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Avid Bioservices Inc. (CDMO)

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Last Post: 8/21/2018 3:42:50 PM - Followers: 836 - Board type: Free - Posts Today: 0

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.

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
Jul16(after hrs): FY'18Q4 (qe 4-30-18) Financials & Conf. Call - PR/CC Transcript:
Aug13-17/Booth310: The Bioprocessing Summit, Boston
Sep4-7: BioProcess Intl. Conf. & Exhibition, Boston
Sep6: H.C. Wainwright 20th Annual Global Investment Conf. (NYC)
...4:15-4:40pm: Roger Lias presentation, webcast:
~Sep10: FY'19Q1 (qe 7-31-18) Financials & Conf. Call
Sep27-28/Booth918: Contract Pharma’s 17th Annual Contracting & Outsourcing Conf.”, NewBWK NJ
Oct4 10amPT: Avid's 2018 Annual Shareholder’s Mtg (14191 Myford Rd., Tustin) - 8-17-18 Proxy(DEF 14A):
Quotes: Yahoo: Nasdaq: RT:
IR: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401, Tim Brons (Media) 415-675-7402

Latest 10K 4-30-18 iss. 7-16-18 PR: (Cash 4-30-18=$42.3mm)
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 7-10-18=55,793,107 - history since 4-2006:
...A/O 4-30-18: 39,040 warrants o/s with wgt.avg. exercise price of $17.29 – 3,597,738 stock options outstanding at a wgt.avg. exercise price of $8.74. (pg.F21 10K)
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:
Total INST.+LARGE Holdings now 23,633,450 42.4% (6-30-18)- See
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. Blackrock Inc. (Larry Fink): 3,261,288 5.8% (a/o 6-30-18: Nasdaq Inst.; +2,502,164 q/e 6-30-18)
4. Ronin Trading (John Stafford III+Roger Farley): 2,638,450 4.7% (a/o 4-17-18 13D: )
5. Vanguard Group: 2,209,525 4.0% (a/o 6-30-18: Nasdaq Inst.; +250,155 q/e 6-30-18)

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"
5-8-18: Magnus Schroeder (ex-AGC Biologics) joins Avid as VP/Process Sciences
5-29-18: Sandra C. Carbonneau (ex-Lonza) joins Avid as Dir./BusDev./EastCoast
7-16-18: Michael Faughnan (ex-Lonza & WuXi Biologics) joins Avid as Sr.Dir./BusDev./West Coast
7-16-18: Daniel Hart (ex-ENO Holdings) joins Avid as CFO
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"

Janney Capital - Paul Knight (init. 6-25-18): Buy/PT=$10 Coverage:
H.C. Wainwright - Joseph Pantginis (init. 3-24-18) Buy/PT=$5 Coverage:
First Analysis Securities - Steven Schwartz & Tracy Marshbanks (init. 3-13-18 ): OverWgt/PT=$4
"In transition": Wells Fargo (init. 3-15-18 ): Outperform/PT=$3.50
"In transition": N
oble Life Science Partners - Caroline Palomeque (init. 7-16-15); 12-12-17: Buy/PT=$10

7-16-18: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY18/Q4 (fy/e 4-30-18):
......Avid FY19 (fye 4-30-19) revenues guidance: $51-55mm; committed backlog=$57.8mm at 7-2018.
4-24-18: ”In recent weeks, Avid has signed new agreements with 3 addl. undisclosed intl. drug dev. companies (that’s 4 thus far in CY2018)”
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.”):

4-24-18: Avid adding Process Dev. Labs, upgrading capabilities (in phases; total will be >6000sq; 1st one ready Q3CY18/Jul-Sep'18)
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

7-16-18: Qtly. Conf. Call (Lias/Kinjerski) PR & Transcript
...Roger Lias, “In a short period, we’ve established a targeted business dev. operation that is actively providing visibility for Avid Bioservices within our fast growing but competitive marketplace.”
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:

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:
Of Interest (post Oncologie Sale):
4-20-18/AACR’18: MSKCC(LudwigCC) Tweets about 2 WolchokLAB/”PPHM” Anti-PS Posters
4-26-18: New Bavi+Keytruda/LIVER Ph2 IST Trial, Sponsor=UTSW, Collab=MERCK
6-7-18: Oncologie Obtains $16.5M Seed Funding Led by Pivotal bioVenture Partners China Fund
6-7-18/BioCentury: Laura Benjamin states, “Oncologie plans to begin a trial mid-summer '18 evaluating Bavi to treat HCC and a P-O-C trial in Gastric cancer in 1Q19/2Q19.”

