Power Point presentation

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

and

any

other

statements

relating

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

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

the

progress,

timing,

cost,

and

results

Biovest's

clinical

trials

and product development programs; difficulties or delays in obtaining regulatory approval

for

product

candidates;

competition

from

other

pharmaceutical

biotechnology

companies;

and

the

additional

risks

discussed

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.

BiovaxID

•

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

lymphoma patients per year

•

Superior

Technology:

Only

therapy

shown

peer-reviewed

publication to induce both clinical and molecular remission in

patients with follicular lymphoma

•

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

related diseases each year

worldwide

•

Only therapy for follicular lymphoma developed in collaboration with

the National Cancer Institute

•

Only autologous

immunotherapy containing complete copy of a

patient’s own target protein

B-cell lymphomas and related diseases: Pipeline opportunities of BiovaxID

Disease or category

Estimated new cases per year

North

America

Europe

ROW

Tot

Indolent Follicular NHL

Current Pivotal Phase III Clinical

Trial

16,000

11,500

6,800

34,300

Follow-on indications –

using same vaccine process and requiring only Phase III Clinical Trials

Indolent NHLs

–

Other subtypes

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

6,150

4,800

2,800

13,750

Aggressive NHLs

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

large-

cell; Lymphoblastic; Burkitt-like; Burkitt’s

lymphoma)

29,000

22,000

12,600

63,600

Multiple Myeloma

17,500

19,000

15,500

52,000

1:ROW: Rest of World

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

Note: Numbers reflect rounding.

Sources: National Cancer Institute, 1999; Datamonitor

OncoVision

v3.0

Rituxan: Rapid uptake of a targeted biologic in the NHL market

143,700

140,800

138,000

146,600

149,600

152,600

155,600

161,900

165,200

168,500

25.2

17.7

12.2

37.9

53.4

60.2

65.2

75.2

82.0

85.0

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

- US Rituxan-Treated Patients (NHL Only) -

in % of total NHL treated population

Sources:

UBS

Warburg

Report

May

2003,

Rodman

Renshaw

Monthly

Oncology

Report

June

2005,

Genentech

website

www.gene.com,

accessed

Dec.

2006

Source:

Redbook,

IMS

health,

ING

–

April

2005;

Companies’

websites

–

Nov.

2005

Avastin

Erbitux

Herceptin

Rituxan

Zevalin

Tumor-type

Metastatic

Colorectal

Metastatic

Colorectal

Breast Cancer

Follicular NHL

NHL

Type of Product

monoclonal

antibody

monoclonal

antibody

monoclonal

antibody

monoclonal

antibody

monoclonal

antibody

Launch Date (US)

03/2004

02/2004

10/1998

12/1997

05/2002

Average Price per

year or treatment

course

($US)

$52,250

$121,000

$64,000

$59,080

$60,000

2004 US Sales

($US, in MM)

$554.6

$260.8

$479.0

$1,574.0

$23.6

Comparable Products: Biotechnology cancer therapies command a premium

price in today’s market

Indolent follicular NHL -

Illustrative analysis of market potential

Illustrative Market

Penetration

Patients

treated per year

BiovaxID

Pricing Scenarios

$70,000

$100,000

$120,000

20%

6900

$483MM

$690MM

$828MM

50%

17150

$1.2B

$1.7B

$2.1B

85%

29000

$2B

$2.9B

$3.5B

Based on a total of 34,300 new cases of indolent follicular NHL worldwide per year.

For illustrative purposes only

A Model Tumor Antigen

are composed of heavy and

light chains with highly specific

variable regions –

the variable

regions of the heavy and light

chains combine to form unique

Ag-recognition site. These

variable regions contain

determinants recognized as

Ags, or idiotypes.

Id can thus serve as a truly

tumor-specific antigen

The idiotype

(Id) of the surface

immunoglobulin receptor on a

given B cell malignancy is a

clonal

marker

BiovaxID

works by stimulating the immune system to 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 cells as

dangerous

•

The unique marker proteins

are used to make a vaccine

stimulating the immune

system to seek out and

destroy tumor cells and

nothing else

Tumor Biopsy

Vaccinate

patient

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

is produced by a unique, patient-specific production process

2) Biovest’s

automated AutovaxID-C

bioreactor with its patient-specific

cartridge, produces idiotype

protein

1) Biopsy -

cancer cells are sampled and

idiotype

for vaccine is identified

3) Purified idiotype

conjugated

to a powerful immune

stimulant (KLH)

