Accentia and Biovest exit Chapter 11 as fully restructured organizations

Accentia Biopharmaceuticals, Inc. (OTCQB: "ABPI") announced that, effective today, the Company and its majority-owned subsidiary, Biovest International, Inc. (OTCQB: "BVTI"), have both successfully completed their reorganizations. Pursuant to their respective Plans of Reorganization approved by the bankruptcy court, Accentia and Biovest have now formally exited Chapter 11 as fully restructured organizations.

According to Samuel S. Duffey who serves as President & General Counsel for both Accentia and Biovest, "Today marks an exciting new beginning for Accentia and Biovest, as both companies have emerged as much stronger, more financially secure organizations. As such, we are preparing to report significant new milestones that we believe will reflect the enormous growth potential for our companies. Even before yearend, Accentia is striving to report its first key strategic agreement for Revimmune™, its system-of-care therapy for the treatment of autoimmune diseases. And Biovest is planning to present important new Phase III data for BiovaxID®, its personalized lymphoma vaccine, at the ASH Annual Meeting in December and also report new revenue-generating contract manufacturing agreements for biologics production to be performed at its cell culture center. These events should cap off a highly successful year and set the stage for 2011 and beyond."

Accentia Reorganization Summary:

As now deemed effective, the Plan of Reorganization restructured Accentia's consolidated balance sheet by reducing outstanding debt, restructuring debt payment obligations and reducing operating expenses. Under the Plan, stockholders retained their common shares.

Biovest Reorganization Summary:

As now deemed effective, the Plan of Reorganization restructured Biovest's balance sheet by reducing outstanding debt, rescheduling debt payment obligations and reducing operating expenses. Under the Plan, stockholders retained their common shares. An important part of the confirmed restructuring was a previously announced $7 million financing for which ROTH Capital Partners, LLC acted as the exclusive placement agent. Structural changes to certain agreements are now in effect including the reduction of the outstanding royalty on BiovaxID sales from 35% to 6.30%, thus expected to enhance Biovest's commercial and partnering opportunities.