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CDMO News: Avid Bioservices to Exhibit at the Bioprocessing Summit 2018 08/08/2018 08:05:00 AM
CDMO News: Avid Bioservices Announces Appointment of Daniel Hart as Chief Financial Officer 07/17/2018 08:05:00 AM
CDMO News: Avid Bioservices Reports Financial Results for Quarter and Fiscal Year Ended April 30, 2018 and Recent Developments 07/16/2018 04:05:00 PM
CDMO News: Avid Bioservices to Report Financial Results for Quarter and Fiscal Year Ended April 30, 2018 After Market Close on July 16, ... 07/09/2018 08:05:00 AM
CDMO News: Avid Bioservices Added to Russell 3000® Index and Russell 2000® Index 06/25/2018 08:05:00 AM
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#328114  Sticky Note Total INST.+LARGE Holdings now 23,633,450 42.4% (6-30-18) cjgaddy 08/18/18 12:57:24 PM
#327340  Sticky Note 7-16-18 Qtly CC-Transcript, PR(Fin’s Q4FY18/fye4-30-18), Avid Revs History Table cjgaddy 07/17/18 10:38:37 AM
#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
#328147   Shouldn’t be too much longer. Unless we get geocappy1 08/21/18 03:42:50 PM
#328146   Good to have U Knownothing on the case geocappy1 08/21/18 02:49:34 PM
#328145   You can ask but more likely as in geocappy1 08/21/18 02:47:23 PM
#328144   Unless it is undervalued for some other reason. geocappy1 08/21/18 02:44:40 PM
#328143   Like I said Carlton Johnson the OLD board ku 08/21/18 01:04:22 PM
#328142   UNITED STATES biopharm 08/21/18 12:32:28 PM
#328141   Anyone else see this? Sorry, if I drontle2 08/21/18 11:16:52 AM
#328140   I have been consistent with my call for ElSid18 08/21/18 10:03:44 AM
#328139   A Manufacturing company's stock goes up when there ku 08/21/18 09:59:29 AM
#328138   Not IF, but WHEN we make the move ElSid18 08/21/18 09:52:04 AM
#328133   Keep in mind, PPHM was stripped of almost The Other Guy 08/21/18 07:32:45 AM
#328132   Yes we need to start a serious investigation ku 08/20/18 01:08:26 PM
#328131   Peregrine Pharmaceuticals sabotaged by Clinical Supplies Management (Fargo biopharm 08/20/18 12:57:18 PM
#328130   This company is a hoax! patientlywaiting 08/20/18 12:14:01 PM
#328129   It would be terrible if it is a Threes 08/20/18 11:19:59 AM
#328128   And why did we hire another sales guy? patientlywaiting 08/20/18 10:27:09 AM
#328127   Hey who cares if it is a hoax Threes 08/19/18 09:24:18 PM
#328126   What about the 95 MM in milestone payments, Threes 08/19/18 09:21:59 PM
#328125   I still dont understand why no BP or CHEVYGUY 08/19/18 05:18:43 PM
#328124   The office is back open. The Other Guy 08/19/18 04:18:36 PM
#328123   Other than on this forum, has betabodies ever The Other Guy 08/19/18 04:17:05 PM
#328122   ITUS patent another one that may require PS biopharm 08/19/18 02:52:19 PM
#328121   Geo: Based on the purchase-sale agreement it is any purpledawgs 08/19/18 01:57:14 PM
#328120   Unfortunately revenue paid to cdmo will be based geocappy1 08/19/18 10:59:24 AM
#328119   FROM PPHM’s 4-3-17 PR: biopharm 08/19/18 12:30:22 AM
#328118   Yes like most real companies with a professional Bluerinse 08/18/18 10:45:30 PM
#328117   As a general rule I think most things Threes 08/18/18 07:57:05 PM
#328116   CDMO signed 5 new customers last quarter. The Threes 08/18/18 07:51:45 PM
#328115   Hey maybe AVID will supply the lefitolimod for Threes 08/18/18 07:45:37 PM
#328114   Total INST.+LARGE Holdings now 23,633,450 42.4% (6-30-18) cjgaddy 08/18/18 12:57:24 PM
#328113   Proxy out cheynew 08/17/18 05:55:42 PM
#328112   I follow Brekken and Schroit of UTSW on aikifredicist 08/17/18 05:49:47 PM
#328111   Never a comment from Brekken again. I thought geocappy1 08/17/18 05:23:00 PM
#328110   The trip by Brekken to China may have The Other Guy 08/17/18 05:11:30 PM
#328109   UTSW could have been frustrated by King constantly biopharm 08/17/18 04:05:07 PM
#328108  Restored Agree agree geocappy1 08/17/18 02:44:22 PM
#328107   Yes, interesting as UTSW got their Exsomes kits geocappy1 08/17/18 02:36:04 PM
#328106   Roger Lias’ employment contract is very temporary. Albeit, The Other Guy 08/17/18 01:42:44 PM
#328105   I'm sure there are volumes on this damn patientlywaiting 08/17/18 01:05:19 PM
#328104   I asked for years, why doesn't a biotech ku 08/17/18 12:51:16 PM
#328103   Good point. UTSW could have been frustrated The Other Guy 08/17/18 12:32:57 PM
#328102   I wonder why the previous BOD went for ku 08/17/18 12:08:27 PM
#328101   No doubt in my mind that Team Ronin patientlywaiting 08/17/18 12:04:38 PM
#328099   Agreed. Plan drawn up long ago. Ronin and geocappy1 08/17/18 11:49:29 AM
#328098  Restored "The office must be shit" patientlywaiting 08/17/18 11:20:30 AM
#328097  Restored The office must be shit down for the The Other Guy 08/17/18 11:18:07 AM
#328095   8K shares traded at 5.7099 AH out of cheynew 08/16/18 05:52:23 PM
#328094   Another options expiration play tomorrow/Monday...r r622102675 08/16/18 03:54:48 PM
#328093   Do you know what QUARTERLY REPORTS and REVENUES ku 08/16/18 02:48:37 PM
#328092   Green with no volume. Looks like sideways for geocappy1 08/16/18 02:34:36 PM