Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Services rendered. Represents shares sold to cover tax withholding obligations in connection with the vested RSUs.
He still has millions of shares being held so this is a TAX COVERING PAYMENT Sale ...
Why is a CEO given RSU's or options for performance that resulted in a $17 million loss? Come on BOD! Reward for performance not because someone warms a seat in the corner office.
When I was working I wish I was given equity in my company I could sell to cover my tax obligations for not preforming.
Ok, I'm done. Just frustrated.
That sale by CEO is just enough to pay taxes due on vested RSUs or options, per purpose or reason for sale.
Form 144 filed
https://ir.avidbio.com/node/20776/html
Thanks for the link to the New Yorker article, djohn. I have 2 reasons for reading it and finding it significant:
1) Cohen’s family fund has made a large investment in CDMO, currently one of our largest investments in both capital that we have invested and today’s market value. Our ~ 55k shares have returned to a diminished LTCG state at $7.63, but nowhere near where we were a year ago at a CDMO share price of ~ $18.60.
2) One of the SDNY prosecutors mentioned in the article is Richard Zabel. He is the son of Bill Zabel, one of my high school friends who entered Princeton University in 1954 and accounts for my interest in Princeton. At his urging, I applied to Princeton in 1955, received a scholarship, but got a better scholarship from Northwestern where I graduated in 1959. I accepted the TRI fellowship I received from Princeton for graduate school, and my degree there followed in 1962.
Last I heard/read about Bill, he was a named partner in that powerhouse NYC law firm where he specialized in trusts and estates, and wealth management. He was one of the attorneys representing the wife of Jack Welch, former GE CEO, in her battle for fair estate value in that highly public divorce matter following Jack’s “escapades,” different perhaps from the “less public escapade” we find CDMO has caused us to be in today.
Just to set the record straight. Steve Cohen was never indicted or pleaded guilty of insider trading. He was never looking at jail time.
When the Feds Went After the Hedge-Fund Legend Steven A. Cohen
Inside the government’s nearly ten-year battle against one of the most powerful men on Wall Street.
https://www.newyorker.com/magazine/2017/01/16/when-the-feds-went-after-the-hedge-fund-legend-steven-a-cohen
"They decided to indict S.A.C. Capital, and not Cohen himself."
Going back many years. I used to have meetings with Steve King. March or April.
One day before our meeting I got the call from Steve's Sec that Dr Thorpe Had health issue's and Steve had to leave.
Not a big deal any more but I knew about Dr Thorpe's problem one day before publication and to say that I was sad and upset is a big understatement.
WHEN WE WERE "THE PEREGRINE UNDER THORPE" ..... https://www.instagram.com/reel/C4yPtAFuPGD/?utm_source=ig_web_copy_link
Well maybe he has some inside information! (lol he says in jest) We all know that he pleaded guilty in 2013 of insider trading at his SAC Capital fund and paid just under $1.2 Bil in fines...and of course managed to stay out of jail!
In 2014 he opened up P72 under his name and in 2018 the fund was opened up to outside investors. So apparently he has been behaving himself and the fund has done very well as no doubt, he is a very smart man!!!
So yes he may be Steve Cohen, but right now he is our Steve Cohen and lets hope we all benefit from P72 owning this amount of Avid shares....I hope he keeps buying and perhaps even becomes a shareholder activist....things appear to be a little too cozy right now in Tustin...maybe Stevie can shake things up a bit and get this share price moving?!
Good! Hopefully it indicates a deal coming as it's the only way I can get out at a higher price! These clowns need to go, no accountability whatsoever. The only thing they credit for is building out capacity, so now sell it to somebody with business acumen and ethics
P72 isn’t a buy and hold operation
I don't know if I was too optimistic or just expecting more from Mr Green, but it sure is starting to sound like...the new group is the same as the old group!
The convertible debacle was such a major bungle which cost all of us a lot of upside on the share price, and yet no mention...no firings...no nothing...business as usual, and right now that is not very good!
