Exhibit 10.3



THE INVESTOR RELATIONS GROUP INC.

LETTER OF AGREEMENT

Date: January 7, 2006



Section 1. Services to be Rendered. The purpose of this letter is to set forth
the terms and conditions on which The Investor Relations Group, Inc. (IRG) agrees to provide Biovest International, Inc. (the Company) investor relations and public relations services. These services may include, but are not limited to:
overall management of the corporate communications program; designing a corporate fact sheet that can readily be mass produced for distribution to brokers, analysts, and other industry personnel; securing one-on-one and group appointments with
industry professionals for presentations by, for, and about Company management; targeted mailings; assistance with compiling promotional materials; writing and editing news releases and other corporate materials; advice on packaging the Company
story; writing pitch letters to and solicitation of the appropriate media and press; syndicated stories; and, daily update reports.



Section 2. Fees. The Company shall pay to IRG for its services hereunder including investor relations and public relations services a maintenance fee of $
12,500 per month for a renewable term of 12 months beginning January 16, 2006. Additionally, for this Agreement, the Company agrees to issue a warrant to purchase 200,000 restricted shares of Biovest common stock at $0.50 per share in the
name of The Investor Relations Group, Inc. The option shall be exercisable on the date of issuance and at any time within ten years of the date of issuance.



Fees are payable on or before the 1st day after the beginning of each month which occurs during the Engagement Period. Unless other arrangements have been
made and agreed upon in writing, lack of payment for services rendered by the 5thof the month will be considered
default of this agreement, and IRG shall be entitled to cease all services on behalf of the Company until such time as payment in full of amounts due is made.



Section 3. Expenses. In addition to all other fees payable to IRG hereunder, the Company hereby agrees to reimburse IRG for all reasonable out-of-pocket
expenses incurred in connection with the performance of services hereunder. These out-of-pocket expenses shall include, but are not limited to: telephone, photocopying, postage, messenger service, clipping service, maintaining mailing lists,
information retrieval service, wire services, monitoring advisory service, all production costs for press releases including paper, envelopes, folding, insertion and delivery to the post office, all reasonable travel expenses, and all reasonable
meeting expenses including rental of audio/visual equipment. No individual expenses over $500 will be expended without first notifying the Company. The Company agrees to remit upon the signing of this agreement a check for $10,000 to be placed on
deposit with IRG and credited to the Company against expenses incurred, on a permanent basis, throughout the program. From time to time, the Company will replenish the expense account as necessary to maintain a balance of $3,500. The balance of said
deposit is fully refundable should the program terminate. A running invoice will be maintained of all expenses incurred and will be submitted to the Company each month.



Section 4. Indemnification. The Company and IRG agree to defend, indemnify and hold each other, their affiliates, stockholders,
directors officers, agents, employees, successors and assigns (each an Indemnified Person) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgements, suits, costs, expenses and
disbursements of any kind whatsoever (including, without limitation, reasonable attorneys fees) arising solely from the Companys or IRGs breach of their obligations, warranties and representations under this Agreement. It is
recognized and agreed by IRG and the Company that neither party shall have any liability hereunder to any Indemnified Person arising from the other partys intentional negligence or willful misconduct. It is further agreed that the foregoing
indemnity shall be in addition to any rights that either party may have at common law or otherwise, including, but not limited to, any right to contribution.



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Section 5. Term of Agreement and Guarantee of Satisfaction. (a) The engagement of IRG under the
provisions of this agreement shall continue until notice of termination is received. (b) The Company may terminate IRGs engagement hereunder, with or without cause, immediately at any time during this agreement. Any fees accrued to IRG prior to
cancellation will be payable immediately. (c) IRG may terminate its engagement hereunder, with or without cause, at any time during this agreement. The obligations of the Company under Sections 4 and 6 shall survive termination or breach of
this agreement, with or without cause, by either party.



Section 6.
Solicitation of Employees. For a period commencing two years after the termination of this Agreement, the Company shall not, directly or indirectly: (i) influence or attempt to influence any employee of IRG to leave its employ;
(ii) agree to aid any competitor or customer of IRG in any attempt to hire any person who was employed by IRG within the two year period preceding termination of this Agreement; or (iii) solicit or induce any person who was employed by IRG
within the two year period preceding the termination of this Agreement to become employed by the Company. The Company acknowledges that the restrictions in this section are reasonable and necessary for the protection of IRGs business.



Section 7. Severability. In case any provision of this letter
agreement shall be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired thereby.



Section 8. Consent to Jurisdiction. This Agreement shall be governed and construed in accordance with the laws of the State of
New York, and the parties hereby consent to the exclusive jurisdiction of the State and Federal Courts, located within the City, County and State of New York to resolve any disputes arising under this Agreement.



Section 9. Other Services. If the Company desires additional services not
included in this agreement, any such additional services shall be covered by a separate agreement between the parties hereto.



Please evidence your acceptance of the provisions of this letter by signing the copy of this letter enclosed herewith and returning it to The Investor
Relations Group Inc., 11 Stone Street, 3thFloor, New York, NY 10004, Attention: Dian Griesel, Ph.D.,
Chairman & CEO.



Very truly yours,Dian GrieselFounder & ChairmanThe Investor Relations Group, Inc.




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|ACCEPTED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
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|/s/ James A. McNulty                                   
|James A. McNulty                                       
|CFO