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Avid Bioservices Inc. (CDMO)

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Last Post: 4/19/2018 6:21:30 AM - Followers: 846 - Board type: Free - Posts Today: 2

Avid Bioservices, Inc. (Nasdaq “CDMO”), Tustin CA.
Avid Fact Sheet a/o 1-11-18:
Avid Bioservices is a CDMO committed to improving the lives of patients by manufacturing products derived from mammalian cell culture for the biotechnology & biopharmaceutical industries. Services include cGMP clinical & commercial product manufacturing, purification, bulk packaging, stability testing & regulatory strategy, submission, and support. The company also provides a variety of process development activities, including cell line development & optimization, cell culture & feed optimization, analytical methods development, and product characterization.

Feb22: RBC Capital Markets Global HC/Conf., NYC (Roger Lias, Corp. Presentation)
Mar6: Merck Single-Use Symposium, E.Norriton, PA - Tracy Kinjerski(VP/BusOP) presented on Avid's Flexible & Efficient Mfg. Solutions.
Mar12: FY'18Q3 (qe 1-31-18) Financials & Conf. Call - PR/CC-Transcript:
Mar13: 30th Annual Roth Conf., Laguna Niguel, CA - CEO Roger Lias - corp. presentation, Webcast (
Mar19-22/Booth415: KNect365 Life Sciences' BioProcess Intl. West, SanFran
Mar19-22: DCAT Week, NYC DCAT=Drug, Chem, and Associated Tech. Assoc.

Apr17-18: 39th Annual INTERPHEX 2018, NYC
...Apr17 11:30-12:15pm, Sun Ra Bullins(Dir./Mfg), “The Perks & Pitfalls of a Single-Use Biopharm. Facility”
...Apr18 2:15-3:00pm, Roger Lias, “Biologics Outsourcing” panel

Jun4-7/Booth1073: BIO Intl. Convention, Boston
~Jul13: FY'18Q4 (qe 4-30-18) Financials & Conf. Call
Aug13-17/Booth310: The Bioprocessing Summit, Boston
Sep4-7: BioProcess Intl. Conf. & Exhibition, Boston
~Sep10: FY'19Q1 (qe 7-31-18) Financials & Conf. Call
Sep27-28/Booth918: Contract Pharma’s 17th Annual Contracting & Outsourcing Conf.”, NewBWK NJ
~Oct11: Avid's 2018 Annual Shareholder’s Meeting, Tustin CA

Quotes: Yahoo: Nasdaq: RT:
IR: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401, Tim Brons (Media) 415-675-7402

Latest 10K 4-30-17 iss. 7-14-17 PR: (Cash 4-30-17=$46.8mm); Amended 8-25-17:
Latest 10Q 1-31-18 iss. 3-12-18 PR: (Cash 1-31-18=$17.9mm; 2-28-18=$41.7mm)
ALL SEC filings for CDMO:
CDMO's Corp. Bylaws (a/o 11-14-14): - Latest 14A/Proxy: (12-7-17)
Poison Pill adopted 3-16-06: - 44-pg SEC filing: BUNGLER explains in plain language:

Shares O/S as of 3-7-18=55,552,233 - history since 4-2006:
...A/O 1-31-18: 39,040 warrants o/s with wgt.avg. exercise price of $17.29 – 3,989,356 stock options outstanding at a wgt.avg. exercise price of $8.70. (pg.14 10Q)
1-12-18: S-3 Shelf Registration filed for up to $125mm
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445@$2.25 (underwriter: Wells Fargo) 8-K: 424B5:
1. Tappan Street (Prasad Phatak): 4,516,107 8.1% (a/o 12-31-17 13G: )
2. Eastern Capital (Kenneth Dart): 4,300,992 7.7% (a/o 12-7-17 14A: acq. 10-2015)
3. Ronin Trading (John Stafford III+Roger Farley): 2,638,450 4.7% (a/o 4-17-18 13D: )