Nick may have capped our mini run in the share price as I expect we will be lower tomorrow....hopefully Mr Cohen and his band of merry men did not buy this stock only for a trade?????
Mr Hart had a bit of lumpiness last quarter
ASK HIM! I'm shouting like Bobcat here. ASK HIM...who can't read and do their job and how did you flip your rate to 7% without someone being ejected from their chair? Asking all this nonsense when the elephant is literally in the room! (sigh..I'm better now)
Near term Sounds like Steve King No after hour trading
Michael
Did I hear that right 7% gross profit ? What the F are these guys doing !!!!!!!
Michael
Made it sound strategic even. Not honest IMHO.
No apology for the note fiasco, not that I expected one.
Block trade
04/29/2024 15:06:33 EDT 7.65 227500
Touch $8 Then Have Positive CC? Glta,eom,
Nick's demeanor and who will be on the CC this afternoon will be very interesting. There's only one more day in FY24. Nick has a good idea how Q4 when and how FY25 is setting up. Wonder if Hart will be present?
Now we know where the increase in short interest has come from. P72 is pure arbitrage nothing else IMO. Hold on for a roller coaster ride.
CC @4:30pmET Link: https://edge.media-server.com/mmc/p/k98krq4b/ Glta,eom.
I haven't paid attention to him since he was forced out of the fund he created, SAC Capital Advisors, and was relegated to his "family" fund. His name in the filing just took me back to his underhanded schemes. In my opinion, he is not much different than DART. He has the power, knowledge, and experience to do whatever he wants. I don't think he is an "activist" now days. Probably he is just making a good investment. imho
ebo783
In your opinion is he a take over guy ? or someone that tries to push for a sale. TIA
Michael
That would be the infamous Steve A. Cohen..........
Steven A. Cohen is an American investor and hedge fund manager. He is the founder and CEO of Point72 Asset Management, a family office located in Stamford, Connecticut. As of April 2022, he has an estimated net worth of $17.4 billion.
Cohen is also the founder of the now-defunct SAC Capital Advisors, one of the most successful hedge funds ever. In 2010, the company became the subject of an insider trading investigation launched by the Securities and Exchange Commission (SEC).
While Cohen was never charged, the firm pled guilty to trafficking in nonpublic information and was forced to return investor capital and pay $1.8 billion in fines. SAC was officially closed in 2016 when Cohen began serving a two-year ban on managing other investors’ money. The ban expired in January 2018.
2
U.S. Securities and Exchange Commission. "Investment Advisers Act of 1940, Administrative Proceeding File No. 3-15382, IN the Matter of Steven A. Cohen, Respondent."
KEY TAKEAWAYS
Steven A. Cohen is an American billionaire hedge fund manager and investor known for employing high-risk, high-reward trading strategies.
Cohen began his investment career working as a trader for Gruntal & Co., where his trading generated substantial returns for the company and himself.
Cohen's flagship hedge fund, SAC Capital, was shut down following allegations of insider trading, and the fund was forced to pay nearly $2 billion in fines.
Following the demise of SAC, Steve Cohen was prevented from professionally managing investor money until 2018; at that point, he opened Point72 Asset Management.
SAC Capital's portfolio manager, Matthew Martoma, was convicted of insider trading and sentenced to nine years in prison.
Point72 filed a 13G with a 5.1% ownership. Previously held 509,831 shares. Now 3,226,006 shares.
https://ir.avidbio.com/node/20771/html
I'm wondering if we get a PR before the market opens Monday with some good news on the sales front or some other positive development?
Then then the CC after market close can focus this instead of the failure of our Financial and Legal Departments.
I am hoping at least someone accepts responsibility at minimum.
Would show some creditability from the C-suite.
Yup....all about timing also! Hopefully the upcoming CC will offer some positive developments about filling up our capacity, and yes perhaps the market will be a little more welcoming of positive news, so we get some benefit in the share price.
