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                                                                   EXHIBIT 10.15

                             AVAX TECHNOLOGIES, INC.

                             2001 STOCK OPTION PLAN

          1.   PURPOSES OF THIS PLAN. The purposes of this 2001 Stock Option
Plan are to provide incentive to Employees and Consultants of the Company, to
encourage Employee proprietary interest in the Company, to encourage Employees
to remain in the employ of the Company and to attract to the Company individuals
of experience and ability.

          Options granted under this Plan may be either Incentive Stock Options
or Nonstatutory Stock Options, at the discretion of the Administrator and as
reflected in the terms of the written option agreement.

          2.   DEFINITIONS. As used in this Plan, the following definitions
shall apply:

               (a) "ADMINISTRATOR" means the Board or any of its Committees
          appointed pursuant to SECTION 4 of this Plan.

               (b) "APPLICABLE LAWS" has the meaning set forth in SECTION 4(a)
          below.

               (c) "BOARD" means the Board of Directors of the Company.

               (d) "CODE" means the Internal Revenue Code of 1986, as amended.

               (e) "COMMITTEE" means the Committee appointed by the Board of
          Directors in accordance with SECTION 4(a) below, if one is appointed.

               (f) "COMMON STOCK" means the $0.004 par value Common Stock of the
          Company.

               (g) "COMPANY" means AVAX Technologies, Inc., a Delaware
          corporation, or any successor corporation to the Company.

               (h) "CONSULTANT" means (i) any person who is engaged by the
          Company or any subsidiary to render consulting services and is
          compensated for such consulting services, and (ii) any director of the
          Company whether compensated for such services or not.

               (i) "CONTINUOUS STATUS AS AN EMPLOYEE OR CONSULTANT" means the
          absence of any interruption or termination of service as an Employee
          or Consultant. Continuous Status as an Employee or Consultant shall
          not be considered interrupted in the case of sick leave, military
          leave, or any other leave of absence approved by the Administrator;
          provided, however, either that such leave must be for a period of not
          more than 90 days or that re-employment upon the expiration of such
          leave must be guaranteed by contract or by statute.

               (j) "EMPLOYEE" means any person, including officers and
          directors, employed by the Company or any Parent or Subsidiary of the
          Company. The payment of a director's fee by the Company shall not be
          sufficient to constitute "employment" by the Company.

               (k) "FAIR MARKET VALUE" means, as of any date, the value of
          Common Stock determined as follows:

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                   (i) If the Common Stock is listed on any established stock
               exchange or a national market system including without limitation
               the National Market System of the National Association of
               Securities Dealers, Inc. Automated Quotation ("NASDAQ") System,
               its Fair Market Value shall be the closing sales price for such
               stock as quoted on such system on the date of determination (if
               for a given day no sales were reported, the closing bid on that
               day shall be used), as such prices are reported in The Wall
               Street Journal or such other source as the Administrator deems
               reliable;

                   (ii) If the Common Stock is quoted on the NASDAQ System (but
               not on the National Market System thereof) or regularly quoted by
               a recognized securities dealer but selling prices are not
               reported, its Fair Market Value shall be the average of the
               closing bid and asked prices for the Common Stock on the date of
               determination; or

                   (iii) In the absence of an established market for the Common
               Stock, the Fair Market Value thereof shall be determined in good
               faith by the Administrator.

               (l) "INCENTIVE STOCK OPTION" means an Option intended to qualify
          as an incentive stock option within the meaning of Section 422 of the
          Code.

               (m) "NONSTATUTORY STOCK OPTION" means an Option not intended to
          qualify as an Incentive Stock Option.

               (n) "OPTION" means a stock option granted pursuant to this Plan.

               (o) "OPTIONED STOCK" means the Common Stock subject to an Option.

               (p) "OPTIONEE" means an Employee, director or Consultant who
          receives an Option.

               (q) "PARENT" means a "parent corporation," whether now or
          hereafter existing, as defined in Section 424(e) of the Code.

               (r) "PLAN" means this 2001 Stock Option Plan, as amended from
          time to time.

               (s) "SHARE" means a share of Common Stock, adjusted in accordance
          with SECTION 11.

               (t) "SUBSIDIARY" means a "subsidiary corporation," whether now or
          hereafter existing, as defined in Section 424(f) of the Code.

          3.   STOCK SUBJECT TO THIS PLAN. Subject to the provisions of
SECTION 11 below, the maximum aggregate number of Shares that may be issued
under this Plan upon the exercise of Options is 2,500,000 shares of Common
Stock. The Shares may be authorized, but unissued, or treasury shares.

          If an Option expires or becomes unexercisable for any reason without
having been exercised in full, then the unpurchased Shares that were subject to
the Option shall, unless this Plan has been terminated, become available for
future grant under this Plan.

