After delay, drug company ready again to go public

By HELEN HUNTLEY
Published July 18, 2005

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Look for an initial public offering this week from Accentia Biopharmaceuticals. The Tampa company was hoping to take the public plunge earlier this month, but delayed the offering to reprint its registration document, what brokers call a "red herring."

The reason for the reprint is to include recent good news from the U.S. Food and Drug Administration. The FDA has accepted Accentia's investigational new drug application for SinuNase, and the company plans to begin Phase III trials for the drug to treat chronic sinusitis. The company is in Phase III trials for a lymphoma drug, Biovaxid.

Accentia hopes the offering will bring it net proceeds of $41.2-million to continue product development and pay other expenses. The company lost $28.5-million on net sales of $25.9-million last fiscal year. Its two largest customers, Cardinal Health and McKesson Corp., account for nearly a third of its sales.

- , Times staff writer