Biovest International, Inc. (
Select key elements of the settlement with Laurus are as follows:
Biovest’s President, Mr. Samuel S. Duffey, stated, “This settlement represents an extremely positive development for Biovest, and I am appreciative that Laurus, as our largest senior secured creditor, has placed such a strong vote of confidence in the Company and its management. With this settlement, we have restructured the significant business arrangements necessary to pave the way for the commercialization and licensing potential of BiovaxID. Additionally, by delaying for two years all principal and interest payments, this settlement significantly enhances our financial position and supports our goal of obtaining marketing approval for BiovaxID.”
In other news, Biovest announced that BiovaxID has been highlighted as a promising new lymphoma vaccine therapy in articles recently published in Cure Magazine and Coping with Cancer Magazine. In order to access these articles, please visit the links below:
Cure Magazine, “Getting Personal” by Katy Human: http://www.curetoday.com/
Coping with Cancer Magazine, “Emerging Therapies in Non-Hodgkin Lymphoma”: http://copingmag.com/cwc/index.php/cancerType/lymphoma/
About Biovest International, Inc.
Biovest International, Inc. is an emerging leader in the field of
personalized immunotherapies targeting life-threatening cancers of the
blood system. Developed in collaboration with the National Cancer
Institute, BiovaxID® is a patient-specific, anti-lymphoma cancer
vaccine, demonstrating statistically significant Phase III clinical
benefit by prolonging disease-free survival in patients suffering from
indolent follicular non-Hodgkin’s lymphoma. BiovaxID has been granted
Orphan Drug Designation by both the U.S. FDA and the European EMEA.
Biovest has also developed and markets a proprietary line of automated
hollow fiber bioreactor systems, including the innovative AutovaxID™
which is a production platform for the scalable manufacture of
difficult-to-produce biologics including personalized medicines,
monoclonal antibodies, cell culture vaccines and therapeutics targeting
highly infectious agents. Since 1981, Biovest has been offering its
clients a wide range of instrumentation and cell culture contract
manufacturing services. Headquartered in Tampa, Florida with its
bio-manufacturing facility based in Minneapolis, Minnesota, Biovest is
publicly-traded on the Over-the-Counter (OTC) market with the
stock-ticker symbol “BVTI”, and is a majority-owned subsidiary of
Accentia Biopharmaceuticals, Inc. (
For further information, please visit: http://www.biovest.com
Forward-Looking Statements: Statements in this release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to statements about BiovaxID®, AutovaxID™, events occurring after dates hereof, and any other statements relating to products, product candidates, product development programs, the FDA or clinical study process including the commencement, process, or completion of clinical trials or the regulatory process. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, expectations and intentions, and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of Biovest to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval for product candidates; competition from other pharmaceutical or biotechnology companies; and the additional risks discussed in filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and Biovest undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. The product names used in this statement are for identification purposes only. All trademarks and registered trademarks are the property of their respective owners.