          Notwithstanding any other provision of this Plan, Shares issued under
this Plan and later repurchased by the Company shall not become available for
future grant or issuance under this Plan.

          4.   ADMINISTRATION OF THIS PLAN.

          (a)  COMPOSITION OF ADMINISTRATOR.

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               (i)   MULTIPLE ADMINISTRATIVE BODIES. If permitted by Rule 16b-3
          promulgated under the Exchange Act or any successor rule thereto, as
          in effect at the time that discretion is being exercised with respect
          to this Plan ("Rule 16b-3"), and by the legal requirements relating to
          the administration of incentive stock option plans, if any, of
          applicable securities laws and the Code (collectively, the "Applicable
          Laws"), this Plan may (but need not) be administered by different
          administrative bodies with respect to directors, officers who are not
          directors and Employees who are neither directors nor officers.

               (ii)  ADMINISTRATION WITH RESPECT TO DIRECTORS AND OFFICERS. With
          respect to grants of Options to Optionees who are also officers or
          directors of the Company, this Plan shall be administered by (A) the
          Board, if the Board may administer this Plan in compliance with Rule
          16b-3 as it applies to a plan intended to qualify thereunder as a
          discretionary plan, or (B) a Committee designated by the Board to
          administer this Plan, which Committee shall be constituted in such a
          manner as to (I) permit this Plan to comply with Rule 16b-3 as it
          applies to a plan intended to qualify thereunder as a discretionary
          plan, (II) satisfy the Applicable Laws and (III) satisfy the
          requirements for employee compensation deductibility under Section
          162(m) of the Code and any applicable rules and regulations related
          thereto.

               (iii) ADMINISTRATION WITH RESPECT TO OTHER PERSONS. With respect
          to grants of Options to Optionees who are neither directors nor
          officers of the Company, this Plan shall be administered by (A) the
          Board or (B) a Committee designated by the Board, which Committee
          shall be constituted in such a manner as to satisfy (I) the Applicable
          Laws and (II) the requirements for employee compensation deductibility
          under Section 162(m) of the Code and any applicable rules and
          regulations related thereto.

               (iv)  GENERAL. Once a Committee has been appointed pursuant to
          subsection (ii) or (iii) of this SECTION 4(a), such Committee shall
          continue to serve in its designated capacity until otherwise directed
          by the Board. From time to time the Board may increase the size of any
          Committee and appoint additional members thereof, remove members (with
          or without cause) and appoint new members in substitution therefor,
          fill vacancies (however caused) and remove all members of a Committee
          and thereafter directly administer this Plan, all to the extent
          permitted by the Applicable Laws and, in the case of a Committee
          appointed under subsection (ii), to the extent permitted by Rule 16b-3
          as it applies to a plan intended to qualify thereunder as a
          discretionary plan.

               (b)   POWERS OF THE ADMINISTRATOR. Subject to the provisions of
this Plan and in the case of a Committee, the specific duties delegated by the
Board to such Committee, the Administrator shall have the authority, in its
discretion

               (i)   to determine the Fair Market Value of the Common Stock, in
          accordance with SECTION 2(k) of this Plan;

               (ii)  to select the officers, directors, Consultants and
          Employees to whom Options may from time to time be granted under this
          Plan;

               (iii) to determine whether and to what extent Options are granted
          under this Plan;

               (iv)  to determine the number of shares of Common Stock to be
          covered by each such award granted under this Plan;

               (v)   to approve forms of agreement for use under this Plan;

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               (vi)  to determine the terms and conditions, not inconsistent
          with the terms of this Plan, of any award granted hereunder
          (including, but not limited to, the share price and any restriction or
          limitation, or any waiver or forfeiture restrictions regarding any
          Option and/or the shares of Common Stock relating thereto, based in
          each case on such factors as the Administrator shall determine, in its
          sole discretion); and

               (vii) to reduce the exercise price of any Option to the then
          current Fair Market Value if the Fair Market Value of the Common Stock
          covered by such Option shall have declined since the date the Option
          was granted.

          (c)  EFFECT OF ADMINISTRATOR'S DECISION. All decisions, determinations
and interpretations of the Administrator shall be final and binding on all
Optionees and any other holders of any Options.

          5.   ELIGIBILITY.

          (a)  Options may be granted only to Employees, directors and
Consultants. Incentive Stock Options may be granted only to Employees. An
Employee, director or Consultant who has been granted an Option may, if he or
she is otherwise eligible, be granted an additional Option or Options.

