Powerpoint Presentation

EX-99.1 2 dex991.htm POWERPOINT PRESENTATION Powerpoint Presentation

EXHIBIT 99.1

FORWARD LOOKING STATEMENTS

Statements in this

PowerPoint presentation

that are not strictly historical in nature

constitute "forward-looking statements." Such statements include, but are not limited to,

statements about BiovaxID and AutovaxID-C and any other statements relating to

Biovest's products, product candidates, and product development programs. Such

statement may include, without limitation, statements with respect to the Company's

plans, objectives, expectations and intentions and other statements identified by words

such as "may", "could", "would", "should", "believes", "expects", "anticipates",

"estimates", "intends", "plans" or similar expressions. Such forward-looking statements

involve known and unknown risks, uncertainties, and other factors that may cause

Biovest's actual results to be materially different from historical results or from any

results expressed or implied by such forward-looking statements. These factors include,

but are not limited to, risks and uncertainties related to the progress, timing, cost, and

results of Biovest's clinical trials and product development programs; difficulties or delays

in obtaining regulatory approval for product candidates; competition from other

pharmaceutical or biotechnology companies; and the additional risks discussed in

Biovest's filings with the Securities and Exchange Commission. All forward looking

statements are qualified in their entirety by this cautionary statement, and Biovest

undertakes no obligation to revise or update this PowerPoint presentation to reflect

events or circumstances after the date hereof.

Biovest: Corporate Overview

Company

•

Strong

foundation

the

GMP

manufacture

biologics

and

nearly

two decades

of experience in automated cell culture instrumentation.

•

Designated by the NIH as National Cell Culture Center for over 10 years.

Products

Opportunity

Revenue from sale of AutovaxID-C instruments in 2007

Revenue from commercial launch of BiovaxID potentially as early as 2009

•

Lead product target to treat 34,000 new indolent follicular B

cell lymphoma patients per year

•

164,000 new patients with B cell non-Hodgkin’s lymphoma

and related diseases each year worldwide

•

Only therapy shown in peer reviewed publication to induce

both clinical and molecular remission in patients with follicular

lymphoma

•

Only therapy for follicular lymphoma being developed in

collaboration with the National Cancer Institute

•

Only autologous immunotherapy containing complete copy of

a patient’s own target protein.

Proprietary instruments offer technological and

economic advantages to Biovest

Believed to be the only scalable automated

manufacturing technology for personalized biologics

available today

Supports world-wide roll-out of Biovest personalized

medicine products

Positions Biovest to capitalize on the expected growth in

personalized medicine

BiovaxID

AutovaxID-C

Biovest Management Team

•

Former Vice President and Manager, Worldwide Marketing and Sales

for Bio-Rad Laboratories

•

Former Vice President and General Manager, Waters Corp.

James Carroll

General Manager, Advanced

Instrumentation Division

•

Over 20 years with Biovest in key scientific roles

•

Recipient of NIH National Cell Culture Grant for over 15 years

•

Recognized expert in automated cell culture methodology

Mark Hirschel, Ph.D.

Chief Scientific Officer

•

CFO for life science companies

•

Extensive background in public and private accounting, GAAP

accounting principles, SEC reporting requirements, Sarbanes Oxley

compliance

Jim McNulty, CPA

Chief Financial Officer

•

Over 25 years experience managing R&D organizations

•

Former VP R&D Creative BioMolecules, an early leader in biological

therapeutics

Carl M. Cohen, Ph.D.

Chief Operating Officer

•

President of The Center of Health Outcomes and Economics

at Bristol Meyers Squibb

•

Faculty positions at Columbia University, University of Toronto

and

the University of Kentucky

•

President and COO, Accentia Biopharmaceuticals

Steve Arikian, M.D.

