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Article: DIGEST.(BUSINESS)
- Article from:
- Telegram & Gazette (Worcester, MA)
- Article date:
- December 12, 2007
CopyrightCOPYRIGHT 2007 Worcester Telegram & Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COLUMN: DIGEST
Biovest raises $8.5 million to pay debt
WORCESTER - Biovest International Inc., which is working on a therapeutic vaccine for non-Hodgkin's lymphoma, said yesterday it has raised $8.5 million from existing investors to fund analysis of vaccine test results and pay certain debt.
Valens Offshore SPV II Corp. and Valens U.S. SPV I LLC, investment funds associated with the Laurus hedge fund family based in New York City, provided the financing in exchange for two secured promissory notes that become due in June 2008. Biovest also granted the Valens funds royalties of 7 percent of worldwide net sales and license revenues from Biovest ...