As frustrated as this whole debacle was, Nick is a take care of it guy, or rather that has been his reputation. Hopefully he can pull this thing together again and start reeling in those orders!!!
Good sign holding up in tough market. Hopefully.
Putting this behind us should be positive but not the market tanks. Can't get a break.
Well at least AVID modified the indenture for the 2029 notes so if they forget to remove the restrictive legend, it is not reason for default!
FFTT
JBAIN
Yes, very good points...I guess no one was responsible and no big deal??????
But going beyond that, just confirming guidance of $137 mil to $147 mil is not going to get it done! The backlog of $206 mil is great, but a backlog in itself does not add to the revenues. For this stock to go anywhere in the near term(2 YEARS), they will have to start converting this backlog to revenues....to go from $140 mil to $400 mil will take a lot of solid incremental revenue increases every quarter.
Even if they hypothetically increased their revenues by an additional $10 mil per quarter(which they have not been able to do over the last year since they somewhat regressed) that would just take us to $180 mil next year(2025).....$220 mil the year after(2026)......well you get the picture...even with these kinds of increases they have a long way to go to get to $400 mil....lets call this the promised land of $25 to $28 per share.....in the range of 7 years.....that is IF they are able to achieve this kind of revenue growth!
The Laughing Water Capital article and comments seem to indicate closer to a 2 year timetable to fill their capacity....not sure how they arrived at that with current guidance for 2024 of $137 to $147 mil??? That would mean that in 2025 they would pull in an additional $250 Mil in revenue???
I guess we will just have to wait and see if the next quarter finally begins to show some solid growth, as without that, we are not going anywhere quickly!
"Immaterial" Also Implies, The PPS Crash From $8's...
$20's & Also Possibly The $30's!...
Were All Over Reactions And Market Manipulation!
I'm Holding To See Rebound From This Fiasco,
Which, As Far As I'm Concerned,
Could Have Been All Planned!...
In The Future, Many May Look Back And Realize
The Buyer Of $CDMO Really Simply Manipulated
Things That The SEC Simply Doesn't Oversee!
Glta Bulls, Watchers, & StockHOLDERS!
The adjustments were immaterial.
Still had a lousy quarter.
Now paying 7% on borrowed money
No one took responsibility for the mistake
No one received consequences for the mistake
Corporate Life in the C-Suite. How sweet it is!
Btw, Today Should Resolve NASDAQ Noncompliance Issues! Glta,eom.
Does everyone feel better now? Looks like restating was a little more involved.
FFTT
JBAIN
AvidBioservices Reports FinancialResults for Third Quarter Ended January31,2024...
link:
https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-third-quarter-ended-1
Glta $CDMO Bulls, Watchers, & StockHOLDERS!
Looks like the three 10Q/A's all have the same conclusion of the adjustments, "immaterial" is the word used
https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-third-quarter-ended-1
Recorded Third Quarter Revenue of $33.8 Million --
-- Signed $41 Million in Net New Business Resulting in Record High Backlog of $206 Million --
-- Celebrated Completion of Recent Expansion Program with Grand Opening of Cell and Gene Therapy Manufacturing Facility in January 2024 --
-- Completed Convertible Debt Offering Subsequent to Quarter End, Extending Debt Maturity to 2029 --
Latest trade. 04/24/2024 17:09:55 EDT W 6.83 167902 NDD
I recently reached out and got a response quickly.
I have met Stephanie several times an actually she is a very nice person. I talk to her for a long time at the last "in person" ASM when I was the only shareholder who attended. So she remembers me. Since then she has always responded to my emails. You just can't over do it or ask her questions that would evolve non public information.
Avid Bioservices Issues New 10Q Filing, Link Attached...
https://ir.avidbio.com/node/20751/html
Glta Bulls, Watchers, & StockHOLDERS!
