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.