Accentia, Biovest emerge from bankruptcy
Two years after filing for bankruptcy, Accentia Biopharmaceuticals and Biovest International are emerging from the ashes. The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division approved the companies' reorganization plan, which was filed in June.
The plan includes $7 million in financing from Biovest, Accentia's majority-owned subsidiary, as well as other debt restructuring and expense reduction. "[This] represents the completion of the financial and business restructuring that, I believe, is critical to maximizing the opportunities represented by our long-term strategic growth plans," said Samuel Duffey, Accentia's President and General Counsel, in a release. The company will continue to pursue treatments for autoimmune disease and cancer vaccines, with its products Revimmune and BiovaxID, respectively.