10K filed.
https://ir.avidbio.com/node/20736/html
I have been sending emails with question to our investor relations person Ms Diaz, but have not received any responses at all....not even to say that she is not able to respond or does not have that information, or will check with management, or when we will have our next CC, etc.???
Not sure what the point is in having an Investor Relations person if they do not respond to emails asking pertinent questions.
Anyone else having an luck getting a response from Stephanie?
Re:Laughing Water...The mention of HALO in the article had me look at their 10k...on their comment regarding bulk rHuPH20..."future capital resource expeditures" ... "the costs of investments in our ENHANZE platform and auto-injector technology including development of new versions of rHuPH20 and auto-injector devices" ...and ... "the costs to develop and validate additional manufacturing processes of rHuPH20, auto-injectors, and testosterone replacement therapies"...with Catalent being excluded from these scenarios one would think that we would have the inside track for these considerations...no?...imao...r
Well, Laughing Water Capital did a good job of explaing the incompetence that happened at Avid that led to our demand payment call on our existing financing vehicle and then having to negotiate a new convertible financing agreement....yes the interest costs alone will cost at least $10 million and had this debacle not taken place, there was a reasonable chance that Avid could have paid off the existing agreement with the increased revenues from contracts along with some standard short term bank financing which would have meant that there would have been zero dilution on this deal having the convertible set at $21.21.....and even if there was a convert on this....I mean if the financiers would have converted at $21.21...well we all would have been happy regardless of the dilution....right??!!
Now back to reality...instead of 1.25% interest on a $144 financing and a convertible at $21.21 we have a new financing deal(due 2029) of $160 million at 7% and a convertible at $9.89, which hopefully will be converted(or else we are really in trouble) at some point, which will lead of course to greater dilution!
However not all is lost, as if you believe in what Laughing Water Capital had to say, things still look very good for the share price going forward...so their target or projected price was only moved down from $30 to $33 to $25 to $28.....so depending how long it takes to fill their capacity, still a pretty strong return on the current value of the shares......unless of course there are more screw-ups down the road!
So I guess I am OK to wait a couple of more years to find out if these guys know what they are talking about and will be happy to walk away with anything in the $25 to $28 range!!!
Still waiting for the restated earnings and of course that long delayed CC.....any questions???
Followers
|
832
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
346264
|
Created
|
11/07/03
|
Type
|
Free
|
Moderators Preciouslife1 4OurRetirement |
Avid Bioservices, Inc. (Nasdaq “CDMO”), Tustin CA. http://www.avidbio.com
President/CEO: Nicholas Green (eff. 7-30-20 https://tinyurl.com/yczapcc7 )
Four Avid Fact Sheets a/o 2-2020: https://avidbio.com/resources/fact-sheets/
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.