          (b)  Each Option shall be designated in the written option agreement
as either an Incentive Stock Option or a Nonstatutory Stock Option.
Notwithstanding such designations, to the extent that the aggregate Fair Market
Value of stock for which Options are exercisable for the first time by an
Optionee during any calendar year (under all plans of the Company or any Parent
or Subsidiary) exceeds $100,000, such excess Options shall be treated as
Nonstatutory Stock Options.

          (c)  For purposes of SECTION 5(b), Incentive Stock Options shall be
taken into account in the order in which they were granted, and the Fair Market
Value of the Shares shall be determined as of the time the Option with respect
to such Shares is granted.

          (d)  This Plan shall not confer upon any Optionee any right with
respect to continuation of employment or consulting relationship with the
Company, nor shall it interfere in any way with his or her right or the
Company's right to terminate his or her employment or consulting relationship at
any time, with or without cause,

          6.   TERM OF PLAN. This Plan shall become effective upon the earlier
to occur of its adoption by the Board of Directors or its approval by the
stockholders of the Company as described in SECTION 18. It shall continue in
effect for a term of 10 years unless sooner terminated under SECTION 13.

          7.   TERM OF OPTION. The term of each Option shall be ten (10) years
from the date of grant thereof or such shorter term as may be provided in the
stock option agreement. In the case of an Option granted to an Optionee who, at
the time the Option is granted, owns stock representing more than 10% of the
voting power of all classes of stock of the Company or any Parent or Subsidiary,
the term of the Option shall be five years from the date of grant thereof or
such shorter time as may be provided in the stock option agreement.

          8.   EXERCISE PRICE AND CONSIDERATION.

          (a)  The per Share exercise price for the Shares to be issued pursuant
to exercise of an Option shall be such price as is determined by the
Administrator, but shall be subject to the following:

               (i)   In the case of an Incentive Stock Option

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                   (A) granted to an Employee who, at the time of the grant of
               such Incentive Stock Option, owns stock representing more than
               10% of the voting power of all classes of stock of the Company or
               any Parent or Subsidiary, the per Share exercise price shall be
               no less than 110% of the Fair Market Value per Share on the date
               of grant.

                   (B) granted to any other Employee, the per Share exercise
               price shall be no less than 100% of the Fair Market Value per
               Share on the date of grant.

               (ii) In the case of any Option, the per Share exercise price
          shall be no less than 85% of the Fair Market Value per Share on the
          date of grant.

          (b)  The Administrator shall determine the acceptable form of
consideration for exercising an Option, including the method of payment. In the
case of an Incentive Stock Option, the Administrator shall determine the
acceptable form of consideration at the time of grant. Such consideration may
consist entirely of:

               (i)   cash;

               (ii)  check;

               (iii) other Shares which have a Fair Market Value on the date
                     of surrender equal to the aggregate exercise price of the
                     Shares as to which said Option shall be exercised;

               (iv)  delivery of an irrevocable subscription agreement for the
          Shares to be issued which irrevocably obligates the holder to take and
          pay for the Shares not more than 12 months after the date of delivery
          of the subscription agreement;

               (v)   any combination of such methods of payment; or

               (vi)  such other consideration and method of payment for the
          issuance of Shares to the extent permitted under the Delaware General
          Corporation Law.

          9.   EXERCISE OF OPTION.

          (a)  PROCEDURE FOR EXERCISE; RIGHTS AS A STOCKHOLDER. Any Option
granted under this Plan shall be exercisable at such times and under such
conditions as determined by the Administrator, including performance criteria
with respect to the Company and/or the Optionee, and shall be permissible under
the terms of this Plan.

          An Option may not be exercised for a fraction of a Share.

          An Option shall be deemed to be exercised when written notice of such
exercise has been given to the Company in accordance with the terms of the
Option by the person entitled to exercise the Option and full payment for the
Shares with respect to which the Option is exercised has been received by the
Company. Full payment may, as authorized by the Administrator, consist of any
consideration and method of payment allowable under SECTION 8(b). Until the
issuance (as evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company) of the stock certificate
evidencing such Shares, no right to vote or receive dividends or any other
rights as a stockholder shall exist with respect to the Shares, notwithstanding
the exercise of the Option. No adjustment shall be made for a dividend or other
right for which the record date is prior to the date the stock certificate is
issued, except as provided in SECTION 11.

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          Exercise of an Option in any manner shall result in a decrease in the
number of Shares which thereafter may be available under this Plan by the number
of Shares as to which the Option is exercised.

