Avid Bioservices Inc (CDMO)

[cjgaddy]

10-23-17/8-K: New PPHM BOD Mark Bamforth’s Compensation Details: $55000/yr + $15000/committee + $2000/meeting; “The Compensation Committee expects that existing non-emp. directors will transition to the new non-emp. director compensation pgm over a period of time.”...

10-19-17: Peregrine Adds Mark R. Bamforth to BOD http://tinyurl.com/ydxlv7sb
10-23-17/8-K M.R. Bamforth Hiring Details: http://tinyurl.com/y7mvg6wt
...“On 10-17-17, the BOD adopted a resolution to incr. the #BOD’s from 5 to 6, Mr. Bamforth to join immediately… Mr. Bamforth… will receive compensation under the Company’s non-emp. Director compensation pgm, which was recently amended… He will rec. $55,000/yr. + $15,000/yr. for each committee served (at the time of the filing, the Board had not yet determined the committee(s) of the Board on which Mr. Bamforth would serve)… In addition, Mr. Bamforth is eligible to receive $2,000/day for each BOD meeting attended, whether in-person or telephonically, and is entitled to receive $2,000 for each addl. Company meeting attended in excess of 4hrs in length. The Compensation Committee expects that existing non-emp. directors will transition to the new non-emp. director compensation pgm over a period of time.”
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10-19-17/PR: ...Mr. Bamforth has 30yrs of biologics leadership experience, including founding 2 CDMOs, Brammer Bio, where he is currently Pres./CEO, and Gallus BioPharmaceuticals, which was acquired by DPx Holdings B.V., the parent company of Patheon. Additionally, he served 20+yrs in key roles at Genzyme Corp., including 10yrs as a corp. officer responsible for running global mfg.
STEVE KING: "Mark is a great addition to the board of directors as we continue our transition to becoming a dedicated CDMO business. With his extensive experience in the CDMO space, both as an entrepreneur who has founded, grown, acquired and sold a successful CDMO company, as well as his experience as a key executive at Genzyme Corporation, he is ideally suited to help oversee the transition of the company into a leading CDMO. Combined with the recent appointment of Dr. Roger Lias as Pres. of Avid and member of Peregrine's BOD, today's appointment further underscores our commitment to reconstitute the BOD with high quality CDMO industry experience. We look forward to providing further updates in the near future as we continue the process."
Based in Cambridge MA, Mr. Bamforth currently serves as Pres./CEO of Brammer Bio, a cell & gene therapy CDMO he founded in 2015 and merged with Florida Biologix, an established, 10yo CDMO, in 3-2016. In this role, he oversees a team of 300+ emps, providing services ranging from process dev. and early clinical supply services to production of Ph3 supplies & support for licensure of gene therapy products. Previously, he founded Gallus BioPharmaceuticals, a biologics CDMO that experienced rapid growth leading to its acquisition by DPx Holdings B.V., the parent company of Patheon, in 2014 for $257.2M.
Prior to his founding of Brammer Bio & Gallus BioPharmaceuticals, Mr. Bamforth spent 22yrs with Genzyme Corp., rising to the position of SVP/Corp.Oper./Pharmaceuticals. In this role, he oversaw a multi-technology, global operations team comprised of 3,600+ at 13 internal sites & a network of 24 CMO’s. This team was charged with supplying 20+ commercial products and multiple clinical products that spanned biologics, cell therapy, gene therapy, pharmaceuticals and biologic devices. While at Genzyme, Mr. Bamforth served as a member of the CEO's operating committee, helping to guide corporate strategy acquisition, partnering and growth to over $4B in sales.
MARK BAMFORTH: "We continue to see significant growth potential in the CDMO space, particularly for companies that understand the nuanced needs of biopharmaceutical companies and can offer creative and sophisticated dev. & mfg. solutions. I believe that Avid Bioservices is well positioned to capitalize on these growth opportunities based on its state-of-the-art Myford mfg. facility, as well as its established track record of commercial & clinical mfg. & regulatory excellence. I am pleased to have the opportunity to join the boards of both Peregrine & Avid at this exciting time of transition for the companies and look forward to sharing my industry experience to contribute to the ongoing success of the CDMO business."
Mr. Bamforth also serves on the boards of MassBio and the Wentworth Inst. of Technology, and is a Saltire Foundation founding-trustee. He earned a BS in chemical eng. from Strathclyde Univ. and an MBA from Henley Mgt. College.
Avid Bioservices was established out of Peregrine's internal biologics mfg. & dev. capabilities and began formal operations in Jan.2002. The company has grown from an internal support operation to a full service CDMO that manufactures bulk drug substance for products that are approved & marketed in over 18 countries by leading biopharma companies. Avid was recently recognized as a leading CDMO by Life Science Leader as a recipient of multiple 2017 Contract Mfg. Leadership Awards for Quality, Reliability, Capabilities, Expertise and Compatibility. The company has an outstanding regulatory inspection history and state-of-the-art cGMP mfg. facilities. Mr. King has served as Pres. of Avid since its formation in addition to his role as Pres./CEO of Peregrine since 2003.
ABOUT PEREGRINE PHARMACEUTICALS, INC.
Peregrine Pharmaceuticals, Inc. is a company transitioning from an R&D focused business to a pure play contract dev. & mfg. organization (CDMO)… The company is pursuing to license or sell its proprietary R&D assets, including its lead immunotherapy candidate, bavituximab, which is currently being evaluated in clinical trials in combination with immune stimulating therapies for the treatment of various cancers...
IMPORTANT ADDL. INFO:
Peregrine intends to file a proxy statement with the SEC in connection with the solicitation of proxies for Peregrine's 2017 ASM (Proxy Statement) with an associated WHITE proxy card. Peregrine, its directors and certain of its exec. officers will be participants in the solicitation of proxies from stockholders in respect of the 2017 ASM. Info regarding the names of Peregrine's directors & exec. officers and their respective interests in Peregrine by security holdings or otherwise is set forth in the 10-K for FY/e 4-30-17 [7-14-17: http://tinyurl.com/ycxu4l5n ], and Peregrine's proxy statement for the 2016 ASM [8-26-16: http://tinyurl.com/gsrmgs2 ]. To the extent holdings of such participants in Peregrine's securities are not reported, or have changed since the amounts described, in the 2016 proxy statement, such changes have been reflected on [Form3’s & Form4’s]… Details concerning the nominees of Peregrine's BOD for election at the 2017 ASM will be included in the Proxy Statement…

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10-19-17: Large-Shareholders(35%), RONIN-PPHM HISTORY, Upcoming Events http://tinyurl.com/yccrte6b