12-2019/Video: Tour of Myford Facility (2mins.): https://vimeo.com/380135562
7-2020: AVID’s Push Towards cv19 (I don’t capitalize things I hate) contracts: https://tinyurl.com/y8wzgneh
UPCOMING EVENTS: https://avidbio.com/events/
Sep1(Tue): Q1/FY21 (qe 7-31-20) Financials & Conf. Call - Transcript: https://tinyurl.com/y329llow
Sep17/Fireside Chat w/Nick Green: 18th Annual Morgan Stanley Global Healthcare Conf.: https://tinyurl.com/y4cbjjrc
Sep21-24/Virtual: Biotech Week Conf., Boston
Sep21-24/Virtual: BioProcess Intl. US Wes Conf., Santa Clara CA
...Time TBD: Presentation by Haiou Yang, PhD "Facility-Fit Driven Dev. for a mAb Production Process"
Oct20 10amPT/VIRTUAL: Annual Shareholders Mtg. https://tinyurl.com/y28blkjn 14A Proxy: https://tinyurl.com/y46ga9el
...ASM Replay (9:45): https://www.virtualshareholdermeeting.com/CDMO2020 (Control# not needed)
Apr20-22 2021/Booth#1159: INTERPHEX, NYC
Dec2(Wed) after mkt: Q2/FY21 (qe 10-31-20) Financials & Conf. Call - Transcript: https://tinyurl.com/y66xk888
Dec14-17: Antibody Engineering & Therapeutics Conf., San Diego
Quotes: Yahoo: Yahoo.com/CDMO Nasdaq: http://www.nasdaq.com/symbol/cdmo RT: http://www.nasdaq.com/symbol/cdmo/real-time
• IR: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com, Tim Brons (Media) 415-675-7402 tbrons@vidasp.com
SEC:
Latest 10Q 10-31-20 iss. 12-2-20 https://tinyurl.com/y3ournzr (Cash 10-31-20=$35.7mm)
Latest 10K 4-30-20 iss. 6-30-20 https://tinyurl.com/yak25nco (Cash 4-30-20=$36.3mm)
Latest DEF14A/Proxy iss. 8-27-20 (re: 10-20-20 ASM): https://tinyurl.com/y46ga9el
ALL SEC filings for CDMO: https://tinyurl.com/yc4zjyzv
CDMO's Corp. Bylaws (a/o 11-14-14): http://tinyurl.com/y8hsppea
Poison Pill adopted 3-16-06 for 10yrs: http://tinyurl.com/yvypvh 44-pg SEC filing: http://tinyurl.com/5m57ut BUNGLER explains in plain language: http://tinyurl.com/mft4nd6
...3-17-16 Poison Pill extended until 3-16-2021 https://tinyurl.com/y74glo2n (Form8A Amendment #1)
...Poison Pill TERMINATED eff. 9-23-2019 https://tinyurl.com/y2mzx3xo
SHARES:
Shares O/S as of 11-23-20=56,726,334 - history since 4-2006: https://tinyurl.com/y66xk888 (at bottom)
...A/O 10-31-20: 3,451,000 stock options outstanding at a wgt.avg. exercise price of $6.41 (pg.16 10Q).
...MarketWatch.com for CDMO (shows Float): https://www.marketwatch.com/investing/stock/cdmo
1-12-18: S-3 Shelf Registration filed for up to $125mm https://tinyurl.com/y9qtewpw
...12-14-20: Avid raises ~$34M gross, selling 3,833,335@9.00/sh. (underwriter: RBC Capital) https://tinyurl.com/y92yr9g4
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445@$2.25 (underwriter: Wells Fargo) 8-K: https://tinyurl.com/ya3nenth 424B5: https://tinyurl.com/ycpshgxl
Total INST.+LARGE Holdings now 41,617,965 73.5% a/o 9-30-20 https://tinyurl.com/y652nxpr
13 LARGEST SHAREHOLDERS a/o 9-30-20:
1. Eastern Capital (Kenneth Dart): 4,300,992 7.6% (a/o 8-21-19 14A/Proxy: https://tinyurl.com/y9c972fa – orig. 13G filed 11-2015)
