Biovest Announces $1.6M in Federal Funding Appropriated for Groundbreaking Cancer Vaccine & Skin/Bone/Tissue Repair Research
October 22, 2008
Biovest International, Inc. (OTCBB:BVTI) today announced that the U.S. Federal Government has approved the appropriation of $1.6 million in biomedical research funds for Fiscal Year 2009 for the Defense Department's Cancer Immunotherapy and Cell Therapy Initiative, which is intended to support research into new applications for the AutovaxIDTM instrument, Biovest's fully-automated cell-manufacturing device to cost-effectively and efficiently manufacture difficult-to-produce therapeutic proteins and personalized vaccines, including vaccines targeting cancers.
Biovest's Chairman and CEO, Dr. Steven Arikian, stated, "Congressman James McGovern (D-MA, Third District) and his staff have been wonderful to work with. We have been very impressed with Congressman McGovern's personal commitment in the fight against cancer, and his leadership will ensure that the latest cancer immunotherapy technology gets to military personnel and their dependents expeditiously."
"The U.S. military in recent years has actually been leading the field in cancer immunotherapy research," Dr. Arikian added. "Biovest is proud that its cancer vaccine enabling technology, AutovaxID, will be a major part of the Defense Department's efforts in the national and international fight against cancer."
According to Dr. Arikian, the federal research funds are planned to be used to conduct groundbreaking research with life-saving applications for the U.S. Armed Forces, veterans, and civilians. "Currently, we are utilizing AutovaxIDTM to manufacture our proprietary personalized anti-cancer vaccine (BiovaxID®) targeting B-cell blood cancers, such as non-Hodgkin's lymphoma. With this expected critical funding support, we intend to further develop AutovaxID to be capable of growing patient-specific cells that could be used to rebuild damaged tissue or organs. The potential applications following trauma or injury are numerous, such as for the production of autologous skin for burn repair, growth of bone for fracture repair, and/or the production of tissue for plastic reconstruction of severe injuries."
The funds are being provided in the Defense Department's Title VI, Defense Health Program's Research and Development Account in the Defense Appropriations Conference Report. President Bush signed the Continuing Resolution, which included the research funds on September 30, 2008.
About AutovaxIDTM
By automating the biomanufacturing process, and using single-use, closed-system disposable bioreactors, AutovaxID dramatically cuts the need for supervision, thus also minimizing error-prone manual monitoring and adjustments. Its capabilities actually reduce the need for large, expensive production facilities, including costly isolation suites and clean rooms. Biovest is positioning AutovaxID as a critically important platform technology which allows manufacturers of specialized protein-based drugs to streamline the production process, allowing for the faster and cheaper production of their products, using less manpower, while continuing to adhere with stringent regulatory standards.
About BiovaxID®
BiovaxID is a personalized, patient-specific therapeutic vaccine designed to stimulate the patient's own immune system to recognize and destroy cancerous B-cells that may remain in the body or may arise after the patient has been treated with chemotherapy. Unlike many other approaches to treating non-Hodgkin's lymphoma, BiovaxID is designed to kill only cancerous B-cells, with the initial indication of follicular Non-Hodgkin's lymphoma. Additionally, we anticipate that BiovaxID could potentially be used to treat other types of B-cell cancers, such as Mantle Cell Lymphoma, Chronic Lymphocytic Leukemia and Multiple Myeloma.
About Biovest International, Inc.
Biovest International, Inc. (OTCBB:BVTI) is a pioneer in the development of advanced individualized immunotherapies for life-threatening cancers of the blood system. Biovest is a majority-owned subsidiary of Accentia Biopharmaceuticals, Inc. (NASDAQ:ABPI) with its remaining shares publicly traded. Biovest has a foundation in the manufacture of biologics for research and clinical trials. In addition, Biovest develops, manufactures and markets patented cell culture systems, including the innovative AutovaxIDTM, which is being marketed as an automated vaccine manufacturing instrument and for production of cell-based materials and therapeutics. Biovest recently completed a pivotal Phase 3 clinical trial for BiovaxID®, which is a patient-specific anti-cancer vaccine focusing on the treatment of follicular non-Hodgkin's lymphoma. BiovaxID has been granted Fast Track status by the FDA and Orphan Drug status by the EMEA.
For further information, please visit: http://www.biovest.com
Biovest International, Inc. Corporate Contact: Douglas Calder, Director of Investor Relations & Public Relations, Phone: (813) 864-2554, ext.258 / Email: dwcalder@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 AutovaxIDTM, the Cancer Immunotherapy and Cell Therapy Initiative, BiovaxID®, RevimmuneTM, 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.