Inst. Holdings (Nasdaq) - updated 45-days after each qtr-end:
INSIDER-Trans:  (formerly PPHM thru 2017: )
Short Interest, updated twice a month:
A-T-M (At-The-Market) Sales 3/2009 - 7/14/17 ($272,500,000gr./34,869,747sh=$7.81/sh):
PPHM shares were 1:7 Reverse Split eff. 7-10-17 (315mm/$.606=>45mm/$4.24)
PPHM shares were 1:5 Reverse Split eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20)
Potential Value: 9-19-2017: Catalent acquires CDMO Cook Pharmica for $950M ($179Msales x 5.3; EV/EBITDA=17.3)

AVID TEAM: - Open Jobs:
9-11-17: Roger J. Lias (ex-Allergan) to become Avid’s President and join PPHM’s BOD eff. 9-25-17
11-29-17: Tracy L. Kinjerski (ex-CMC Biologics) joins Avid as VP/Bus.Operations
2-23-18: CFO Paul Lytle voluntarily resigns eff. 5-24-18 (2-23-18 +90days), "CFO search underway"
Profiles of all 7 BOD members & Compensation as of 11-28-17:
...Joseph Carleone/Chair, Richard Hancock, Gregory Sargen, Joel McComb, Roger Lias, Mark Bamforth, Patrick Walsh

Sept-Nov2017 PPHM/Form4’s for reconstituted 7-person BOD (Options Awarded):
...Joseph Carleone/Chairman, Richard Hancock, Gregory Sargen, Joel McComb: 75,000 @4.67, vesting monthly over 3yrs beg. 12-27-17
...Patrick Walsh: 75,000 @4.08, vesting monthly over 3yrs beg. 11-20-17
...Mark Bamforth: 75,000 @3.88, vesting monthly over 3yrs beg. 11-17-17
...Roger Lias: 150,000 @3.19, vesting in 4 equal annual installments beg. 9-25-18
...Mark Bamforth pur. 50,000@$4.50 on 10-27-17 (open mkt)
...Mark Bamforth pur. 50,000@$2.25 on 2-15-18 (direct public offering)
...Joel McComb pur. 50,000@$2.25 on 2-15-18 (direct public offering)
...Joseph Carleone pur. 44,445@$2.25 on 2-15-18 (direct public offering)
10-24-17: Peregrine Adds Patrick D. Walsh to BOD, "An Industry Veteran with 30+yrs Experience Leading Successful CDMO Org’s”
10-19-17: Peregrine Adds Mark R. Bamforth to BOD, "10yrs/Genzyme; 30yrs of biologics leadership experience, incl. founding 2 CDMOs"

Wells Fargo (init. 3-15-18 ): Outperform/PT=$3.50
First Analysis Securities - Steven Schwartz & Tracy Marshbanks (init. 3-13-18 ): OverWgt/PT=$4.00
oble Life Science Partners - Caroline Palomeque (init. 7-16-15); 12-12-17: Buy/PT=$10.00

3-12-18: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY18/Q3 (q/e 1-31-18):
......Avid FY18 (fye 4-30-18) revenues guidance: $50-55mm; committed backlog=$39mm at 1-31-18.
3-1-18: Acumen Pharm. selects Avid for Process Dev. & Mfg. of ACU193 (Alzheimer’s)
2-21-18: Enzyvant selects Avid to commercially mfg. RVT-801 (Farber disease)
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones
...NOTE: 2-13-18: Oncologie Licenses Mologen’s immunotherapeutic ‘lefitolimod’ (TLR9 agonist) “ONCOLOGIE is backed by top-tier intl. investors and has the objective to dev. novel personalized medicines in the field of immuno-oncology."
2-28-17: Avid & Cook (acq. by Catalent 12-2017 for $950M; $179Msales x 5.3; EV/EBITDA=17.3
) remain Halozyme's 2 CMO's (“working to scale-up/validate/qualify Avid II/Myford for Roche collab.”):

