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Specializing in insolvency and complex commercial matters since 1974

Biovest International, Inc. Confirms Its Chapter 11 Plan Of Reorganization - June 28, 2013

On June 28, 2013, the Honorable K. Rodney May of the United States Bankruptcy Court for the Middle District of Florida, Tampa Division, confirmed the First Amended Plan of Reorganization dated as of April 18, 2013 for Biovest International, Inc. The Plan provides for the exchange of all senior secured claims totaling approximately $44 million and all allowed general unsecured claims totaling approximately $5.4 million into newly issued shares of common stock of Biovest. Biovest is a publicly traded Delaware biotechnology corporation and has three (3) operating divisions: (i) the Drug Development Division, which focuses on developing and commercializing BiovaxID™ as a personalized therapeutic cancer vaccine for the treatment of B-cell blood cancers; (ii) the Instruments and Disposables Division, which focuses on the continued development, commercialization, manufacture and sale of instruments and related disposables for the efficient production of cell-based medical and research products, primarily through its AutovaxID® instrument; and (iii) the Cell Culture Products and Services Division, which focuses on the commercial sale and production of cell culture products and services under contracts with third party customers. The firm’s representation of Biovest was headed up by Charles A. Postler.