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Accentia Strikes Financing Pact

The four-year agreement is for $25 million in exchangeable convertible debentures.

Accentia Biopharmaceuticals

(ABPI)

and a group of its investors have signed a definitive four-year agreement for $25 million in exchangeable convertible debenture financing.

The company will use the proceeds from the deal to strengthen its cash position, repay short-term debt, develop intranasal antifungals for chronic sinusitis and support the marketing of its specialty pharmaceuticals.

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Accentia's shares were up 10 cents, or 4.1%, to $2.68.