          (b)  TERMINATION OF STATUS AS AN EMPLOYEE OR CONSULTANT. If an
Employee or Consultant ceases to serve as an Employee or Consultant, then he or
she may, but only within three months (12 months in the case of a Nonstatutory
Stock Option) or such other shorter period as is specified by the Administrator
after the date he or she ceases to be an Employee or Consultant of the Company
(but in no event later than the date of expiration of the term of such Option as
set forth in the Stock Option Agreement), exercise his or her Option to the
extent that he or she was entitled to exercise it at the date of termination. To
the extent that he or she was not entitled to exercise the Option at the date of
termination, or if he or she does not exercise such Option (which he or she was
entitled to exercise) within the time specified herein, the Option shall
terminate.

          (c)  DISABILITY OF OPTIONEE. Notwithstanding the provisions of
SECTION 9(b), if an Employee or Consultant is unable to continue his or her
employment or consulting relationship with the Company as a result of his or her
total and permanent disability (as defined in Section 22(e) (3) of the Code),
then he or she may, but only within 12 months from the date of termination or
such other shorter period as is specified by the Administrator (but in no event
later than the date of expiration of the term of such Option as set forth in the
Stock Option Agreement), exercise his or her Option to the extent he or she was
entitled to exercise it at the date of termination of employment or consulting.
To the extent that he or she was not entitled to exercise the Option at the date
of termination, or if he or she does not exercise such Option (which he or she
was entitled to exercise) within the time specified herein, the Option shall
terminate.

          (d)  DEATH OF OPTIONEE. In the event of the death of an Optionee:

               (i) during the term of the Option who is at the time of his or
          her death an Employee or Consultant of the Company and who shall have
          been in Continuous Status as an Employee or Consultant since the date
          of grant of the Option, the Option may be exercised, at any time
          within 12 months following the date of death or such other shorter
          period as is specified by the Administrator (but in no event later
          than the date of expiration of the term of such Option as set forth in
          the Stock Option Agreement), by the Optionee's estate or by a person
          who acquired the right to exercise the Option by bequest or
          inheritance, but only to the extent of the right to exercise that
          would have accrued had the Optionee continued living and remained in
          Continuous Status as an Employee or Consultant three months after the
          date of death; or

               (ii) within three months after the termination of Continuous
          Status as an Employee or Consultant, the Option may be exercised, at
          any time within three months following the date of death or such other
          shorter period as is specified by the Administrator (but in no event
          later than the date of expiration of the term of such Option as set
          forth in the Stock Option Agreement), by the Optionee's estate or by a
          person who acquired the right to exercise the Option by bequest or
          inheritance, but only to the extent of the right to exercise that had
          accrued at the date of termination.

          (e)  DIRECTORS. If a non-employee director ceases to serve as a
director of the Company, then he or she may, exercise his or her Option to the
extent that he or she was entitled to exercise it at the date he or she ceased
to serve as a director of the Company (but in no event later than the date of
expiration of the term of such Option as set forth in the Stock Option
Agreement).

          (f)  RULE 16b-3. Options granted to persons subject to Section 16(b)
of the Securities Exchange Act of 1934 (the "Exchange Act") must comply with
Rule 16b-3 and shall contain such additional conditions or restrictions as may
be required thereunder to qualify for the maximum exemption from Section 16(b)
of the Exchange Act.

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          10.  NON-TRANSFERABILITY OF OPTIONS. The Option may not be sold,
pledged, assigned, hypothecated, transferred or disposed of in any manner other
than by will or by the laws of descent or distribution. The designation of a
beneficiary by an Optionee shall not constitute a transfer. An Option may be
exercised, during the lifetime of the Optionee, only by the Optionee.

          11.  ADJUSTMENTS UPON CHANGES IN CAPITALIZATION OR MERGER. Subject to
any required action by the stockholders of the Company, the number of shares of
Common Stock covered by each outstanding Option, and the number of shares of
Common Stock which have been authorized for issuance under this Plan but as to
which no Options have yet been granted or which have been returned to this Plan
upon cancellation or expiration of an Option, as well as the price per share of
Common Stock covered by each such outstanding Option, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common
Stock resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Common Stock, or any other increase or
decrease in the number of issued shares of Common Stock effected without receipt
of consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of consideration." Such adjustment shall be made by the
Administrator, whose determination in that respect shall be final, binding, and
conclusive. Except as expressly provided herein, no issuance by the Company of
shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares of Common Stock subject to an Option.

          In the event of the proposed dissolution or liquidation of the
Company, the Administrator shall notify each Optionee at least 15 days prior to
such proposed action. To the extent it has not been previously exercised, the
Option shall terminate immediately prior to the consummation of such proposed
action. In the event of a proposed sale of all or substantially all of the
assets of the Company, or the merger of the Company with or into another
corporation, the Option shall be assumed or an equivalent option shall be
substituted by such successor corporation or a parent or subsidiary of such
successor corporation, unless such successor corporation does not agree to
assume the Option or to substitute an equivalent option, in which case such
Option shall terminate upon the consummation of the merger or sale.