Chairman of the Board, CEO

Experience

Name

Biovest: Cutting Edge Therapeutics & Advanced Instrumentation

–

BiovaxID: In

development

for

treatment

of indolent

follicular lymphoma, a type of non-Hodgkin’s lymphoma

(NHL)

–

NHLs: fifth leading cause of cancer death in the US

–

85-90% are of B-cell origin –

target of BiovaxID

164,000 new cases of B cell NHL and related diseases

per year worldwide

–

Incidence of NHL is increasing 4% per year

80% increase between 1973 and 1997

Therapeutics

–

AutovaxID-C:

Advanced instrumentation for commercial

production of biological therapies

–

Provides economic advantage to Biovest in the cost

effective manufacture of BiovaxID

–

Revenues from sale of AutovaxID-C projected fiscal 07

–

Key enabling technology for personalized medicines

–

Market expected to grow rapidly with trend to

personalized medicines.

Advanced

Instrumentation

BiovaxID

B cell lymphomas and related diseases: 164,000 new cases per year

52,000

15,500

19,000

17,500

4) Multiple Myeloma

163,650

63,600

13,750

34,300

Tot

37,700

12,600

2,800

6,800

ROW

57,300

68,650

Total

3) Aggressive NHLs

(e.g. Diffuse; Mantle-cell; Mediastinal

large-cell; Lymphoblastic; Burkitt-like;

Burkitt’s lymphoma)

2) Indolent NHLs –

Other subtypes

(e.g., MALT; Nodal; Small lymphocytic)

1) Indolent Follicular NHL

Disease or category

22,000

29,000

4,800

6,150

11,500

16,000

Europe

North

America

Estimated new cases per year

1:ROW: Rest of World

Note: Numbers reflect rounding.

Data for North-America covers US and Canada; Europe cover France, Germany, Italy, Spain, and the United Kingdom;

Sources:

National

Cancer

Institute,

1999;

Datamonitor

OncoVision

v3.0

This is the

indication being

investigated in

the current trial

This is the

indication being

investigated in

the current trial

Source:

Redbook,

IMS

health,

ING

–

April

2005;

Companies’

websites

–

Nov. 2005

05/2002

12/1997

10/1998

02/2004

03/2004

Launch Date (US)

$260.8

$121,000

monoclonal

antibody

Metastatic

Colorectal

Erbitux

$479.0

$64,000

monoclonal

antibody

Breast Cancer

Herceptin

monoclonal

antibody

monoclonal

antibody

monoclonal

antibody

Type of Product

$23.6

$1,574.0

$554.6

2004 US Sales

($US, in MM)

NHL

Follicular NHL

Metastatic

Colorectal

Tumor-type

$52,250

Avastin

$59,080

Rituxan

$60,000

Zevalin

Average Price per

year or treatment

course

($US)

Biotechnology cancer therapies command a premium price in today’s

market

BiovaxID pricing will reflect multiple market inputs

•

Phase 2 trial data indicates that BiovaxID results in longer disease free

survival than the current most widely used therapy

•

Phase 2 trial data indicates that BiovaxID has fewer side-effects than

passive immunotherapies

–

BiovaxID targets only cancerous B lymphocytes

–

No immunosuppression

•

Only immunotherapy shown in a peer reviewed publication

to induce molecular remission

•

BiovaxID is a single course therapy (no requirement for annual treatment)

cell

lymphoma

and

diseases

illustrative

analysis

of market

potential

$1.0 B

$0.8 B

$0.6 B

8,200

$9.8 B

$8.2 B

$5.75 B

82,400

50%

$14.8 B

$12.3 B

$8.6 B

123,000

75%

$19.7 B

$16.4 B

$11.5 B

164,000

100%

$4.9 B

$4.1 B

$2.9 B

41,200

25%

$2.0 B

$1.6 B

$1.2 B

16,400

10%

$120,000

$100,000

$70,000

Implied Annual Market

Size For Various Treatment Costs

Implied patients

treated per year

Illustrative Market

Penetration

Assumptions for illustrative purposes only

Based on a total of 164,000 new cases of B cell lymphoma and related diseases per year. NB launch indication is follicular lymphoma, total of 34,000 new patients per year

For illustrative purposes only

BiovaxID complements current therapies for non-Hodgkin’s lymphoma

Debulk Tumor

Designed to kill residual tumor cells

Designed to provide ongoing

immunosurveillance for recurrent tumor

Chemotherapy

Monoclonal antibodies

(e.g. Rituxan)