5-2017: Avid II (Myford) adds 2 MilliporeSigma Mobius 2,000L single-use bioreactors; total mfg. capacity now ">11,000L".
5-10-17: Halozyme comments on Avid II(Myford) expansion in their 3-31-17/10Q pub. 5-9-17:
..."validation of the new facility is scheduled to end in Q2/2017… Once this new facility is approved, it will become the primary source for Roche of bulk rHuPH20.”
6-2-16: Corp.Update – Avid Expansion & Drug Development -
3-7-16/Avid II: Formal Commissioning of Avid's New 40,000sq "Myford" Facility, “single-use/fully disposable” (potentially $40M addl revs)
12-10-15/Avid II: Avid Expansion into MYFORD Facility now GMP-run ready (potential +$40mm sales) - contemplating further expansion
12-10-14: Avid to Double Mfg. Capacity(“Myford Expansion”) &

3-13-18: Roth 30th Annual, Laguna Niguel CA => Roger Lias' webcast/slideshow:
1-29-18: NobleCon14 - 14th Annual Inv. Conf., Ft.Laud. => Roger Lias' webcast/slideshow
1-8-18: EBD's Biotech Showcase 2018 (parallel w/JPM Conf.), SanFran - Roger Lias' Slideshow:
11-15-17/Outsourcing-Pharma: “How This R&D Company (Peregrine) is Transitioning to a Pure-Play CDMO: ‘Opportunities Are Almost Endless’" - Recap of interviews with Steve King & Avid Pres. Roger Lias

3-12-18: Qtly. Conf. Call (Lias/Kinjerski/Lytle) PR & Transcript
...Roger Lias, ”I'm pleased to be able to report that in a very short period of time we've generated significant interest from both emerging & growth biopharmaceutical players and from pharmaceutical multinationals. I'm confident that the plan we're executing will drive a considerable increase in backlog and the opportunity to further enhance capacity utilization in the future.”
......From the 3-12-18 PR: “At present, we are in late-stage negotiations with several potential new customers and expect to announce the executed agreements before the end of the FY[4-30-18].”
1-18-18: ASM/2017 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Reports 12-7-17 PROXY/14A:
12-11-17: Qtly. Conf. Call (Lias/Lytle) Transcript
...Roger Lias, "the company is undergoing a broad-scale transformation, the goals of which are to shift complete focus to the Avid Bioservices CDMO business and the complete divestiture of all of Peregrine's legacy R&D assets, which include bavituximab."
9-11-17: Qtly. Conf. Call (King/Lias/Lytle) Transcript
...Steve King: “For this reason, we have concluded that in order to best position Peregrine’s R&D assets for successful development, they should be advanced by a partner with the appropriate expertise and ample resources to invest in the necessary clinical trials. To that end, we have been working diligently towards the transformation of the overall business to becoming a pure-play CDMO, while assessing the best strategic options for the R&D assets that would allow stockholders to directly see the future value from their continued developments. By partnering & eliminating future R&D expenditures, we believe we are best positioning Avid for future growth. Through reinvestment & expansion, we believe we will attract new customers and extend current contracts that will help position Avid as a leading U.S. CDMO. We are moving forward expeditiously with strategic discussions as we recognize the need to move quickly both from the R&D & CDMO standpoints. We hope to bring this process to completion over the coming months and will update you on our progress.”
7-14-17: Qtly. Conf. Call (King/Shan/Lytle) Transcript
...Steve King: “We are seriously considering the possibility of separating our 2 distinct businesses, Avid and R&D/PS-Targeting.”
3-13-17: Qtly. Conf. Call (King/Shan/Worsley/Lytle) Transcript
...Steve King: “We believe the recent improvement of stock price is a growing recognition of the value of Avid, and having the full value of the Avid business reflected in our stock price is a top priority.”
12-12-16: Qtly. Conf. Call (King/Shan/Hutchins/Lytle) Transcript
...Steve King: “Our goal is to bring the overall company to profitability within the next 18mos. We believe just the value of Avid Bioservices is far greater than our current market cap and is only growing in value."
10-13-16 ASM/2016: ATTENDEE Reports & Link to CEO Steve King's 35min/45slide webcast:

Feb. 2018: Peregrine Pharmaceuticals completed its Mid’17-Early’18 Transition to a Pure-Play CDMO
(Contract Development & Manufacturing Organization), Avid Bioservices, Inc. - CEO: Roger Lias.

