which
may include  ovarian,  breast,  prostate,  lung and colorectal  cancer and acute
myelogenous leukemia (AML). For example,  the Company is treating  post-surgical
stage 3 patients in its Phase I/II clinical  trial of O-Vax(TM),  its AC Vaccine
for ovarian cancer.  This trial is being conducted at TJU under the direction of
Dr. David Berd. The Company also plans to initiate a similar Phase I/II clinical
trial of C-Vax(TM),  its AC Vaccine for  colorectal  cancer,  within the next 12
months.  It is also expected that during the next 12 months, in order to support
these clinical trial efforts, the Company will be required to expend substantial
resources on the  establishment of laboratory  facilities for the manufacture of
its products.

In connection with the Company's strategy to acquire,  develop and commercialize
other potential  biotechnology products and technologies,  in December 1996, the
Company acquired the exclusive worldwide rights to a series of compounds for the
potential  treatment  of cancer  and other  infectious  diseases  from  Rutgers.
Additionally,  in February  1997, the Company  acquired the exclusive  worldwide
rights to another series of compounds for the potential treatment of cancer from
Texas A&M.  Pursuant  to the Rutgers  License,  the Texas A&M  License,  and the
related  sponsored  research  agreements with each of Rutgers and Texas A&M, the
Company intends to expend substantial  resources on the research and development
of these compounds.

While there can be no assurance, the Company may acquire additional products and
technologies  during the next 12  months,  which may or may not be in the cancer
immunotherapy  field.  Should the Company  acquire such  additional  products or
technologies,  it is anticipated  that such additional  products or technologies
will  require  substantial  resources  for  research,  development  and clinical
evaluation.  However, there can be no assurance that the Company will be able to
obtain the additional financing necessary to acquire and develop such additional
products and technologies.  In addition, there can be no assurance, that changes
in the Company's  research and development plans or other changes which would or
could alter the  Company's  operating  expenses  will not require the Company to
reallocate  funds  among its planned  activities  and  curtail  certain  planned
expenditures.  In such event, the Company may need additional  financing.  There
can  be no  assurance  as to  the  availability  or the  terms  of any  required
additional financing, when and if needed. In the event that the Company fails to
raise  any  funds  it  requires,   it  may  be  necessary  for  the  Company  to
significantly curtail its activities or cease operations.



                                     Page 9
<PAGE>


The Company's  Research and  Development  expenses have increased  significantly
from  $378,000 in the three months ended March 31, 1997 to $957,000 in the three
months ended March 31, 1998. The increase relates primarily to the progress made
in  preparing  the AC  Vaccine  technology  for  phase  III  clinical  trials in
melanoma,  commencement of a  proof-of-concept  study in ovarian cancer with the
same  technology  and  completion of a Class 10,000 "clean room"  laboratory for
clinical  manufacturing  of the  vaccine and  ongoing  expenses  related to that
facility.  Research  and  development  costs  have  also  increased  due  to the
licensing  of  the  topoisomerase  inhibitor  compounds  from  Rutgers  and  the
licensing  of the  anti-estrogen  compounds  from  Texas  A&M and costs of their
ongoing  development.  General and  administrative  expenses have decreased from
$823,000  in the three  months  ended  March 31,  1997 to  $651,000 in the three
months ended March 31, 1998 due primarily to the completion of the  registration
of the shares issued in the Company's 1996 private  placement and the listing of
such shares on the Nasdaq Small Cap Market in early 1997 and the  non-recurrence
of these costs in 1998. The Company  anticipates  that, over the next 12 months,
expenses will continue to increase,  particularly  as development  proceeds with
the AC Vaccine and the Rutgers and Texas A&M Compounds.

Also,  during the past 12 months,  the Company  hired two new  employees  and it
anticipates  that over the next 12 months it may hire  additional new employees,
particularly in connection with the establishment of facilities for the clinical
development and manufacture of the AC Vaccine products or any other technologies
which may have  been,  or may be,  acquired.  The  timing and cost of hiring any
additional  employees  or  the  establishment  of any  such  facility  may  vary
depending on need and currently cannot be predicted with any certainty, however,
the Company currently  estimates that the establishment of its GMP manufacturing
facility in Philadelphia will necessitate approximately $1,500,000 to $2,500,000
in funding, and take approximately six-to-twelve months to complete. The initial
$150,000 in funding for such  facility is expected to come from a mortgage  loan
from the Philadelphia  Economic  Development  Corporation referred to below. The
balance of such funding is expected to come from the Company's  existing working
capital.