Radiation therapy

Surgery

Use Patients Tumor Cells

to Produce BiovaxID

Administer BiovaxID

BiovaxID

works

stimulating

the

immune

system

destroy

tumor cells

but not normal cells

•

All NHL tumor cells have unique

markers on their surface

–

The human immune system

does not recognize these as

foreign

–

Thus the tumor cells can

proliferate

•

The unique marker proteins

can be purified and modified to

make them look foreign to the

patients immune system to

generate a vaccine

•

The vaccine stimulates the

immune system to seek out and

destroy tumor cells and nothing

else

Tumor Biopsy

Vaccine Production –

create complete

idiotype antigen from

hybridomas

The idiotype (Id) of the

surface immunoglobulin

receptor is a clonal

marker –

truly tumor

specific

Vaccinate

patient

BiovaxID –

vs.

other NHL therapies

•

Compared to other autologous (patient specific) active immunotherapies for NHL

–

Only therapy using a complete copy of patient’s own target antigen

–

Only

therapy

using

true

monoclonal

antibody

technology

–

molecular

splicing

needed to

make vaccine

–

Only therapy with peer-reviewed publication of complete phase 2 trial data

–

Longest follow-up of phase 2 patients

–

Only therapy being co-developed with National Cancer Institute

•

Compared to non-specific passive immunotherapies

–

Long-term active immunity against cancer vs. transient benefit of passive therapies

–

Only targets cancerous B cells

–

No clinical complications related to immunosuppression

–

No radioactive substances required (eg Bexxar, Zevalin)

•

Compared to chemotherapy

–

BiovaxID complements standard chemotherapy regimens

–

Future testing will focus on BiovaxID replacement of chemotherapy

–

Benefits of replacement will include elimination of unwanted chemotherapy side-effects and

reduced time and cost of total therapeutic regimen

Biovest’s new AutovaxID cell culture instrument will ensure that

BiovaxID manufacturing will be scalable and cost effective

Biovest’s automated

AutovaxID-C

bioreactor with its

patient-specific

cartridge, produces

idiotype protein,

the core of the

BiovaxID cancer vaccine

The AutovaxID-C™

can be set up in minutes.

Control unit

Disposable culture

module

Refrigerated product storage

Introducing cells

Bar code ID scan

Programming

Mounting culture

module in control

unit

BiovaxID: Near-Term Milestones

2006

2007

Pursue fast track designation

Open clinical sites in Russia and EU

Complete design phase of commercial

BiovaxID facility

Double size of vaccine manufacturing facility

Complete enrollment in trial

AutovaxID-C instruments clinical trial

2007 DSMB review

AutovaxID

Biovest Advanced Instrumentation Division

•

AutovaxID-C

–

The culmination of over 15 years of

development at Biovest

–

Currently installed and operating at

Biovest

–

Earlier Biovest instruments currently

being used by over 100 companies

worldwide

AutovaxID-C

Early Biovest cell

culture instruments

20 years of leadership in the design and manufacture

of innovative automated cell culture instruments

AutovaxID-C -

enabling the scalable production of cells and cell products

The AutovaxID-C -

the only automated

cell culture instrument available

Automated instrument –

no manual

transfers or manipulations

Minimal contamination risk–

cell growth

takes place in sealed sterile patient-

specific modules.

Reduces manufacturing failures

Minimizes error

Dozens of AutovaxID-C instruments can

operate side by side in a compact space

monitored by minimal staff

Uses flasks or bottles (shown here) to grow

cells

Many labor-intensive manual manipulations

and transfers

Significant risk of contamination

Manual cell culture

•

Biovest conducted a nation-wide market survey of potential users of the

AutovaxID-C

•

Seventy respondents participated in the survey, representing 29

commercial companies (biotech/pharma/contract manufacturing) and

41 university-based centers

•

With only a brief introduction to the instrument 50% of respondents

indicated a desire to acquire one or more AutovaxID-Cs

•

AutovaxID-C features identified by potential users as having a high

value include:

–

Antibody output

–

Automation

–

Ease of use

–

Size (space savings)

–

Self containment (limits need for costly clean room space)