          12.  TIME OF GRANTING OPTIONS. The date of grant of an Option shall,
for all purposes, be the date on which the Administrator makes the determination
granting such Option or such other date as is determined by the Administrator.
Notice of the determination shall be given to each Optionee within a reasonable
time after the date of such grant.

          13.  AMENDMENT AND TERMINATION OF THIS PLAN.

          (a)  AMENDMENT AND TERMINATION. The Board shall have complete and
exclusive power and authority to amend or modify this Plan in any or all
respects, including, without limitation, for the purpose of complying with the
Applicable Laws; provided, however, that the following revisions or amendments
shall require approval of the stockholders of the Company:

               (i)   any increase in the number of Shares subject to this Plan,
          other than in connection with an adjustment under SECTION 11;

               (ii)  any change in the designation of the class of persons
          eligible to be granted Options; or

               (iii) if the Company has a class of equity security registered
          under Section 12 of the Exchange Act at the time of such revision or
          amendment, any material increase in the benefits accruing to
          participants under this Plan.

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          (b)  EFFECT OF AMENDMENT OR TERMINATION. Any amendment or termination
of this Plan shall not affect Options already granted and such Options shall
remain in full force and effect as if this Plan had not been amended or
terminated, unless mutually agreed otherwise between the Optionee and the Board,
which agreement must be in writing and signed by the Optionee and the Company.

          14.  CONDITIONS UPON ISSUANCE OF SHARES. Shares shall not be issued
pursuant to the exercise of an Option unless the exercise of such Option and the
issuance and delivery of such Shares pursuant thereto complies with all relevant
provisions of law, including, without limitation, the Securities Act of 1933, as
amended, the Exchange Act, the rules and regulations promulgated thereunder, and
the requirements of any stock exchange upon which the Shares may then be listed.
The exercise of such Option and the issuance and delivery of such Shares
pursuant thereto may be further subject to the approval of counsel for the
Company with respect to such compliance, if requested by the Administrator.

          As a condition to the exercise of an Option, the Company may require
the person exercising such Option to represent and warrant at the time of any
such exercise that the Shares are being purchased only for investment and
without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned relevant provisions of law.

          15.  RESERVATION OF SHARES. The Company, during the term of this Plan,
will at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of this Plan.

          The inability of the Company to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company's counsel to
be necessary to the lawful issuance and sale of any Shares under this Plan,
shall relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority shall not have been
obtained.

          16.  OPTION AGREEMENT. Options shall be evidenced by written stock
option agreements in such form as the Administrator shall approve.

          17.  ANNUAL REPORT TO OPTIONEES. The Board of Directors shall cause an
annual report to be sent to the Optionees not later than 120 days after the
close of the fiscal year adopted by the Company. Such report shall be sent at
least 15 days (or, if sent by third-class mail, 35 days) before the annual
meeting of stockholders to be held during the next fiscal year. The annual
report shall contain (i) a balance sheet as of the end of the fiscal year, (ii)
an income statement for the fiscal year, (iii) a statement of cash flow for the
fiscal year, and (iv) any report of independent accountants or, if there is not
such report, the certificate of an authorized officer of the Company that the
statements were prepared without audit from the books and records of the
Company.

          The foregoing requirement of an annual report shall be waived so long
as the shares of Common Stock of the Company are held by fewer than 100 holders
of record.

          18.  STOCKHOLDER APPROVAL. Continuance of this Plan shall be subject
to approval by the stockholders of the Company within 12 months before or after
the date this Plan is adopted.

                                    * * * * *

                                        8<Page>

                                                                   EXHIBIT 10.23
                                             [CLAYTON UTZ LOGO]

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AVAX AUSTRALIA HOLDINGS PTY LIMITED
AVAX Holdings

EASTPAC, INC.
Eastpac

JETONA PTY LTD
Jetona

AVT HOLDINGS LIMITED
AVT

TERMINATION DEED - SHAREHOLDERS AGREEMENT FOR AVAX AUSTRALIA AND AVAX
MANUFACTURING

                                   CLAYTON UTZ
                                     LAWYERS
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                               www.claytonutz.com
                    Tel + 61 2 9353 4000 Fax + 61 2 8220 6700
                   OUR REF - 169/832/1708064 CONTACT JON SKENE

            SYDNEY - MELBOURNE - BRISBANE - PERTH - CANBERRA - DARWIN

  Liability limited by the Solicitors' Limitation of Liability Scheme approved
                 under the Professional Standards Act 1994 (NSW)

