Accentia Biopharmaceuticals releases fiscal results
Accentia Biopharmaceuticals, which has a 78 percent interest in Worcester-based Biovest International Inc., reported its fiscal 2006 year-end results, noting a decrease in its net loss compared to '05.
For the year ended September 30, 2006, including Biovest, Accentia recorded a net loss of $43.4 million, a $1.3 million decrease from the same period in 2005. Of this loss, $6.4 million was the result of non-cash charges such as depreciation, amortization of product rights, stock-based compensation, asset impairments, derivative gain, and amortization of debt discount.
Net sales for fiscal 2006 were $25.1 million, compared with $25.2 million in the previous year. Consolidated research and development costs increased 33 percent to $14.6 million in 2006, an increase of $3.7 million over the same 12-month period in 2005.
For 2007, Accentia intends to conduct Phase 3 clinical trials for BiovaxID, Biovest's therapeutic vaccine for follicular non-Hodgkin's lymphoma, and aggressively pursue regulatory approvals for the drug in both the U.S. and the EU.
Biovest International is a developer of advanced immunotherapies for life-threatening cancers of the blood system.
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