Finance

U.S. Bank, Accentia Biopharmaceuticals partner to use tax credits for biopharma industry

Published in Cancer Weekly, May 29th, 2006

U.S. Bank (USB) has provided the financing to help develop a therapeutic for non-Hodgkin lymphoma, marking the first time the New Market Tax Credit (NMTC) program has been used to support a biopharmaceutical company.

As part of a financing arranged with Accentia Biopharmaceuticals, Inc. (ABPI), U.S. Bank purchased $4.6 million of NMTCs as part of an investment in a subsidiary of Biovest International, Inc. (BVTI). Biovest is an Accentia subsidiary developing the cancer treatment.

The NMTC program, under the auspices of the United States Department of the Treasury, was established in 2002 to provide incentive for investing in businesses located in...

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Source: Cancer Weekly (2006-05-29)

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