                                        1
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TABLE OF CONTENTS

<Table>
<S>     <C>                                                                  <C>
1.      DEFINITIONS AND INTERPRETATION.......................................2

        1.1      Interpretation..............................................2

2.      OPERATIVE PROVISIONS.................................................2

        2.1      Termination.................................................3
        2.2      Without Prejudice...........................................3

3.      RELEASE OF LIABILITY.................................................3

4.      GENERAL..............................................................3

        4.1      Further assurance...........................................3
        4.2      Governing Law...............................................3
        4.3      Counterparts................................................4
        4.4      Modification................................................4
        4.5      Legal Costs.................................................4
</Table>

                                        1
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DEED MADE AT SYDNEY ON JANUARY 1, 2002
PARTIES       AVAX AUSTRALIA HOLDINGS PTY LIMITED, ACN 089 164 090 ("AVAX")
              and
              EASTPAC, INC., ("EASTPAC")
              and
              JETONA PTY LTD, ACN 089 914 152 ("JETONA")
              and
              AVT HOLDINGS LIMITED, ARBN 065 824 302  (formerly known as
              Neptunus International Holdings Limited), ("AVT"),

RECITALS
A.       The parties to this Deed are all parties to the Shareholders Agreement,
           dated 25 November 1999 ("SHAREHOLDERS AGREEMENT").
B.       The parties have agreed to terminate the Shareholders Agreement on the
           terms of this Deed.

THIS DEED PROVIDES
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1.       DEFINITIONS AND INTERPRETATION

1.1      INTERPRETATION

         In this Deed, including the Recitals, unless the context indicates a
         contrary intention:

         (a)  words importing the singular number include the plural and vice
              versa and words denoting a given gender include all other genders;
         (b)  the expression "persons" includes an individual, the estate of an
              individual, a body politic, a corporation and a statutory or other
              authority or association (incorporated or unincorporated);
         (c)  headings and underlining are for convenience only and do not
              affect interpretation;
         (d)  references to parties, clauses, sub-clauses, schedules, exhibits
              or annexures are references to parties, clauses, sub-clauses,
              schedules, exhibits and annexures to or of this Deed and a
              reference to this Deed includes any schedule, exhibit and
              annexure;
         (e)  references to this Deed, or any other deed, agreement, instrument
              or document include references to this Deed, or such other deed,
              agreement, instrument or document as amended, novated,
              supplemented, varied or replaced from time to time; and
         (f)  references to any person or to any party to this Deed shall
              include that person's or party's executors, administrators,
              successors and permitted assigns.
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2.       CONDITION

2.1      This deed shall be conditional upon and shall take place
         contemporaneously with:

         (a)  the execution of the Selective Share Buy-Back Agreement for
              [5,200] shares in AVAX Australia Manufacturing Pty Limited held by
              Eastpac;
         (b)  the execution of the Selective Share Buy-Back Agreement for
              [4,926] shares in AVAX Australia Pty Limited held by Eastpac;
         (c)  the execution of the Royalty Agreement between Eastpac and AVAX
              Australia Pty Ltd pursuant to which Eastpac receives a royalty on
              products sold by AVAX Australia Pty Ltd; and
         (d)  the execution of the Termination Deed - NIHL Option Deed between
              AVT and AVAX Technologies, Inc. pursuant to which those parties
              agree to terminate the Option Deed between them dated 25 November
              2001.

This deed shall also be conditional on:

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         (a)  AVAX Australia Pty Ltd obtaining shareholder approval pursuant to
              Part 2J.1 of the CORPORATIONS ACT (Cth) 2001; and
         (b)  AVT obtaining shareholder approval for the transactions
              contemplated by the agreements referred to in clause 2.1.
--------------------------------------------------------------------------------
3.       OPERATIVE PROVISIONS

3.1      TERMINATION

         (a)  Subject to clause 2.1(b), the Shareholders Agreement is terminated
              with immediate effect and each of the parties acknowledges and
              agrees that it will be of no further force or effect whatsoever.
         (b)  The parties acknowledge and agree that, pursuant to clause 11.4 of
              the Shareholders Agreement, the covenants contained at both clause
              10 and clause 11 of the Shareholders Agreement, which are set out
              in full in Annexure 1, apply world-wide and continue beyond the
              termination of the Shareholders Agreement until they are released
              in writing by all other parties.
         (c)  For the avoidance of doubt the parties confirm that after the
              termination of the Shareholders Agreement the A and B Class shares
              in AVAX Australia Pty Ltd and AVAX Australia Manufacturing Pty Ltd
              shall be converted back to ordinary shares.