2. Tappan Street (Prasad Phatak): 4,285,000 7.6% (a/o 12-31-19 13G: https://tinyurl.com/wlcwnnv )
3. Blackrock Inc. (Larry Fink): 3,834,816 6.8% (-111,172 a/o 9-30-20 Nasdaq Inst.)
4. IsZo Capital Mgt. (Brian Sheehy): 3,459,888 6.1% (-88,144 a/o 9-30-20 Nasdaq Inst.)
5. Millennium Mgt. 2,678,984 4.7% (+633,918 a/o 9-30-20 Nasdaq Inst.)
6. Vanguard Group 2,659,738 4.7% (-19,553 q/e 9-30-20 Nasdaq Inst.)
7. Snyder Capital 2,302,621 4.1% (-2,258 a/o 9-30-20 Nasdaq Inst.)
8. Altravue Capital 1,973,349 3.5% (+39,534 a/o 9-30-20 Nasdaq Inst.)
9. Wellington Mgt. 1,503,162 2.7% (+236,947 a/o 9-30-20 Nasdaq Inst.)
10. Sargent Invest. Grp. 1,052,099 1.9% (-11,000 a/o 9-30-20 Nasdaq Inst.)
11. State Street 992,280 1.8% (-65,922 a/o 9-30-20 Nasdaq Inst.)
12. Portolan Capital 963,374 1.7% (+528,662 a/o 9-30-20 Nasdaq Inst.)
13. Silvercrest Asset Mgt. 878,805 1.6% (-16,746 a/o 9-30-20 Nasdaq Inst.)
Inst. Holdings (Nasdaq) - updated 45-days after each qtr-end: http://www.nasdaq.com/symbol/cdmo/institutional-holdings
INSIDER-Trans: https://tinyurl.com/ycpw4j9z (formerly PPHM thru 2017: http://tinyurl.com/ypkow8 )
Short Interest, updated twice a month: https://www.nasdaq.com/symbol/cdmo/short-interest
A-T-M (At-The-Market) Sales 3/2009 - 7/14/17 ($272,500,000gr./34,869,747sh=$7.81/sh): http://tinyurl.com/yagmu2on
PPHM shares were 1:7 Reverse Split eff. 7-10-17 (315mm/$.606=>45mm/$4.24) http://tinyurl.com/yymtzcm9
PPHM shares were 1:5 Reverse Split eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20) http://tinyurl.com/ykuw588
Potential Value: 9-19-2017: Catalent acquires CDMO Cook Pharmica for $950M ($179Msales x 5.3; EV/EBITDA=17.3) http://tinyurl.com/yd46m8py
AVID TEAM: https://avidbio.com/leadership/ - Open Jobs: https://avidbio.applicantpro.com/jobs
7-30-20: Nicholas Green (ex-Therapure Biopharma) becomes President/CEO of Avid - 6-25-20 PR: https://tinyurl.com/yczapcc7
4-13-20: Avid Hires 2 Senior Directors of Bus. Dev: Jason C. Brady & Sylvia Hinds https://tinyurl.com/sq2679g
1-8-20: Avid Appoints Timothy Compton as Chief Commercial Officer (repl. Tracy Kinjerski) https://tinyurl.com/ydww58sn
7-26-19: Catherine Mackey, PhD (ex Pfizer VP) joins Avid's BOD, replacing Joel McComb https://tinyurl.com/y3xhqmvm
5-8-19: Richard (Rick) B. Hancock named Interim President/CEO; Roger Lias resigns https://tinyurl.com/y4pqdwyc
7-16-18: Daniel Hart (ex-ENO Holdings) joins Avid as CFO https://tinyurl.com/ychz45p2
7-16-18: Michael Faughnan (ex-Lonza/WuXi Biologics) joins Avid as Sr.Dir./BusDev/WestC https://tinyurl.com/yaozdggz (Left 5-2019)
5-29-18: Sandra C. Carbonneau (ex-Lonza) joins Avid as Dir./BusDev./EastCoast https://tinyurl.com/ybvrwn2l (left 12-2019)
5-8-18: Magnus Schroeder (ex-AGC Biologics) joins Avid as VP/Process Sciences https://tinyurl.com/y7tpswaw
2-23-18: CFO Paul Lytle voluntarily resigns eff. 5-24-18 (2-23-18 +90days), "CFO search underway" https://tinyurl.com/ybnjzbv6
9-11-17: Roger J. Lias (ex-Allergan) to become Avid’s CEO and join PPHM’s BOD eff. 9-25-17 https://tinyurl.com/yddufw4s (left 5-8-19)
11-29-17: Tracy L. Kinjerski joins Avid as VP/Bus.Operations https://tinyurl.com/yc4zenkc (Left 1-8-2020)
Profiles of all 7 BOD members: http://ir.avidbio.com/corporate-governance/board-of-directors
