Biovest cancer, biomanufacturing news
Biovest restructured its debt agreement with Laurus Master Fund Ltd. Biovest will restructure about $30.2 million of short-term obligations into two notes totaling $29.1 million. Payments of principal and interest are deferred until two years after Biovest emerges from Chapter 11 bankruptcy, which the company entered late last year. The restructuring also reduces royalties owed to Laurus on Biovest's BiovaxID to 6.25% from 35% and eliminated all royalties on Biovest's automated biomanufacturing system, AutovaxID. Additionally, Biovest cancelled all warrants issued to Laurus. In exchange, Laurus will receive a 9.99% equity stake in Biovest. The terms are subject to approval by the U.S. Bankruptcy Court for the Middle District of Florida. ...