**FULL PPHM=>CDMO Transition History (Ronin/SWIM):
1-8-17: Peregrine chgs. name to “Avid Bioservices, Inc.”; new ticker: “CDMO” (+CDMOP)
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones
...12-13-18/8-K: Overview of Oncologie sale:
NOTE: “PS-targeting Exosome tech. not included; back to UTSW", see: "" rel="nofollow" target="_blank">"; rel="nofollow">

Click here for an ARCHIVE of the History of Peregrine’s Anti-PS/Bavituximab Platform - MOA, Trials, and Activity over the years, from early 2000’s thru 2017, prior to being Sold to ONCOLOGIE:

Current Price
Bid Ask Day's Range
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CDMO News: Avid Bioservices to Participate at INTERPHEX 2018 04/09/2018 08:05:00 AM
CDMO News: Avid Bioservices Receives Six 2018 CMO Leadership Awards 03/22/2018 08:05:00 AM
CDMO News: Avid Bioservices to Participate at Upcoming CDMO Industry Conferences 03/13/2018 08:05:00 AM
CDMO News: Avid Bioservices Reports Financial Results for Third Quarter of Fiscal Year 2018 and Recent Developments 03/12/2018 04:05:00 PM
CDMO News: Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock 03/07/2018 04:05:00 PM
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#325592  Sticky Note 3-12-18 Qtly CC-Transcript, PR(Fin’s Q3FY18/qe1-31-18), Avid Revs History Table cjgaddy 03/13/18 11:24:00 AM
#324961  Sticky Note 2-20-18: LARGE OWNERSHIP SUMMARY – AVID “CDMO” cjgaddy 02/20/18 06:59:08 PM
#324889  Sticky Note ARCHIVE of Peregrine’s Anti-PS/Bavituximab Platform - MOA, Trials, cjgaddy 02/17/18 08:45:37 AM
#324848  Sticky Note 2-12-18: Avid Sells PS/IP to Oncologie; CDMO-Transition History cjgaddy 02/16/18 09:24:50 AM
#323209  Sticky Note 1-18-18/2017 ASM: Roger Lias’ Slideshow & Attendee Reports cjgaddy 01/22/18 01:12:22 PM
#294957  Sticky Note PPHM/MSKCC(Jedd Wolchok Lab) Collab: #1/Bavi+PD1+Rad, #2/Bavi+”ACT” cjgaddy 04/14/17 10:05:54 AM
#326237   Why do you think we got duped out jbainseky 04/19/18 06:21:30 AM
#326236   Any idea where CP („AIMO“) is?? Wernaaa 04/19/18 01:24:10 AM
#326235   Yes sir ...the final kick in the pants Bluerinse 04/18/18 11:42:46 PM
#326234   SEC? Now that is funny. We better thinly geocappy1 04/18/18 11:16:52 PM
#326233   If Lias doesn't come through, then we absolutely peregr 04/18/18 05:50:05 PM
#326232   It seems pretty obvious. Several of us said geocappy1 04/18/18 03:50:55 PM
#326231   thanks I left him a message JCNJ 04/18/18 03:40:55 PM
#326230   Whatever is going on might be legal. It geocappy1 04/18/18 03:36:12 PM
#326229   Now I would love to bet on that geocappy1 04/18/18 03:28:20 PM
#326228   Steve White had no problem speaking with me stoneroad 04/18/18 03:22:05 PM
#326227   Steve White....(312) 765-7033...I am sure he would love westjtter 04/18/18 02:40:29 PM
#326226   No idea why these guys are selling. DrRocker 04/18/18 02:22:22 PM
#326225   certainly looks like it Loof. JCNJ 04/18/18 01:54:44 PM
#326224   I guess it’s one more big reaming up TekNuLoof 04/18/18 01:52:31 PM