...Joseph Carleone/Chair, Nicholas Green(CEO), Richard Hancock, Gregory Sargen, Mark Bamforth, Patrick Walsh, Catherine Mackey
10-24-17: Peregrine Adds Patrick D. Walsh to BOD, "An Industry Veteran with 30+yrs Experience Leading Successful CDMO Org’s” http://tinyurl.com/y3jo2rv7
10-19-17: Peregrine Adds Mark R. Bamforth to BOD, "10yrs/Genzyme; 30yrs of biologics leadership experience, incl. founding 2 CDMOs" http://tinyurl.com/y6ydcaof
ANALYST COVERAGE: http://ir.avidbio.com/analyst-coverage
Also see: https://www.marketbeat.com/stocks/NASDAQ/CDMO/price-target
Janney Montgomery Scott - Paul Knight PT=$10
H.C. Wainwright & Co. - Joseph Pantginis PT=$9
Craig-Hallum Capital Group - Matt G. Hewitt PT=$10
First Analysis Securities - Joseph Munda PT=$7.50
Stephens Inc. - Jacob Johnson PT=11 (10=>11 9-2-20)
FINANCIALS & BUSINESS DEV.:
2-3-21: Avid to Mfg. CV19 Therapeutic Lenzilumab for Humanigen https://tinyurl.com/1hzzksxa
8-26-20: Mapp Biopharmaceutical signs w/Avid for ClinDev of Antiviral Antibody (MBP091) https://tinyurl.com/yxwvr949 BARDA #HHSO100201900018C($16.5M+Opt/$30M), see: https://tinyurl.com/yye8t5nx
8-20-20: Oragenics signs Dev/Mfg Agreement with Avid for COVID-19 Vaccine “TerraCoV2” https://tinyurl.com/yxqg3w4v
8-6-20: Iovance Biotherapeutics signs w/Avid(+Aragen) to Dev+Mfg. IOV-3001 (IL-2 Analog) https://tinyurl.com/y2lgzh6x
7-28-20: Avid Teams with Argonaut to add “Parenteral Fill-Finish Services” https://tinyurl.com/y2lgzh6x
5-6-20: Avid Teams with Aragen to speed up drug dev./delivery timelines https://tinyurl.com/ycuu2m5r
4-23-20: Avid receives $4.4M PPP/CV19 Loan (can apply for forgiveness) 8K: https://tinyurl.com/yaltupxa
...5-12-20: Avid Pays Back $4.4M PPP/CV19 Loan (“New SBA Guidance/abundance of caution”) 8K: https://tinyurl.com/y993tkk6
3-10-20: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY20/Q3 (q/e 1-31-20): https://tinyurl.com/s9cmzmf
......Avid FY20 (fye 4-30-20) revenues guidance: $55-59M; committed backlog=$58mm at 1-31-2020.
7-8-19: Avid Signs New Top10 Global Pharma and Expands Existing Cust. Relationship https://tinyurl.com/yyq8zgb9
6-27-19: "The 5 new clients signed in late FY2018 contributed significantly to revenue diversification in FY2019." SEE CUST SPLITS for FY19: http://tinyurl.com/y5j4dlsv
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)” https://tinyurl.com/y89whc8d
3-1-18: Acumen Pharm. selects Avid for Process Dev. & Mfg. of ACU193 (Alzheimer’s) https://tinyurl.com/y8jvwleq http://www.acumenpharm.com
2-21-18: Enzyvant selects Avid to commercially mfg. RVT-801 (Farber disease) https://tinyurl.com/yd5xhcx8 http://www.enzyvant.com
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h
...NOTE: 2-13-18: Oncologie Licenses Mologen’s immunotherapeutic ‘lefitolimod’ (TLR9 agonist) https://tinyurl.com/y9z54f4x “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.”): http://tinyurl.com/h75teta
FACILITIES: https://avidbio.com/facilities/
10-8-19: Avid Announces Completion of Expansion of Process Dev. Capabilities & Labs https://tinyurl.com/y3hfwst9
...will “significantly accelerate Avid’s ability to drive efficient & rapid on-boarding of new cust. pgms progressing to mfg.”