LIQUIDITY AND CAPITAL RESOURCES

The  Company  currently   anticipates  that  its  current  resources  should  be
sufficient to fund operations for approximately the next 21-33 months based upon
the Company's  current  operating plan. The Company does not currently expect to
be required to raise  additional  capital in the next 12 months,  although  from
time to time, depending upon its anticipated future needs, the Company may avail
itself of opportunities  in the capital markets to raise  additional  capital if
acceptable terms may be obtained.  However,  since the Company's working capital
requirements will depend upon numerous factors,  including,  without limitation,
progress of the Company's  research and  development  programs,  preclinical and
clinical testing, timing and cost of obtaining regulatory approvals,  changes in
levels of resources that the Company devotes to the development of manufacturing
and marketing capabilities,  competitive and technological  advances,  status of
competitors,   and  the  ability  of  the  Company  to  establish  collaborative
arrangements  with  other  organizations,  there  can be no  assurance  that the
Company  will be  able to  meets  its  business  objectives  under  its  current
operations plan and/or not need to raise additional  capital.  Since the Company
has no committed  external  sources of capital,  and expects no product revenues
for the foreseeable future, it will likely require additional  financing to fund
future operations.  The Company has received authorization from the Philadelphia
Economic Development Corporation for a $150,000 Economic Stimulus Mortgage Loan,
at a fixed interest rate of 3 percent, to assist the Company in establishing its
GMP manufacturing  facility in Philadelphia.  The loan is subject to negotiation
and execution of definitive documentation.  There can be no assurance,  however,
that the Company will be able to obtain additional funds it will require for its
projects on acceptable terms, if at all. If adequate funds are not available the
Company may be required to delay,  reduce the scope of or eliminate  one or more
of its research or development  programs;  to obtain funds through  arrangements
with collaborative partners or others that may require the Company to relinquish
rights to certain technologies,  product candidates or products that the Company
would  otherwise  seek to develop or  commercialize  itself;  or to license  the
rights to such  products on terms that are less  favorable  to the Company  than
might otherwise be available.



                                    Page 10
<PAGE>


PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

Reference is made to the discussion of the trademark matter in Item 5 below.

Except for the trademark matter discussed in Item 5, the Company is not aware of
any other  pending or  threatened  legal  proceedings  to which the Company is a
party or of which any of its property is the subject.

Item 2.  Change in Securities.

         None.

Item 3.  Defaults Upon Senior Securities.

         None.

Item 4.  Submission of Matters to a Vote of Security Holders.

         None

Item 5.  Other Information.

The Company's application for a federal trademark registration for the name AVAX
has been opposed by a third party. This opposition proceeding concerns the right
of the Company to obtain a federal  trademark  registration in the United States
Patent & Trademark  Office for the name AVAX.  The Company  believes  there is a
sound basis for denial of the  opposition  and allowance of its  application  to
register the name AVAX. The Company does not believe that an adverse  outcome in
this proceeding will materially affect its business.

The Company has recently  submitted to the United  States  Patent and  Trademark
Office (PTO) an application for reissuance of the patent licensed by the Company
from Thomas Jefferson  University for the purpose of strengthening the patent in
light  of a  prior  art  reference.  The  prior  art  reference  relates  to the
publication,  slightly more than one year prior to the filing of the patent with
the PTO, of an abstract for an oral presentation given by the inventor of the AC
Vaccine  technology.  The Company  believes that there is a sound basis for this
reissue  application.  In connection with the  application  for reissuance,  the
Company may seek to have the patent's  claims  modified to reconcile such claims
with the prior art  reference.  In the  absence of an  enforceable  patent,  the
Company may rely upon significant regulatory barriers to competition.

Item 6.  Exhibits and Reports on Form 8-K.

          (a) Exhibits:

          11.1   Statement Concerning Computation of Per Share Earnings

          27.1   Financial Data Schedule

          (b) Reports on Form 8-K:

           Three reports on Form 8-K were filed by the Company  during the three
           months ended March 31, 1998. One report was filed on January 28, 1998
           relating to a press release dated  January 28, 1998,  announcing  the
           submission   to  the  FDA  of   requested   information   to  further
           characterize the Company's initial AC Vaccine.  The second report was
           filed on February 19, 1998 relating to a press release dated February
           18, 1998,  announcing the initial results of the Company's  potential
           ovarian  cancer  vaccine in  inducing  an immune  response in a small
           study of women with  advanced  ovarian  cancer.  The third report was
           filed on March 11,  relating to a press release dated March 10, 1998,
           announcing the Company's  financial results for the fiscal year ended
           December 31, 1997.


                                    Page 11
<PAGE>


                                   Signatures

     In accordance  with the  requirements  of the Exchange Act, the  Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                        AVAX Technologies, Inc.
                                                (Registrant)


Date:    May 14, 1998
                                        /s/ Jeffrey M. Jonas, M.D.
                                        ----------------------------------------
                                        Jeffrey M. Jonas, M.D.
                                        President and Chief Executive Officer


Date:    May 14, 1998
                                        /s/ David L. Tousley
                                        ----------------------------------------
                                        David L. Tousley
                                        Chief Financial Officer
                                        (Principal Financial and
                                        Accounting Officer)




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