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TAMPA — Accentia Biopharmaceuticals Inc. (symbol: ABPI) hopes to raise $5 million from an equity sale, a filing with the Securities & Exchange Commission shows.
The equity offering seems to be in a preliminary state: Accentia has not said how many shares of its stock it will sell, and an official placement agent is not listed.
But the firm did address the ways in which it would use proceeds from the sale, including working capital, “general corporate purposes,” and debt reduction. Accentia is paying 8.5% interest on the debt it has borrowed from its senior lender, and full repayment is due Nov. 17, 2012.
Along with its subsidiary, Biovest International Inc., Accentia emerged from Chapter 11 bankruptcy in November of last year. But major changes are still ongoing; for example, the company's chief financial officer resigned last month.
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