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Accentia Biopharmaceuticals, Inc.
Accentia Biopharmaceuticals Announces Reorganization Plan to Maximize Long-Term Shareholder Value, Fully Pay All Creditors and Continue Operations to Commercialize Its Drug Portfolio
November 28th, 2008
Accentia Biopharmaceuticals, Inc. (Pink Sheets:ABPI) announced that the Company and its subsidiaries have filed voluntary petitions for reorganization. With existing cash flows from subsidiaries and the potential for relatively near-term significant business development opportunities, this action is intended to provide an opportunity for the Company to restore shareholder value and to pay secured and unsecured creditors. Under protection of the court, Accentia plans to implement a series of initiatives designed to significantly decrease operating expenses and financing costs, and focus cash and resources on drug development and other priority programs that will allow the Company to attract...
Source: Health Business Week (2008-11-28)
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