Avid Bioservices Inc (CDMO)

[shipbuilder]

Another Quarter Ended...

...without Bavituximab in the toolbox of oncologists. It's a pity that the share price is this low, that we are all three months older, and that shipbuilder has never been to Spain. It's a travesty that sick people are being denied the use of medicine that, if the salvaged ph2 data is valid, would prolong quality and time of life (in just that one combination alone).

Where is the "all hands on deck" mentality that, if deployed in earnest, would expedite this process and save lives? If financial considerations are in anyway part of an internal to Peregrine slowing of the process then that is, at best, unnecessary; If bavituximab is good stuff, and the IP is truly that useful to medicine, then any entity that would slow it's speed to market should be easily circumvented by a motivated and competent management team operating in the universe of big pharmas. Regardless of business concerns, the IST time to data release is ridiculous. Lives in the balance here academia! Yes, get it right, and do it with a purpose. Reviewing an IST for publication in a journal? Call your colleagues in and stay late at the office. People are dieing.

So, um, what's the problem? Is bavituximab really not that great? Is management to incompetent to articulate the opportunity to partners and buyers given the data that already exists? Is Steve King and the BOD so evil they would literally let people die so they can get cheap options one more time?

Could it be that there is already a contract signed that lays out a sales price based on the performance in the Sunrise trial? Could this be the information protected from dissemination until spring 2015?

As it stands right now I want to see a return on my investment sooner than later, and I want to see sick people get the treatment they need, but I accept that I may have to wait another year or more to see that happen. I also don't think that 175MM shares is all that excessive. It's not great but it could be worse ie ARNA with 220MM shares and an expensive marketing partnership. In conclusion, no amount of frustration and corporal punishment is going to turn me into a lemming and make me drive my investment vehicle off a cliff into the water. But management, move with a purpose! You owe it to patients, and you owe it to the people who have supported you and your family's SoCal lifestyle all these years.