Riding the Biodefense Wave.

An infectious disease researcher-turned-entrepreneur has used strong scientific credentials, an aversion to risk, a stroke of luck, and enviable connections to turn a company on the verge of collapse into a profitable producer of biodefense vaccines. OraVax Inc., the company Thomas Monath, had struggled to build since 1992, was running out of money after its potential blockbuster drug for respiratory infections flunked a key clinical trial. By October 1998, the price of OraVax stock had dropped to a pitiful 25 cents; a few weeks later, NASDAQ delisted the company. Peptide Therapeutics Group, equally unlucky in business but with more in the bank, bought OraVax for a mere $20 million. Rechristened Acambis, the new company went on to become the first big winner in the biodefense bonanza inspired by September 11, terrorist attack.