BIOVEST INTERNATIONAL ANNOUNCES cGMP ANTIBODY-MANUFACTURING AGREEMENT
WITH BioE

Agreement utilizes BioVest's expertise in cell line manufacturing to
produce antibodies for BioE's unique stem cell isolation system.

MINNEAPOLIS - Oct. 28, 2003 - BioVest International, Inc., a
biotechnology company that provides services to research institutions,
biotechnology companies and the pharmaceutical industry, and BioE, Inc.,
a biotechnology company that develops high-quality, antibody-based
diagnostic and therapeutic technologies, jointly announced today that
the two companies have entered into a supply agreement, in which BioVest
will manufacture antibodies for BioE's unique stem cell isolation
system.

Under the terms of the agreement, BioE will provide cell lines to
BioVest to optimize growth and antibody production using BioVest's
high-capacity Acusyst-X-Cell hollow fiber bioreactor. This agreement
will provide BioE with access to the quality and quantity of antibodies
needed to produce its PrepaCyte Blood Processing System, which
separates and recovers stem cells from umbilical cord blood, circulating
peripheral blood and bone marrow. BioVest was selected for the project,
in part, because of its reputation in cell culture production, expertise
in cell-line manufacturing and current good manufacturing practices
(cGMP).

"We are very excited to have BioVest as our antibody manufacturing
partner," said Michael Haider, president and chief executive officer for
BioE. "The opportunity to incorporate BioVest's proprietary technology
and production expertise helps ensure our success as we prepare for the
launch of the industry's first U.S. Food and Drug
Administration-compliant cell processing system used for the separation
of stem cells from umbilical cord blood sometime in 2005. By outsourcing
this work, we have reduced the investment necessary to make PrepaCyte a
reality in the clinical market s BioE is one step closer to
commercialization due to this agreement with BioVest."

As opposed to traditional methods of separating cells from blood sources
that often require either the mechanical or chemical manipulation of
cells (which can result in the loss of desired cells or undesired
alterations in their biological activity), BioE's patent-pending
PrepaCyte technology targets unwanted cells for separation, leaving the
desired stem cells unmodified. This process results in increased
quantities and higher purity of stem cells that retain their innate
cellular functionality prior to therapeutic use in humans.

"BioVest proudly continues to offer our clients a high quality,
cost-effective manufacturing alternative using our hollow fiber
technology," said Stephane Allard, M.D., president and chief executive
officer for BioVest. "The selection of BioVest by BioE further
demonstrates our ability to meet the specific and complex manufacturing
requirements of our clients. We look forward to providing BioE with the
antibodies necessary to bring their unique stem cell isolation product
to the medical community."

The Acusyst X-cell instrumentation deployed for this project is a
large-scale cell culture production system based on Hollow Fiber
Bioreactor technology, pioneered by BioVest. Hollow Fiber Bioreactor
perfusion technology provides economic advantages through largely
automated culture of a relatively large, densely packed population of
cells in a small space. Additionally, the low molecular weight cut-off
of the fiber membrane allows more expensive media components to be
conserved, while less expensive basal media is continuously perfused
through the bioreactor. As a result, this automated approach is more
cost-effective than conventional methodologies generally used for
maintenance of large cell populations.

About BioVest
BioVest International, Inc. is a biotechnology company that provides
cell culture services to research institutions and the biopharmaceutical
industry. BioVest also develops, manufactures and markets cell culture
systems. For the past 10 years the company has been designated, by the
National Institutes of Health, as the National Cell Culture Center
(NCCC). Through its proprietary technology, BioVest provides cell
culture services to research institutions, biotechnology companies and
the pharmaceutical industry. The company is the holder of a Cooperative
Research and Development Agreement (CRADA) with the National Cancer
Institute for the commercialization of a personalized biologic
therapeutic cancer vaccine for the treatment of non-Hodgkin's lymphoma.
For more information on BioVest, please visitwww.Biovest.com

BioVest International Inc., is a majority-owned subsidiary of Accentia
Inc., a vertically-integrated specialty biopharmaceutical company
founded by Hopkins Capital Group, LLC to commercialize targeted
therapeutics. Accentia is a privately-held company that has a product
portfolio featuring targeted therapeutics, specialty sales and
marketing, pharmacoeconomic services, product development, and specialty
distribution. More information on Accentia is available at
www.accentia.net

About BioE
Founded in 1993, BioE (www.bioe.com) is a biotechnology company
headquartered in St. Paul, Minn. that develops high-quality,
antibody-based diagnostic and therapeutic technologies that improve
patient outcomes and quality of life. BioE has three primary technology
platforms that are used to develop diagnostic and therapeutic products
across a wide variety of medical specialties. Its blood processing
technology separates and recovers therapeutically important cells,
including stem cells, from various blood sources including umbilical
cord blood, circulating peripheral blood or bone marrow. These cells are
used in medical research, transplant settings and regenerative medicine
applications. The company also offers a binding pairs diagnostic
technology that simultaneously, but independently, detects both members
of a binding pair, such as in an immune complex within a biological
sample i enabling early disease diagnosis. Additionally, BioE is
developing an Alzheimer's disease diagnostic (currently the subject of
U.S. clinical trials) that can determine through a simple, inexpensive
blood test if a patient has or will develop the disease. For more
information on BioE, please call (800) 350-6466.

The information in this press release includes certain forward-looking
statements concerning the Companies' current expectations regarding
future events. Due to the nature of the product development and the
regulatory approval process, the forward-looking statements contained in
this press release are subject to risks and uncertainties.

***

Contact:
Jeanine Quinn
Investor Relations for BioVest
(908) 788-9660
office@zangani.com

Jon Zurbey
Haberman & Associates, Inc.
Investor Relations for BioE
(612) 338-3900
jon@habermaninc.com