#326223   I guess whoever it is, isn't buying fast JCNJ 04/18/18 01:40:58 PM
#326222   Indeed he is. Question is, who is buying vieuxcarre 04/18/18 01:38:24 PM
#326221   Ronin apparently absolutely pounding the sell side here. JCNJ 04/18/18 01:36:58 PM
#326220   Looks like the intent is to take us cheynew 04/18/18 01:31:40 PM
#326219   IP can be dealt and was dealt for vinmantoo 04/18/18 01:07:07 PM
#326218   while anything is possible, and I hope nothing JCNJ 04/18/18 12:27:34 PM
#326217   Of course it does... golfho 04/18/18 12:14:52 PM
#326216   It doesn’t concern you that Stafford/Ronin seems to cheynew 04/18/18 11:41:15 AM
#326215   No idea why these guys are selling. peregr 04/18/18 11:40:07 AM
#326214   Remember, we are the Microsoft of biotech. Therefore, ku 04/18/18 11:13:56 AM
#326213   I think... golfho 04/18/18 11:12:37 AM
#326212   Microsoft must like all the data and can Wernaaa 04/18/18 10:47:08 AM
#326211   "Without Stafford/Ronin selling, looks like we would gradually patientlywaiting 04/18/18 10:42:20 AM
#326210   When do the options that the prior BOD’s TampaTradr 04/18/18 10:39:23 AM
#326209   Why sell prior to the promised contracts? The Other Guy 04/18/18 10:36:40 AM
#326208   just can't catch a freaking break with this JCNJ 04/18/18 10:28:51 AM
#326207   Everybody is trying to buy because Stafford is geocappy1 04/18/18 09:38:42 AM
#326206   WHAT is going on with AVID ??? ElSid18 04/18/18 09:28:48 AM
#326204   Doesn't the fact Ronin is selling (in spite geocappy1 04/18/18 09:15:31 AM
#326203   Another poster also asked Stephanie and her response cheynew 04/18/18 09:06:09 AM
#326202   I’m going with what Fidelity has as CDMO The Other Guy 04/18/18 09:02:09 AM
#326201   I imagine all communications with the departing analyst, biopharm 04/18/18 08:45:51 AM
#326200   IR/4-11-18: "Wells-Fargo has not dropped coverage of Avid.” cjgaddy 04/18/18 08:41:42 AM
#326199   Not to mention Wells Fargo dropping coverage because The Other Guy 04/18/18 08:18:53 AM
#326198   Keep trying, should the original investors here for biopharm 04/18/18 07:36:54 AM
#326197   Timing of all is curious. Lias' April patientlywaiting 04/18/18 07:33:14 AM
#326196   One has to wonder for sure but I biopharm 04/18/18 07:26:08 AM
#326195   One has to wonder if the Team Ronin jbainseky 04/18/18 07:01:52 AM
#326194   If Stafford and White are planning on dumping patientlywaiting 04/18/18 06:44:22 AM
#326193   Geo, when PPHM, now CDMO shareholders approved the keep_trying 04/18/18 02:00:01 AM
#326192   Not a professional opinion just mine. horselover45 04/18/18 12:32:52 AM
#326191   I would only say the IP was so biopharm 04/17/18 10:32:13 PM
#326190   IMO it is still the IP. biopharm 04/17/18 10:03:20 PM
#326189   This has been a slime company for years cheynew 04/17/18 08:57:27 PM
#326188   IMO it is still the IP. Somebody wanted geocappy1 04/17/18 08:40:33 PM
#326187   I am sorry to say that it appears geocappy1 04/17/18 08:32:11 PM