Biovest completes restructuring, emerges from bankruptcy
Biovest International, a developer of personalized cancer vaccines, has emerged from Chapter 11 reorganization, formally completing its restructuring and recapitalization strategy with its reorganization plan. It has promoted Carlos F. Santos, Ph.D., to chief executive officer. Santos will lead the company's transition from the clinical stage to the commercial stage.
The company believes it is well-positioned to continue advancing its global regulatory strategy for BiovaxID, including seeking European marketing approval, as well as supporting the development of its pipeline of patient-specific cancer vaccines.
"Clinical trials have shown that our personalized cancer vaccine, BiovaxID, increases the duration of cancer remission in patients treated following chemotherapy. Once approved, this vaccine will offer patients with lymphoma who are in remission a means to guard against the return of cancer," said Santos.
Biovest's former chief executive officer, Samuel S. Duffey, will lead a new Biovest-owned subsidiary to be formed to create special opportunities based on the company's proprietary biomanufacturing technology and advance innovative anti-viral and anti-cancer new product development.
Biovest said current director of the board Ronald E. Osman was elected chairman and Eugene Grin has been added to the board. Grin is a principal of Valens Capital Management, a registered investment advisor based in New York, which manages multiple private investment vehicles.
Biovest's balance sheet has eliminated approximately $48.5 million in debt, which has been converted into new shares of the company's common stock and represents all of the company's new common stock outstanding post-reorganization.