CURRENT\ue000 REPORT
Pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the
Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934

On\ue000 February\ue000 20,\ue000 2009,\ue000 the\ue000 Company\ue000 and\ue000 certain\ue000 of\ue000 its\ue000 affiliates\ue000 (collectively,\ue000 the\ue000 \u201cDebtors\u201d)\ue000 filed\ue000 their\ue000 unaudited\ue000 combined\ue000 monthly\ue000 operating
report\ue000 for\ue000 the\ue000 period\ue000 January\ue000 1,\ue000 2009\ue000 through\ue000 January\ue000 31,\ue000 2009\ue000 (the\ue000 \u201cMonthly\ue000 Operating\ue000 Report\u201d)\ue000 with\ue000 the\ue000 United\ue000 States\ue000 Bankruptcy\ue000 Court\ue000 for
the\ue000 Middle\ue000 District\ue000 of\ue000 Florida,\ue000 Tampa\ue000 Division\ue000 (the\ue000 \u201cBankruptcy\ue000 Court\u201d).\ue000 Exhibit\ue000 99-1\ue000 to\ue000 this\ue000 Current\ue000 Report\ue000 on\ue000 Form\ue000 8-K\ue000 contains\ue000 the
unaudited\ue000 Monthly\ue000 Operating\ue000 Report\ue000 as\ue000 filed\ue000 with\ue000 the\ue000 Bankruptcy\ue000 Court.

The\ue000 Monthly\ue000 Operating\ue000 Report\ue000 is\ue000 limited\ue000 in\ue000 scope,\ue000 covers\ue000 a\ue000 limited\ue000 time\ue000 period\ue000 and\ue000 has\ue000 been\ue000 prepared\ue000 solely\ue000 for\ue000 the\ue000 purpose\ue000 of\ue000 complying\ue000 with
reporting\ue000 requirements\ue000 of\ue000 the\ue000 Bankruptcy\ue000 Court\ue000 and\ue000 the\ue000 Bankruptcy\ue000 Code,\ue000 11\ue000 U.S.C.\ue000 \u00a7\u00a7\ue000 101-1532\ue000 (the\ue000 \u201cBankruptcy\ue000 Code\u201d).\ue000 The\ue000 financial
information\ue000 contained\ue000 in\ue000 the\ue000 Monthly\ue000 Operating\ue000 Report\ue000 is\ue000 preliminary\ue000 and\ue000 unaudited\ue000 and\ue000 does\ue000 not\ue000 purport\ue000 to\ue000 show\ue000 the\ue000 financial\ue000 statements\ue000 of
any\ue000 of\ue000 the\ue000 Debtors\ue000 in\ue000 accordance\ue000 with\ue000 accounting\ue000 principles\ue000 generally\ue000 accepted\ue000 in\ue000 the\ue000 United\ue000 States\ue000 of\ue000 America\ue000 (\u201cGAAP\u201d)\ue000 and,\ue000 therefore,\ue000 may
exclude\ue000 items\ue000 required\ue000 by\ue000 GAAP,\ue000 such\ue000 as\ue000 certain\ue000 reclassifications,\ue000 eliminations,\ue000 accruals\ue000 and\ue000 disclosure\ue000 items.\ue000 The\ue000 Company\ue000 cautions\ue000 readers
not\ue000 to\ue000 place\ue000 undue\ue000 reliance\ue000 on\ue000 the\ue000 Monthly\ue000 Operating\ue000 Report.\ue000 The\ue000 Monthly\ue000 Operating\ue000 Report\ue000 may\ue000 be\ue000 subject\ue000 to\ue000 revision.\ue000 The\ue000 Monthly
Operating\ue000 Report\ue000 is\ue000 in\ue000 a\ue000 format\ue000 required\ue000 by\ue000 the\ue000 Bankruptcy\ue000 Court\ue000 and\ue000 the\ue000 Bankruptcy\ue000 Code\ue000 and\ue000 should\ue000 not\ue000 be\ue000 used\ue000 for\ue000 investment\ue000 purposes.
The\ue000 information\ue000 in\ue000 the\ue000 Monthly\ue000 Operating\ue000 Report\ue000 should\ue000 not\ue000 be\ue000 viewed\ue000 as\ue000 indicative\ue000 of\ue000 future\ue000 results.