3.2      WITHOUT PREJUDICE

         Notwithstanding clause 3.1 of this Deed, the parties acknowledge that
         this Deed will operate without prejudice to any documents entered into
         by them (other than the Shareholders Agreement) and any arrangements
         contemplated in those documents.
--------------------------------------------------------------------------------
4.       RELEASE OF LIABILITY

         (a)  Subject to complying with the provisions of this Deed, with effect
              on and from the date of this Deed, each of the parties releases
              and forever discharges each other party absolutely from all future
              Claims that any party may have or, but for this Deed, might have
              had against any other party arising out of, or in connection
              directly or indirectly with, the performance of the Shareholders
              Agreement, other than as referred to in clause 2.1(b).
         (b)  Clause 3(a) does not apply to release any party from any existing
              breach of the Shareholders Agreement.
         (c)  In this clause 3, "Claims" means any claims, suits, demands,
              causes of action (whether based in contract, tort or statute),
              costs and other liabilities of any nature in respect of the
              Shareholders Agreement.
--------------------------------------------------------------------------------
5.       GENERAL

5.1      FURTHER ASSURANCE

         The parties covenant that each party will do all acts and things and
         execute all deeds and documents and other writings as are from time to
         time reasonably required for the purposes of or to give effect to this
         Deed including seeking or supporting any application made or required
         to be made to any Governmental or regulatory authority, or any court.

5.2      GOVERNING LAW

         This Deed will be governed by and construed in accordance with the laws
         of the State of New South Wales and the parties agree to submit to the
         jurisdiction of the Courts of the State of New South Wales.

                                        3
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5.3      COUNTERPARTS

         This Deed may be signed in any number of counterparts and all such
         counterparts taken together shall be deemed to constitute one and the
         same document.

5.4      MODIFICATION

         This Deed may not be modified, amended, added to or otherwise varied
         except by a document in writing signed by each of the parties or signed
         on behalf of each party by a director under hand.

5.5      LEGAL COSTS

         Each party must pay its own legal costs in relation to this Deed.

                                        4
<Page>

EXECUTED as a deed.

THE COMMON SEAL of AVAX AUSTRALIA HOLDINGS LIMITED, (ACN 089 164 090) was
affixed by the authority of the Board of Directors by or in the presence of:

/s/ David Lothrop Tousley             /s/ John Kenneth Anderton Prendergast
-------------------------             ----------------------------------------
Signature of Director                 Signature of Secretary/other Director

David Lothrop Tousley                 John Kenneth Anderton Prendergast
-------------------------             ----------------------------------------
Name of Director in full              Name of Secretary/other Director in full

EXECUTED BY EASTPAC, INC. by or in the
presence of:

/s/ Hudson H.F. Chen                             /s/ Richard L.S. Hill
-----------------------------------------        ------------------------------
Authorised Signatory (Secretary/Director)        Signature of other Director

Hudson H.F. Chen                                 Richard L.S. Hill
-----------------------------------------        ------------------------------
Name of Secretary/Director in full               Name of other Director in full

                                        5
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THE COMMON SEAL of JETONA PTY LTD.,(ACN 089 914 152) was affixed by the
authority of the Board of Directors by or in the presence of:

/s/ Hudson H.F. Chen                   /s/ Richard L.S. Hill
-------------------------              ----------------------------------------
Signature of Director                  Signature of Secretary/other Director

Hudson H.F. Chen                       Richard L.S. Hill
-------------------------              ----------------------------------------
Name of Director in full               Name of Secretary/other Director in full

EXECUTED by AVT HOLDINGS LIMITED
(ARBN 065 824 302) by or in the presence
of:

/s/ Hudson H.F.Chen                     /s/ Richard L.S.Hill
------------------------               -------------------------------------
Signature of Director                  Signature of Secretary/other Director

Hudson H.F.Chen                        Richard L.S.Hill
------------------------               -------------------------------------
Name of Director in full               Name of Secretary/other Director in full

                                        6
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ANNEXURE 1: CLAUSE 10 AND CLAUSE 11 OF THE SHAREHOLDERS AGREEMENT

10.      CONFIDENTIALITY

10.1     CONFIDENTIAL INFORMATION AND PROPRIETARY PROPERTY

         In consideration for access to the Proprietary Property being granted
         to NIHL Sub and the Companies, each of NIHL, NIHL Sub and NIHL
         ServiceCo acknowledges and agrees that:

         (a)  the Confidential Information is disclosed to NIHL Sub (and NIHL
              and NIHL ServiceCo, if applicable) in confidence and is and will
              at all times be owned by AVAX Holdings or some Related Body
              Corporate of AVAX Holdings (other than AVAX Australia or AVAX
              Manufacturing) and it will not claim any ownership interest in the
              Proprietary Property, either for itself or for AVAX Australia or
              AVAX Manufacturing;

