Accentia Biopharmaceuticals, Inc

Company Name: Accentia Biopharmaceuticals, Inc.
Stock Market: NASDAQ (ABPI)
Industry Sector: Healthcare, Drug Manufacturer, Drug Wholesale

Key People: Francis E. O’Donnell, Jr., M.D. (Chairman of the Board, Chief Executive Officer), Steven R. Arikian, M.D. (President and Chief Operating Officer; Biopharmaceutical Products and Services, Director), Alan M. Pearce (Chief Financial Officer; Director), Samuel S. Duffey, Esq. (General Counsel)

Headquarters Address: 324 South Hyde Park Ave., Suite 350 Tampa, Florida
Number of Employees: 140 full-time
Website Address: www.accentia.net

Company Overview

Accentia Biopharmaceuticals, Inc., an integrated biopharmaceutical company established in 2002, focuses on commercialization and development of late-stage, therapeutic clinical products that are typically based on pharmaceutical ingredients approved by the United States Food and Drug Administration (FDA). T his company is a commercial enterprise with long-established credentials, particularly in the development, identification, regulatory approval, reimbursement, manufacturing, identification, and sales and marketing of biopharmaceuticals and medical services.

As of now, Accentia Biopharmaceuticals, Inc. has three products: one of which entered Phase 3 clinical trials, while the other two have fast-track status. All of these products modify the immune system to cure diseases. The first candidate, SinuNase ™, has been developed to treat chronic sinusitis (CS), which is also referred to as chronic rhinosinusitis (CRS). CRS is also known as paranasal sinuses’ chronic inflammatory condition. SinuNase is a treatment for CS and also an amphotericin B suspension that is self-administered into the patient’s nasal cavity. If this drug is approved by the FDA, the company expects that SinuNase will be the first and foremost pharmaceutical product suggested for the treatment of chronic sinusitis.

BiovaxID ™, the second candidate of Accentia Biopharmaceuticals, Inc., was developed under their subsidiary company Biovest International Inc. BiovaxID is an anti-cancer vaccine for the treatment of follicular non-Hodgkins lymphoma (follicular NHL), a cancer of the lymphatic system. BiovaxID is a therapeutic anti-cancer vaccine, which is derived from the patient’s cancer cells. This is designed to develop the immune system of the patient to distinguish and destroy the cancerous lymphoma cells, while at the same time sparing its normal cells.

Revimmune™, the third candidate, is developed for the treatment of multiple sclerosis (MS), which is an autoimmune disease that affects the central nervous system (CNS). MS is characterized by continual episodes of inflammation and demyelination in the central nervous system. As of July 2007, Accentia had submitted this drug to the FDA for the initiation of Phase 3 clinical trial.

Current Financial Overview

Accentia Biopharmaceuticals, Inc. incurred approximately $164.1 million of cumulative net losses during three years, which ended September 2007. $57.8 million of that was attributable to the company’s 76% owned subsidiary. Also as of that date, they had a working capital deficiency of about $53.1 million.

Accentia Biopharmaceuticals, Inc. consolidated all entities controlled due to the ownership of the majority interest and, effective February 2007, has combined a variable interest entity, of which the company is the primary beneficiary. The combined financial statements include Accentia Biopharmaceuticals, Inc. and their wholly owned subsidiaries, TEAMM Pharmaceuticals, Inc., AccentRx, Inc., Analytica International, Inc., Accentia Specialty Pharmacy, Biovest, and Revimmune, LLC. All the significant transactions and balances have already been in consolidation.