Tampa, FL—Accentia Biopharmaceuticals Inc. (NASDAQ:ABPI) announced that it has entered into definitive agreements for a private placement offering of convertible preferred stock and warrants to new and existing institutional investors for gross proceeds of approximately $8.7 million.

Accentia is testing SinuNase, a pump spray formulation for treatment of chronic sinusitis, which affects more than 60 million people in the U.S. and Europe.

Accentia intends to use the proceeds as working capital, including supporting drug development, regulatory strategies and marketing plans. Chairman and CEO, Dr. Frank O’Donnell, said, “We believe we are on the verge of achieving a series of very important milestones, including reporting the unblinded results from our pivotal Phase 3 clinical trial of SinuNase in March.”

SinuNase is a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. SinuNase has been granted Fast Track status by the FDA and it is currently in a pivotal Phase 3 clinical trial.

The company also plans to file an Investigative New Drug for a pivotal Phase 3 clinical trial of Revimmune, to treat numerous autoimmune diseases with an initial indication targeting refractory relapsing-remitting Multiple Sclerosis. Revimmune is based on pulsed, ultra-high dosing of a well-known chemotherapeutic agent under a risk management program.

On the Web: www.accentia.net

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