This\ue000 Current\ue000 Report\ue000 on\ue000 Form\ue000 8-K\ue000 sets\ue000 forth\ue000 statements\ue000 that\ue000 are\ue000 not\ue000 strictly\ue000 historical\ue000 in\ue000 nature\ue000 and\ue000 such\ue000 statements\ue000 are\ue000 referred\ue000 to\ue000 as\ue000 \u201cforward-
looking\ue000 statements.\u201d\ue000 The\ue000 forward-looking\ue000 statements\ue000 in\ue000 this\ue000 Form\ue000 8-K\ue000 may\ue000 include\ue000 statements\ue000 about\ue000 our\ue000 product\ue000 development\ue000 programs,
clinical\ue000 trials\ue000 for\ue000 our\ue000 BiovaxID\u00ae\ue000 product\ue000 and\ue000 potential\ue000 future\ue000 market\ue000 opportunity.\ue000 Such\ue000 forward-looking\ue000 statements\ue000 are\ue000 subject\ue000 to\ue000 known\ue000 and
unknown\ue000 risks,\ue000 uncertainties,\ue000 and\ue000 other\ue000 factors\ue000 that\ue000 may\ue000 cause\ue000 our\ue000 actual\ue000 results\ue000 to\ue000 be\ue000 materially\ue000 different\ue000 from\ue000 any\ue000 results\ue000 expressed\ue000 or
implied\ue000 by\ue000 such\ue000 forward-looking\ue000 statements.\ue000 These\ue000 factors\ue000 include,\ue000 but\ue000 are\ue000 not\ue000 limited\ue000 to,\ue000 risks\ue000 and\ue000 uncertainties\ue000 related\ue000 to\ue000 the\ue000 progress,
timing,\ue000 cost,\ue000 and\ue000 results\ue000 of\ue000 Biovest\u2019s\ue000 clinical\ue000 trials\ue000 and\ue000 product\ue000 development\ue000 programs.\ue000 All\ue000 forward\ue000 looking\ue000 statements\ue000 in\ue000 this\ue000 Form\ue000 8-K\ue000 are
qualified\ue000 in\ue000 their\ue000 entirety\ue000 by\ue000 this\ue000 cautionary\ue000 statement,\ue000 and\ue000 we\ue000 undertake\ue000 no\ue000 obligation\ue000 to\ue000 revise\ue000 or\ue000 update\ue000 this\ue000 Current\ue000 Report\ue000 on\ue000 Form\ue000 8-K\ue000 to
reflect\ue000 events\ue000 or\ue000 circumstances\ue000 after\ue000 the\ue000 date\ue000 hereof.

The\ue000 Monthly\ue000 Operating\ue000 Report\ue000 is\ue000 being\ue000 furnished\ue000 for\ue000 informational\ue000 purposes\ue000 only\ue000 and\ue000 shall\ue000 not\ue000 be\ue000 deemed\ue000 \u201cfiled\u201d\ue000 for\ue000 purposes\ue000 of\ue000 Section\ue000 18
of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 as\ue000 amended,\ue000 or\ue000 otherwise\ue000 subject\ue000 to\ue000 the\ue000 liabilities\ue000 of\ue000 that\ue000 section,\ue000 nor\ue000 shall\ue000 they\ue000 be\ue000 deemed
incorporated\ue000 by\ue000 reference\ue000 in\ue000 any\ue000 filing\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 of\ue000 1933,\ue000 as\ue000 amended.\ue000 Registration\ue000 statements\ue000 or\ue000 other\ue000 documents\ue000 filed\ue000 with\ue000 the
U.S.\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission\ue000 (\u201cSEC\u201d)\ue000 shall\ue000 not\ue000 incorporate\ue000 the\ue000 Monthly\ue000 Operating\ue000 Report\ue000 or\ue000 any\ue000 other\ue000 information\ue000 set\ue000 forth\ue000 in
this\ue000 Current\ue000 Report\ue000 on\ue000 Form\ue000 8-K\ue000 by\ue000 reference,\ue000 except\ue000 as\ue000 otherwise\ue000 expressly\ue000 stated\ue000 in\ue000 such\ue000 filing.\ue000 This\ue000 Current\ue000 Report\ue000 on\ue000 Form\ue000 8-K\ue000 will\ue000 not\ue000 be
deemed\ue000 an\ue000 admission\ue000 as\ue000 to\ue000 the\ue000 materiality\ue000 of\ue000 any\ue000 information\ue000 in\ue000 the\ue000 report\ue000 that\ue000 is\ue000 required\ue000 to\ue000 be\ue000 disclosed\ue000 solely\ue000 by\ue000 Regulation\ue000 FD.