BioCentury
ARTICLE | Company News

Biovest cancer news

March 18, 2013 7:00 AM UTC

Biovest filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida. Biovest is seeking access to up to about $5.6 million in new funding from its senior secured lenders. The company's plan also proposes that about $44 million of senior secured debt, including the new funding, would be converted into common stock to eliminate the company's senior secured debt. Biovest, which expects to complete the restructuring and emerge from Chapter 11 by mid-year, plans to continue its operations without interruption. Biovest's bankruptcy counsel is Stichter, Riedel, Blain & Prosser.

Biovest said it plans to submit marketing applications in Canada and the EU for BiovaxID to treat follicular non-Hodgkin's lymphoma (NHL) after completing its reorganization. BiovaxID is an autologous vaccine containing tumor-specific idiotype proteins from individual patient's lymphoma cells and conjugated to keyhole limpet hemocyanin (KLH). The product has Orphan Drug designation in the U.S. and EU for the indication and for mantle cell lymphoma (MCL), for which it is in Phase II testing. BiovaxID also has Orphan Drug designation in the U.S. to treat Waldenstrom's macroglobulinemia ...