AutovaxID-C : strong market feedback

Survey conducted by

•

Organizations expected to use AutovaxID-C instruments number over 500

in the US alone

•

Instrument sales revenue will be complemented by recurring revenue for

the disposable single-use AutovaxID-C cell growth cartridges

•

Additional sources of revenue include pre-filled growth media containers,

service, and custom growth cartridges

•

Key enabling technology for the emerging field of personalized medicine

•

Total market for AutovaxID-C and consumables estimated at $120MM in US

•

Comparably sized market estimated to be available in Europe

•

Market expected to grow with increasing use of personalized medicine

AutovaxID-C offers the opportunity of revenues in 2006/2007

AutovaxID-C: Near-Term Milestones

2006

2007

Get FDA clearance to market

Install AutovaxID-C in beta test sites

Finalize sales and distribution

Begin commercial manufacture AutovaxID-C

Begin commercial sales of AutovaxID-C

Incorporate AutovaxID-C into clinical trial

AutovaxID-C roll out at scientific meetings

Delivery

of commercial AutovaxID-C units

Financials

Biovest International, Inc. (Historical)

2001

2002

2003

2004

2005

Revenues

Cell culture products and services

5,241

5,293

2,192

2,145

1,137

National cell culture center

1,183

1,285

1,255

1,107

894

Instruments and disposables

3,672

4,701

4,809

2,454

3,046

Total revenues

10,096

11,279

8,256

5,706

5,077

Operating costs and expenses:

Cost of sales

7,384

8,691

6,283

5,447

3,750

Research and development

2,673

2,260

2,591

5,541

9,950

Marketing, general and administrative

5,667

4,166

4,939

3,251

2,438

Total operating costs

15,724

15,117

13,813

14,239

16,138

Loss from operations

(5,628)

(3,838)

(5,557)

(8,533)

(11,061)

Interest expense

(204)

(362)

(498)

(463)

(418)

Net loss

(5,832)

(4,200)

(6,055)

(8,996)

(11,479)

Biovest International, Inc.

Statements of Income

Fiscal Years ended September 30

AutovaxID business model

2007

2008

2009

2010

2011

2012

Revenues:

Autovax instrument and disposables,

4,000

21,000

43,000

72,000

114,000

163,000

net of distributor discounts

4,000

21,000

43,000

72,000

114,000

163,000

Operating costs and expenses:

Cost of sales - Autovax

3,000

12,000

22,000

33,000

51,000

70,000

G & A - Autovax

1,000

2,000

Total operating costs and expenses

4,000

14,000

24,000

35,000

53,000

72,000

Interest expense - Autovax plant

1,000

Net income (loss)

(1,000)

6,000

18,000

36,000

60,000

90,000

Projected Fiscal Years Ended

Biovest International, Inc.

Proforma Statements of Operations-Autovax Division

(Amounts in $,000)

BiovaxID-FL business model

2006

2007

2008

2009

2010

2011

2012

Revenues:

BiovaxID FL

350,000

700,000

350,000

700,000

Operating costs and expenses:

Cost of sales - BiovaxID

80,500

147,000

Research and Development - BiovaxID trial

10,502

27,000

3,000

G & A - corporate, legacy and clinical trials

3,355

7,000

2,000

Total operating costs and expenses

13,857

34,000

5,000

82,500

149,000

Interest expense - convertible debt

1,000

6,000

Net income (loss)

(14,857)

(40,000)

(11,000)

261,500

545,000

Projected Fiscal Years Ended

Biovest International, Inc.