4) BiovaxID

administered with a second

immune stimulant (GM-CSF) and creates

a patient-specific anti-cancer immunity

AutovaxID: Re-inventing cell production

•

AutovaxID

is a product extension of our existing

instrumentation business

•

Organizations worldwide targeted for AutovaxID

include researcher labs and universities, biotech &

pharmaceutical companies

•

Goal is to automate the cell production industry

•

New manufacturing facility for AutovaxID

production funded and in process

•

Razor/razor blade business model

•

Market will grow significantly with development of

personalized medicine applications

An AutovaxID

Desktop Bioreactor eliminates the need for a Clean Room,

allowing exponential production scalability

Phase 2 Data

•

Although this trial was not a

randomized, controlled trial,

the updated follow-up data

continue to suggest that

BiovaxID

vaccination may

result in long-term disease

free survival superior to that

of the National Cancer

Institute’s ProMACE

chemotherapy-treated control

group as well as comparable

or superior to that of the

CHOP-R treated cohort

reported on by Czuczman

Long-Term Follow-Up of the Phase 2 Cohort

Santos C, Cohen CM, Arikian

S, Stern LS, Katz LM, Watson

TM, Stergiou

AM, Gause

BL. BiovaxID

Vaccine Therapy of

Follicular Lymphoma in First Remission: Long-Term Follow-

Up of a Phase II Trial and Status of a Controlled,

Randomized Phase III Trial. Am Soc of Hematol. 2005

8.0

2.2

6.9

Biov

axID

NCI Cohort/

ProMACE

CytaBOM

Czuczman/

CHOP-R

Median Disease Free Survival Comparison

45.0%

95.0%

20%

40%

60%

80%

100%

Continuous

Remission

(CR)

Survival

Long-term

Results

Phase

(Median

Follow-up

9.2

Years; N=20)

•

With a median followup

of 9.2 years,

45% of patients remain in continuous

first CR at their most recent follow-up

Median

DFS

for

the

cohort

96.5 months (8.0 years)

•

At the same observation point, overall

survival remains at 95%; there have

been no additional reported mortalities

in this cohort

•

95% of patients –

autologous

T-cell

response; 75% humoral

response

Santos C, Cohen CM, Arikian

S, Stern LS, Katz LM, Watson TM, Stergiou

AM, Gause

BL. BiovaxID

Vaccine Therapy of Follicular Lymphoma in First Remission: Long-Term Follow-Up of a Phase II

Trial and Status of a Controlled, Randomized Phase III Trial. Am Soc of Hematol. 2005

Striking early clinical results in treating NHL

Phase 2 Data: Results from an NCI cohort

Of the 20 patient cohort:

11 initially t(14;18)+, and

all 11 maintained their

status post-chemotherapy

One month following final

ID-KLH vaccination 8 of

these 11 patients

converted to t(14;18)-

(72.7%)

All 8 continued to be

t(14;18)-

at the last time

point these samples were

analyzed (range 8 to 32

months following

vaccination)

Phase 2 Data

Ability to induce molecular remission

73%

100%

27%

Post-Chemotherapy

Post-Vaccination

BiovaxID

Converts 73% of t(14;18) Positive

Patients to t(14;18) Negative

t(14;18)+

t(14;18)-

73%

converted to

t(14;18)-

•

Independent study using BiovaxID

at the

Univ. of Navarra, N=25 patients

•

Design: Follicular lymphoma patients who

failed first line chemotherapy immunized with

BiovaxID

following 2

remission.

•

Results: BiovaxID

provided first-ever increase

in disease free survival for follicular

lymphoma

–

Median DFS for BiovaxID-induced 2

remission has not been reached, but is

>33 months; median DFS for 1

remission was 17 months.

–

20 of 25 treated patients developed a

BiovaxID

-induced anti-tumor immune

response.

–

For all 20 of these patients their 2

BiovaxID-induced DFS was significantly

longer than their 1

DFS (P<.0001) –

“first”

in the treatment of this disease.

Independent published validation of BiovaxID: “..the first formal

demonstration of clinical benefit associated with the use of a human cancer

vaccine." (Journal of the National Cancer Institute 2006; 98:1292-1301).

Mantle Cell Lymphoma Clinical Trial Schema

LN Bx

EPOCH-R

6 cycles

Id/KLH + GM-CSF s.c.

