Debt Settlement Companies Stoop to Bankruptcy to Rise with Invention
While there are multi-million dollar rewards for achieving great accomplishments in music business, sports and entertainment; it appears that the system has not yet realized a way to reward for curing diseases.
Certainly the entertainment business might go broke if it had "Race for the cure" on TV in a show where scientists could speak of equations, molecular biology and the like. How does such a topic relate to daily life or make someone feel better today?
There is a mystery about the bankruptcy process which causes fear and confusion. It appears to be a way out yet has the potential to cause ruin.
Today we have a guest blog article from Sophie Kinsella. Sophie will share how one company with a vision of curing cancer found that bankruptcy re-organization became a benefit.
Here is the article by Sophie Kinsella:
Debt Settlement Companies Stoops to Bankruptcy to Rise with Invention
by Sophie Kinsella
An effective strategy of a company could unleash immense possibilities for mankind.
Path breaking research on cancer vaccine has become possible by Biovest International Inc because of the company’s strategic move to focus its endeavor on fundamental policy. After filing bankruptcy the company saw a series of success in the arena of cancer research and development.
“Along with bankruptcy came the opportunity, while we were out of the hustle and bustle of being a public company, to really think about fundamental things that were important to the success of the company,” said Sam Duffy, the C.E.O of the company.
The initiation of the cancer vaccine called BiovaxID has been shown to improve the survival of a cancer patient by two years. The vaccine boosts the immune system and hits the targeted cancer tissue. It is produced by the tumor cells of a patient’s own body and thereafter inserted back into his body again. The vaccine’s “sole mission in life is to alert the immune system” and start reacting on the cancer affected cells.
The vaccine was developed in the National Cancer Institute in partnership with Biovest to launch the product in the market. The company achieved its laurel at the oncology conference and gained success in raising public fund for Minnesota manufacturing plant. But the C.E.O puts it, that that achievement could have never been possible had it not faced financially strained position.
“Bankruptcy reorganization has been incredibly positive as an experience for us” said the C.E.O. He further adds,” it has allowed us to do things that even if the finance market had not closed and we could have continued going on we would never be where we are today.”
Biovest is the sister concern of Accentia Pharmaceuticals Inc, both of which filed bankruptcy in November, 2008. Due to global credit crisis the companies fell in problem to borrow money for its developing its project. But with reorganization with bankruptcy, it has incredibly risen to the zenith of success, resolving a wide range of financial issues like overhead cost, royalty burden, contracts and capital structure.
Author's Bio: Sophie Kinsella is a contributory guest columnist for various websites and communities including Oak View Law Group and CMFA . She has completed her Graduation in Finance and is currently working with an Investment company located in California. She has written some great articles on topics like bankruptcy, investment opportunities, debt settlement company and more.
Thank you, Sophie, for sharing this example of how persistence can pay off and how accepting change in difficult times might prove to be worthwhile.
A great reminder for every entrepreneur to review the plan, dig in and do what it takes to achieve business success.