Proforma Statements of Operations-BiovaxID Division

(Amounts in $,000)

Consolidated business model

2006

2007

2008

2009

2010

2011

2012

Revenues:

Legacy instrument and disposables

6,000

3,000

Autovax instrument and disposables, net

4,000

21,000

43,000

72,000

114,000

163,000

BiovaxID-FL

350,000

700,000

6,000

7,000

24,000

46,000

425,000

817,000

866,000

Operating costs and expenses:

Cost of sales - legacy products

3,744

2,000

1,000

2,000

Cost of sales - Autovax

3,000

12,000

22,000

33,000

51,000

70,000

Cost of sales - BiovaxID-FL

80,500

147,000

Research and Development - BiovaxID-FL trial

10,502

27,000

3,000

G & A - corporate, legacy and clinical trials

3,355

7,000

2,000

G & A - Autovax

1,000

2,000

Total operating costs and expenses

17,601

40,000

49,000

31,000

119,500

204,000

223,000

Interest expense - convertible debt

1,000

6,000

Interest expense - Autovax plant

1,000

Interest, other

504

1,504

7,000

Net income (loss)

(13,105)

(40,000)

(32,000)

8,000

298,500

606,000

636,000

Projected Fiscal Years Ended

Biovest International, Inc.

Proforma Statements of Operations-Consolidated

(Amounts in $,000)

Use of Proceeds

–

Clinical Costs for completion of enrollment of Phase 3 trial

CHOP-R Arm

$12.3 MM

PACE Arm

$ 4.1 MM

–

Vaccine Manufacturing

CHOP-R Arm

$27.8 MM

PACE Arm

$ 9.2 MM

–

AutovaxID commercial launch

$ 2.0 MM

–

AutovaxID assembly plant

$ 4.0 MM

–

Corporate management

$ 14.6 MM

of current commercial products and clinical trial

Strategic Initiatives

•

BiovaxID

–

Partner with “large pharma”

for

Regional sales and distribution

Global sales and distribution

–

Additional clinical trials

•

AutovaxID

–

Sales and distribution partner

–

Manufacturing partner

–

Personalized medicine applications development

–

Development partnerships to expand AutovaxID line

•

Biovest

–

Pipeline development

–

Separate therapeutics and instrumentation divisions into individual companies

–

Possible divestiture of either division if merited

Appendix

and

additional materials

Biovest Facilities

•

Facilities:

–

Worcester, MA: GMP vaccine

development and manufacturing center

–

Minneapolis, MN: engineering and

instrument development center

–

Commercial vaccine manufacturing

facility completion projected in 2008

•

Staff:

–

80 employees in Worcester, MA and

Minneapolis, MN

BiovaxID –

selected competitive therapies

Radioactive monoclonal antibody

Monoclonal antibody from cultured cells

On market

Bexxar

GSK-Corixa

Radioactive monoclonal antibody

Monoclonal antibody from cultured cells

On market

Zevalin

Biogen-IDEC

Monoclonal antibody

Monoclonal antibody from cultured cells

On market

Rituxan

Biogen-IDEC

Type of antibody/drug

Manufacturing approach

Testing

status

Product

name

Company

Synthetic antibody -

DNA splicing

Produced by cultured insect cells

Phase 3

FavID

Favrille

Synthetic antibody -

DNA splicing

Produced by cultured mouse cells

Phase 3

MyVax

Genitope

Monoclonal antibody vaccine –

complete

copy of patient’s surface antigen

Monoclonal antibody –

exclusive license from

Stanford for hybridoma technology

Phase 3

BiovaxID

Biovest

Type of antibody/drug

Manufacturing approach

Testing

status

Product

name

Company

Autologous “active”

immunotherapies

Non-specific “passive”

immunotherapies

Autologous immunotherapies for NHL: positive results from multiple phase

2 trials and clinical studies

Phase 2 study

(R induction)

Peer review clinical study

(various induction

therapies)

Phase 2 study

(CVP induction)

Phase 2 study

(PACE induction)

Peer review clinical study

(various induction

therapies)

Type of study

Ref. #

Genitope

Recombinant Id-KLH

Two centers

(Stanford, Nebraska)

Genitope (2001)

# of

patients

Sponsor

Type of antigen

Type of trial

Author/Sponso

103

Favrille

Id-KHL (recombinant)

Multi-

Center

Favrille (2004)

Stanford Univ.

Dendritic cells pulsed

with Id-KLH

(monoclonal).

Single Center

(Stanford Univ.)

Timmerman et al

2002

NCI/Biovest

Id-KLH (monoclonal)

Single Center (NIH)

Bendandi et al

1999

Stanford Univ.

Id-KLH (monoclonal)

Single center trial

(Stanford Univ.)

