BioCentury
ARTICLE | Company News

Biovest cancer, biomanufacturing news

July 29, 2013 7:00 AM UTC

Biovest emerged from Chapter 11 bankruptcy and completed a restructuring and recapitalization strategy. The company has eliminated about $48.5 million in debt, which has been converted into new shares of Biovest common stock and issued to the secured and unsecured creditors. The new shares represent all of Biovest's outstanding common stock post-reorganization and all stock, warrants and options outstanding prior to the reorganization have been cancelled. Biovest filed for Chapter 11 bankruptcy in March (see BioCentury, March 18).

As part of the restructuring, Biovest has promoted Carlos Santos to CEO from SVP of product development and regulatory affairs. He succeeds Samuel Duffey, who will lead a Biovest-owned subsidiary to be formed to create opportunities based on the company's biomanufacturing technology and to develop antiviral and cancer products. Additionally, Biovest's board has appointed Ronald Osman, a director, as chairman. ...