12 16 20 24 32

EPOCH-R

Begins

EPOCH-R

Ends

-18

Weeks

n = 26

•

EPOCH-R –

Rituximab

on day 1

Continuous iv infusion of Etoposide, Doxorubicin and Vincristine

over 96 hrs (days 1-5)

Cyclophosphamide

iv on day 5

Prednisone days 1-5.

•

Id-KLH+GM-CSF –

0.5 mg autologous

Id + 0.5 mg KLH + 100

g/m

GM-CSF

Rationale

•

Strong CD4+ and CD8+ T cell responses

are essential for optimal anti-tumor

immunity.

•

The presence of B cells may inhibit the

induction of T cell dependent anti-tumor

immunity –

Qin et al. Nat. Med, 1998.

•

Rituximab

induces severe depletion of B

cells from peripheral blood and lymphoid

tissues for 6-9 months.

Conclusions –

MCL Vaccine Study

•

Antibody responses to KLH carrier were delayed

but present in 17/23 (74%) patients, and Id-

specific antibody responses were detected in

8/23 (35%) patients.

•

Tumor-specific T cell responses were detected in

20/23 (87%) patients following rituximab

containing chemotherapy regimen

•

These results suggest that severe B-cell

depletion does not impair induction of T-cell

responses

•

Trial initially designed to enroll 563 total PACE treated patients

in order to complete 375 patients in Segment B (vaccine or

control)

–

Current data from trial (CR rate of 80-85%) suggest only

460 PACE patients needed to randomize 375 patients

•

Adaptive study design per current protocol assumptions requires

460-630 enrolled patients and 375 -

540 patients randomized*

•

Full accrual was projected at 5 years with 4 years of additional

follow up

*Depends on the proportion of new enrolled patients, due to CHOP-R amendment, allocated to PACE

chemotherapy, and disease free survival rates of placebo arm

BV 301 Phase 3 Trial : Enrollment/statistical assumptions with

PACE chemotherapy (interim analysis)

375 PACE treated patients need to be randomized in Segment B to obtain

80% power to detect difference in disease free survival in trial.

As of April 2008:

•

234 patients enrolled in segment A

•

177

patients

randomized

segment

(vaccine

control)

–

all

PACE

patients

Comparative analysis: increased survival is dependent upon immune

response

Data

published

Median

DFS

Overall

survival

% with

cellular

immune

response

% with

humoral

immune

response

% with

molecular

remission

Biovest

BiovaxID*

Yes

8.1 yr

95% after

8-10 yr

95%

75%

73%

Genitope

MyVax

3.1 yr

Not

reported

44%

48%

Not

reported

Favrille

FavID

Not

available

Not

reported

67%

20%

Not

reported

R-CHOP

Yes

Various

58-88%

after 5

years

Not

applicable

Not

applicable

Varies

*BiovaxID

is the only therapy using a complete copy of the patient’s own target antigen

BV301 Data Monitoring Committee (DMC)

•

On April 15, 2008, the DMC met to review an interim analysis of the

safety and efficacy data for the Phase 3 study.

•

The analysis showed that BiovaxID™

continues to have a favorable

safety profile.

•

The DMC recommended Biovest unblind

the study for a final

analysis.

–

The final study report should contain data through August 29, 2008. That date

signifies when the last randomized and vaccinated patient reaches 12 months

follow-up from their first injection.

•

The DMC Chairman has volunteered to participate in ongoing

regulatory meetings with the FDA and other Health Authorities

regarding unblinding

the results and seeking a pathway for

conditional and/or accelerated approvals.

Financial Information

Cash & cash equivalents

1,048,000

Total assets

6,902,000

Total risk bearing debt

18,332,000

Stockholder's Equity:

Common stock, $.01 par value, 300,000,000 shares authorized;

963,000

96,305,038 outstanding as of March31, 2008

Additional paid-in capital

69,590,000

Deficit accumulated

(104,761,000)

Total shareholders' deficit

(34,208,000)

outstanding

WA Exercise price

WA Term

Common shares outstanding

96,305,038

Employee stock options

9,751,092

0.72

7.5

Warrants

28,498,530

0.55

9.35

Total fully diluted shares

134,554,660

For 6 months ended March 31,

2008

2007

Revenue

2,815,000

2,879,000

Net income/(loss)

(8,133,000)

(29,400,000)

As of 3/31/2008

Income Statement

Equity

Fully Diluted Shares Outstanding