Hsu et al, 1997

The BiovaxID approach to treating NHL using autologous idiotype monoclonal antibodies (lines 1 and 2)

was the first successful application of antibody therapy to NHL

BiovaxID phase 2 trial and follow-up data was the impetus for the development of the field of

autologous NHL therapy

BiovaxID follow-up data provide support safety and efficacy of therapy

Hsu et al, Blood 1997; 89:3129

4. Timmerman JM et al, Blood 2002; 99:1517

Bendandi M, et al Nature Medicine 1999; 10:1171

5. Favrille reports and ASH 2004.

Genitope reports and ASH 2001.

Studies using

the BiovaxID

approach

Studies using

alternative

approaches

Over 200 patients treated in clinical studies using Id-KLH for treatment of indolent –

NHL

BiovaxID phase 2 trial data –

comparative analysis

75-94%

Varies

Not

applicable

Not

applicable

58-88%

after 5

years

Various

Yes

R-CHOP

Not

reported

Not

reported

Not

reported

Not

reported

Not

reported

66% after

1.5 yr

Not

available

Favrille

FavID

Not

reported

Not

reported

48%

44%

Not

reported

48% after

4-6 yr

3.1 yr

Genitope

MyVax

90%

73%

75%

95%

95% after

8-10 yr

45% after

8-10 yr

8.1 yr

Yes

Biovest

BiovaxID

Overall

clinical

response

% with

molecular

emission

% with

humoral

immune

response

% with

cellular

immune

response

Overall

survival

remaining

in CR

Median

DFS

Data

published

BiovaxID -

only autologous therapy for NHL shown to induce both clinical and

molecular remissions in patients

•

NCI/Biovest Phase II study in 20 patients

with long-term follow-up

•

At 9.1 years median follow-up: 95% alive

and 45% tumor free¹

Historical comparison: 50% alive and 0%

tumor free

•

73% of treated patients remained in

molecular remisison at the latest time their

samples were analyzed (median follow-up of

18 months)

•

Excellent adverse event profile; no negative

impact on patient quality-of-life

8.0

2.2

6.9

BiovaxID

NCI study

(ProMACE

CytaBOM)

CHOP-R

CHOP-R³

(current

widely used

therapy)

BiovaxID¹

NCI

study²

Santos et al (2005) Abstract #645, ASH Annual Meeting

Neelapu et al (2005) Clin. Lymphoma, ^, 61-64

Czuczman et al, (2004) J Clin Oncol, 22, 11-47

BiovaxID Phase 2 median disease free survival surpasses most widely used

current therapy

Biovest Phase 3 Trial Summary

Objectives

Primary

•

To determine the impact of Id immunization on clinical disease-free

survival (DFS) of FL patients achieving a CR with standard dose

chemotherapy.

Secondary

•

To determine the ability of Id vaccine to produce a molecular CR

in-subjects

in clinical CR, but with PCR evidence of residual disease after standard

chemotherapy.

•

To determine the impact of Id immunization on molecular DFS in FL

subjects.

•

To evaluate the ability of Id vaccine to generate an immunology response

against autologous tumor.

•

To determine and compare the overall survival of subjects randomized to

receive either treatment assignment.

•

To evaluate the safety of a series of five immunization injections

administered with GM-CSF as adjunct therapy over a 6 month period.

Biovest Phase 3 Trial Summary

•

460 patients need to be enrolled (Segment A)

•

375

patients

randomized (Segment B)

•

250 patients will be randomized to active

immunization group, 125 to placebo group

As of July 2006:

210 patients enrolled in segment A (PACE)

162 patients enrolled in segment B (vaccine or

control)

Biovest Phase 3 Trial Summary-

Statistics

The phase 3 trial is powered according to the following assumptions:

•

The median disease-free survival for subjects with follicular

lymphoma treated with GM-CSF alone is expected to be 3.5 years.