         (b)  it must, subject to the terms of this Agreement, hold all
              Confidential Information and/or Proprietary Property in strict
              confidence;

         (c)  it must not reveal any Confidential Information and/or Proprietary
              Property to any person except strictly on a need-to-know basis to
              persons approved in writing by AVAX Holdings and for the purposes
              of this Agreement and to persons who have executed written
              confidentiality undertakings at least as comprehensive as provided
              in this Agreement, a copy of which will be provided to AVAX
              Holdings;

         (d)  it will not use any Confidential Information and/or Proprietary
              Property except for the purposes of this Agreement;

         (e)  it must take all reasonable steps to ensure that its officers,
              employees, contractors and agents also observe the obligations of
              these provisions; and

         (f)  it will not make, use, sell, duplicate, transfer or have made,
              used, sold, duplicated or transferred to others (except AVAX
              Holdings or any of its Related Bodies Corporate) or assist or
              permit any other party to make, use, sell, duplicate, transfer any
              product or process in whole or in part comprising or incorporating
              any of the Proprietary Property without the prior written
              permission of AVAX Holdings. Only after obtaining such written
              permission from AVAX Holdings may NIHL Sub permit any third party
              to have any access to or use any of the Proprietary Property.

10.2     DISCLOSURE

         For the purposes of this Agreement, it is agreed that each of the
         parties may disclose those terms of the Transaction Agreements and any
         other agreements between AVAX Holdings, AVAX Australia, AVAX
         Technologies, AVAX International IP Holdings Inc and the Originators
         relating to the Licensed Products as is necessary to enable them to
         observe their legal obligations, whether arising under the Corporations
         Law, the Official Listing Rules of the Australian Stock Exchange
         Limited or the United States Securities Exchange Commission or
         otherwise, provided that the party first provides written notice to
         each of the other parties of the exact terms of the intended disclosure
         and obtains the written consent of each of the other parties to the
         disclosure, which consent will not be unreasonably withheld.

11.      CONFIDENTIALITY OF COMMERCIAL CONTACTS

11.1     Subject to the provisions of clause 10, each of the parties covenant
         and agree with each other that:

                                        7
<Page>

         (a)  an Introduction may lead to Contacts;

         (b)  the Contacts are the result of the acts of the other party and are
              the property of the other party and, unless authorised in writing
              by the other party, should not be used for any purpose other than
              in relation to the Business; and

         (c)  in consideration of the Introduction and the disclosure of the
              Confidential Information they will not disclose any Contact or
              attempt to negotiate or negotiate or attempt to participate or
              participate in any transaction with any Contact unless authorised
              in writing by the other party.

11.2        Each of the parties covenant and agree with each other that in
            consideration of the Introduction and disclosure of the Confidential
            Information, unless authorised in writing by each other party they
            will:

         (a)  keep absolutely secret the fact of supply and all of the
              Confidential Information received by it;

         (b)  not make or cause to be made any copy, duplicate, replica,
              summary, precis or otherwise make or construct any document,
              material or thing similar to any of the Confidential Information;

         (c)  not allow any other person, firm, corporation or other entity
              whatsoever to view, read, encode, copy, record whether on computer
              disk, tape or other electronic or mechanical means, or otherwise,
              to come into contact with the Confidential Information;

         (d)  not discuss in detail or general the fact that the Confidential
              Information has been supplied, the purpose of the supply of the
              Confidential Information or the contents of the Confidential
              Information with any person, firm, corporation or other entity
              whatsoever;

         (e)  return each copy of the Confidential Information supplied by the
              other party as and when required to do so, without retaining any
              copies or allowing any other entity to do so; and

         (f)  not utilise in any way directly or indirectly any Confidential
              Information supplied by the other party to its financial,
              managerial or strategic benefit or to the financial, managerial
              and strategic detriment of the other party however such detriment
              may arise.

11.3        Each of the parties must procure that its Related Bodies Corporate,
            officers, employees, agents and advisers (whether or not still
            employed or engaged in that capacity) do not do or omit to do
            anything which, if done or omitted to be done by them, would be a
            breach of their obligations under this Agreement.

11.4        Each of the parties covenant and agree with each other that their
            covenants in accordance with clause 10 and this clause 11 apply
            world-wide and will continue beyond the termination of this
            Agreement until they are released in writing by all other parties.

11.5        Each of the parties acknowledges that damages are not a sufficient
            remedy for any other party for any breach of clauses 10 and 11
            hereof and the party whose rights under clauses 10 and 11 hereof are
            breached is entitled to specific performance or injunctive relief
            (as appropriate) as a remedy for any such breach or threatened
            breach by any other party in addition to any other remedies
            available at equity or in law.

                                        8

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