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Tampa Bay-Lakeland
Business Observer Wednesday, Jun. 15, 2011 11 years ago

Accentia gets $4M for drug R&D

The Tampa biopharm firm takes on $4 million in convertible debt.

TAMPA — Accentia Biopharmaceuticals Inc. (symbol: ABPI) received $4 million in financing for the development of Revimmune, a drug the company is creating to treat autoimmune diseases such as multiple sclerosis.

The funding is coming from an individual investor that elected not to be named in a statement from the firm, identifying him only as “a single investor affiliated with certain directors of Accentia.”

The $4 million is being provided as debt, at an annual interest rate of 5%. Accentia may pay the debt down with either quarterly cash payments or shares of its own common stock, at a price of 34 cents per share.

Accentia is a biopharmaceutical company headquartered in Tampa. The company owns a majority stake in Biovest International Inc. (symbol: BVTI), and owns 100% of Analytica International, a consulting firm based in New York City.

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