Subscription Agreement

Exhibit 10.27

SUBSCRIPTION AGREEMENT

1. SUBSCRIPTION. Pursuant to Rule 506 of Regulation D under the Securities Act of 1933, as amended (the " Securities Act" ), the St. Louis Development Corporation (" SLDC" ) hereby purchases Three Hundred Twenty-Six Thousand and Ninety-Eight (326,098) shares of common stock (the " Stock" ) of Biovest International, Inc (the " Company" ) at a purchase price of $1.10 per Share for a total purchase price of $358,707.80 (the " Purchase Price" ).

2. REPRESENTATIONS AND WARRANTIES.

(a) SLDC acknowledges that the Stock has not been registered under the Securities Act of 1933, as amended, or under any state securities laws, and represents and warrants to the Company as follows:

(i) It is a non-profit corporation duly organized and validly existing under the laws of the State of Missouri, with a principal place of business in the State of Missouri, and has full power and authority to acquire and own its interest in the Stock in accordance with the terms of this Agreement;

(ii) It is acquiring the Stock of the Company for investment and not with a view for resale or distribution of the Shares;

(iii) It agrees that the right to transfer the Stock is restricted in accordance with state and federal securities laws;

(iv) The per-share purchase price of the Stock was established by negotiation between the Company and SLDC and SLDC acknowledges that it may experience substantial dilution to its investment and can afford a complete loss of such investment;

(v) SLDC is able and prepared to bear the economic risk of investing in and holding the Stock, and has such knowledge and experience in business and financial matters as to be capable or evaluating the risks and merits of an investment in the Stock based on the Company' s public securities filings;

(vi) SLDC is (A) a non-profit corporation duly organized and validly existing under the laws of the State of Missouri with total assets as of the date hereof in excess ...