•

Sample size calculations were performed based on simulations

assuming an intent to treat analysis, equal hazards (1.0 hazard

ratio) for the first 8 months (when treatments are expected to be

the same in both randomized arms), and then a hazard ratio of 2.0

after 8 months

•

Enrollment numbers calculated to allow approximately 80.4% power

to detect a difference between disease-free survival curves

•

A two-sided hypothesis test at the alpha=0.01 level will be used to

ensure a stringent evaluation.

Biovest Phase 3 Trial Summary-

Statistics

The DSMB conducts annual interim analyses of efficacy

•

Annual

interim

evaluations

will

done

the

DSMB

determine

whether there

is sufficient evidence to terminate accrual because of a better than expected

improvement in disease-free survival

•

An alpha spending function approach to monitoring is done using an O'Brien-

Fleming boundary. It is assumed that a total of 225 subjects would progress

over a maximum of 8 years of monitoring. The information fraction used to

compute the interim boundary at each annual evaluation will be calculated as the

number of subjects progressed divided by 225.

•

The information fraction at each annual evaluation is used to determine the alpha

value at that time point as shown below

AutovaxID-C provides Biovest with a competitive edge in the

manufacture of BiovaxID

•

Large labor force

needed

•

Isolation requirements for manual

process means large facilities

•

Need for costly procedure rooms with

sophisticated air handling systems

•

Material and process tracking via

manual entry

in numerous records and

forms –

paper batch record

generated

•

Multiple culture transfers between

flasks

increases possibility of

contamination

•

Efficient use of manpower

•

Sealed growth modules mean

compact facilities

•

Minimal need for costly facility air

handling systems

•

Automated electronic batch

record generated

•

Sealed sterile culture module

eliminates possibility of

contamination.

Manual

cell culture

AutovaxID-C

cell culture

AutovaxID-C is a reliable and cost-effective

Improvement on traditional cell culture techniques

Biovest background and recent developments

•

2005: Balance sheet simplified through elimination of $5.5 MM debt and reduction of

outstanding warrants and convertible rights to equity

•

2005: Approximately 510 shareholders of record (December, 2005)

•

2005:

Commenced

public

trading

OTC

Bulletin

Board

(BVTI.OB)

August

•

2005: Transfer of all vaccine manufacturing to Worcester facility

•

2004: Took over NHL clinical trial from NCI

•

2003: Accentia acquires 81% ownership of Biovest

•

2001: Awarded Cooperative Research and Development Agreement with NCI for

commercialization of NHL vaccine therapy

•

2000: Chosen as contract manufacturer for NCI cancer vaccine

•

Company

formed

through

merger

Cellex

and

Unisyn

–

instrumentation

and GMP

manufacture

biologics

–

over

years

the

cell

culture

instrumentation business

•

SEC registrant since mid-1983

BioVest capital structure -

uncomplicated

•

Authorized Capital Stock:

–

Common:

300,000,000 shares $0.01 par

–

Preferred:

50,000,000 shares $0.01 par

•

Outstanding Capital Stock:

–

Common:

70,626,635 shares issued

–

Preferred:

Zero Preferred shares outstanding

•

Fully Diluted:

–

Options:

6,366,141

–

Warrants:

20,287,889

–

Convertible Rights:

136,687

–

Accentia First Right of Refusal

3,481,034

As of June 30, 2006

Plan increase to 20 million options to be recommended for approval at September 20, 2006 Shareholders

meeting.

$136K convertible notes being paid monthly

Assumes Accentia exercises first right of refusal on warrants (on non-NMTC financing) and convertible rights

issuances; at 75.21% ownership

Biovest & Accentia relationship

* Accentia

has

specifically

waived

its

exercise

First

Right

Refusal

all

warrants issued

with respect to New Market Tax Credit financing.

100.00%

100,898,386

Total Fully Diluted

44.45%

24.79%

44,852,214

Total Ownership by others

27.10%

27,341,397

Exercisable Options, warrants, and convertible notes

17.35%

24.79%

17,510,817

Common stock issued

Others

55.55%

75.21%

56,046,172

Total Accentia Ownership

2.90%

2,930,354

FRR exercise potential

52.64%

75.21%

53,115,818

Common stock issued

Accentia:

Fully Diluted

Primary

Common

Biovest Ownership June 30, 2006

Ownership Percentage