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Avid Bioservices Inc. (CDMO)

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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
~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:
5-17-18: Total INST.+LARGE Holdings now ~22,027,435 39.7% a/o 3-31-18
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: )
4. Kennedy Capital Mgt: 2,615,362 4.7% (a/o 3-31-18: Nasdaq Inst.)

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
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.
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

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 Declares Quarterly Dividend on Its Series E Convertible Preferred Stock 06/06/2018 04:05:00 PM
CDMO News: Avid Bioservices to Participate at BIO International Convention 2018 05/29/2018 08:05:00 AM
CDMO News: Avid Bioservices Announces Appointment of Magnus Schroeder, Ph.D., as Vice President of Process Sciences 05/08/2018 08:05:00 AM
CDMO News: Avid Bioservices Provides Update on Ongoing Expansion of Process Development Capabilities and Laboratory Infrastructure 04/24/2018 08:05:00 AM
CDMO News: Avid Bioservices to Participate at INTERPHEX 2018 04/09/2018 08:05:00 AM
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#326674  Sticky Note Total INST.+LARGE Holdings now ~22,027,435 39.7% (3-31-18) cjgaddy 05/17/18 01:09:28 PM
#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
#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
#326901   Maybe if enough of us file a complaint The Other Guy 06/16/18 02:03:37 PM
#326900   Sounds like a theme that was popular here..... patientlywaiting 06/16/18 12:16:18 PM
#326899   Cheynew, can you name "all" PS Targeting IP biopharm 06/16/18 08:21:31 AM
#326898   HS-110/Nivolumab Combination biopharm 06/16/18 08:15:18 AM
#326897   Any chance they can locate King, Garnick, etc....... patientlywaiting 06/16/18 08:05:35 AM
#326896   russell... $159 mil was cutoff jakedogman1 06/16/18 07:12:30 AM
#326895   AVID BIOSERVICES, INC. (CDMO) REPORT OVERVIEW goodplenty100 06/14/18 09:56:45 AM
#326893   Did PFM Precision For Medicine parent PMG Precision biopharm 06/13/18 03:40:50 PM
#326892   PS Targeting potential can easily reach a Billion biopharm 06/13/18 03:32:19 PM
#326891   There is no way they will let us geocappy1 06/13/18 03:12:57 PM
#326890   The average market cap valuation for the industry Bungler 06/13/18 11:33:38 AM
#326889   I could be wrong, but I don't think corporalagarn 06/13/18 11:31:15 AM
#326888   I think the road to the quick flip Threes 06/13/18 10:48:56 AM
#326885   I will end up taking whatever our overlords shipbuilder 06/12/18 10:48:04 PM
#326881   I will take $2B with less than 60M shares geocappy1 06/12/18 04:56:43 PM
#326880   DrRocker, I am with you. I will be happy ku 06/12/18 03:41:08 PM
#326879   Ku I mentally wrote of this investment awhile back DrRocker 06/12/18 02:11:27 PM
#326878   Once we solidly put 3.7 in the rear stoneroad 06/12/18 01:55:09 PM
#326877   Not the “astronomical” returns I had once hoped stoneroad 06/12/18 01:45:19 PM
#326876   Bingo biopharm 06/12/18 01:31:34 PM
#326875   Given their regulatory expertise and existing capacity, I stoneroad 06/12/18 01:18:09 PM
#326873   Up 27 cents and 8% today and no posts! DrRocker 06/12/18 12:06:52 PM
#326872   Let's hold our breath. Remember, every time there geocappy1 06/11/18 09:25:43 PM
#326871   With new sales to PR and inclusion into Threes 06/11/18 07:51:38 PM
#326870   What, HUH, how? What do you see that Threes 06/11/18 07:45:15 PM
#326869   CVI Holdings LLC Invests $1.73 Million in Avid hutschi 06/11/18 02:10:31 PM
#326868   I really think we should start by fully ku 06/11/18 12:22:03 PM
#326867   Another good Seeking Alpha article from Seneca Park Research. peregr 06/11/18 12:16:18 PM
#326866   That would mean Ronin Capital Management Hedge Group biopharm 06/11/18 11:57:20 AM
#326865   That Would Mean AtLeast 500kShares/Day HiddenBuying, ToBePosted 6/22... 4OurRetirement 06/11/18 11:51:45 AM
#326864   Link Showing Possibility Of 5milShares Add Via UBS/RussellFunds... 4OurRetirement 06/11/18 11:23:37 AM
#326863   Looks like some want to keep secret of biopharm 06/11/18 11:18:19 AM
#326862   another art on oncologie jakedogman1 06/11/18 11:06:06 AM
#326861   Mologen AG - MOLOGEN AG: Reverse stock split hutschi 06/11/18 10:51:18 AM
#326860   Very informative. Much appreciated, patientlywaiting. unpathedhaunt 06/11/18 07:05:26 AM
#326859   "Is in-licensing not different from selling the IP patientlywaiting 06/10/18 08:24:05 PM
#326858   Is in-licensing not different from selling the IP outright? unpathedhaunt 06/10/18 05:42:25 PM
#326857   Sound familiar? China/US biotech hybrid lands rights to hutschi 06/10/18 09:16:18 AM
#326856 Has anyone seen ElSid18 06/09/18 09:49:28 PM
#326855   So be it ! Threes 06/09/18 08:22:51 PM
#326854   "Knowing that we may be part of a patientlywaiting 06/09/18 06:02:46 PM
#326853   I'm guessing that, that was the plan all along. goodplenty100 06/09/18 04:03:38 PM
#326852   Looks like we get to be player in Threes 06/09/18 03:13:45 PM
#326851   The Xpress CF PLatform needs PS Targeting discovered biopharm 06/09/18 01:11:02 PM
#326850   VINCENT CHEUNG biopharm 06/09/18 12:45:15 PM
#326849   Why was Dr Rolf Brekken trip to China biopharm 06/09/18 12:38:17 PM
#326848   6/8/18 - Oncologie kicks off trans-Pacific operations with hutschi 06/09/18 11:41:57 AM
#326847   Docetaxel Plus Bavituximab in Previously Treated Advanced Non-Squamous NSCLC hutschi 06/09/18 11:38:28 AM
#326846   and trial manager from "well funded" startup jakedogman1 06/09/18 11:30:02 AM
#326845   Clinical Research Scientist hutschi 06/09/18 11:14:31 AM