4-24-18: Avid adding Process Dev. Labs, upgrading capabilities (in phases; total will be >6000sq; 1st one ready Q3CY18/Jul-Sep'18) https://tinyurl.com/y89whc8d
5-2017: Avid II (Myford) adds 2 MilliporeSigma Mobius 2,000L single-use bioreactors; total mfg. capacity now ">11,000L". http://tinyurl.com/ky7bmu4
5-10-17: Halozyme comments on Avid II(Myford) expansion in their 3-31-17/10Q pub. 5-9-17: http://tinyurl.com/mrl34uk
..."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 - http://tinyurl.com/zvmhqmr
3-7-16/Avid II: Formal Commissioning of Avid's New 40,000sq "Myford" Facility, “single-use/fully disposable” (potentially $40M addl revs) http://tinyurl.com/y5jmfpo3
12-10-15/Avid II: Avid Expansion into MYFORD Facility now GMP-run ready (potential +$40mm sales) - contemplating further expansion http://tinyurl.com/y539yut4
12-10-14: Avid to Double Mfg. Capacity(“Myford Expansion”) http://tinyurl.com/y2sqoy2u & http://tinyurl.com/kmdgq8t
PRESENTATIONS & ARTICLES: https://avidbio.com/events/
Sep17/Fireside Chat w/Nick Green: 18th Annual Morgan Stanley Global Healthcare Conf.: https://tinyurl.com/y4cbjjrc
5-18-20: Avid Listed In Top CMO Awards Article https://tinyurl.com/yb5cnh6m
...”Avid received 5 CMO Leadership Awards categories, incl. 2 Champion designations: Expertise & Service.”
10-25-18/BioPharma: Roger Lias Interview, “Avid expansion to Triple Process Dev. Capacity” https://tinyurl.com/ybtuk29m
Sept2018/BioTechWEEK: Tracy Kinjerski (VP/BusOP) interview: Avid’s differentiators (6mins.) https://www.youtube.com/watch?v=x3tzo4pZivk
1-29-18: NobleCon14 - 14th Annual Inv. Conf., Ft.Laud. => Roger Lias' webcast/slideshow https://tinyurl.com/yanwk9yo
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 http://tinyurl.com/y7dv9faz
CONFERENCE CALLS & ASM's:
12-2-20: Qtly. Conf. Call (Green/Hart/Compton) PR & Transcript https://tinyurl.com/y66xk888
10-20-20 Annual Shareholders Meeting - Replay (9:45): https://www.virtualshareholdermeeting.com/CDMO2020 (Control# not needed)
9-1-20: Qtly. Conf. Call (Green/Hart/Compton) PR & Transcript https://tinyurl.com/y329llow
...CEO N.Green: ”My first few weeks have done nothing but confirm my view that I believe Avid to be a strong and state-of-the-art company with significant opportunity for growth."
6-30-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/y9zbgmos
...RickH: "Based on our customers' growing demand and our expanding business development activity, we believe that we will significantly increase capacity utilization in 2021 and beyond. Accordingly, we have entered into a new phase of planning for the expansion that will support our growing business in the years to come.”
...”Top10 Pharma customer added 7-2019 named in 10-K: GILEAD SCIENCES.”
3-10-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/s9cmzmf
12-9-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/tfewuzc
9-5-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y6t8zfur
6-27-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y6zdjyu2
...Rick Hancock, "Most importantly, during Q4, the Company achieved positive income, generating cash from dev. & mfg. operations for the 1st time since the beginning of the CDMO transition (Jan'18)."
3-11-19: Qtly. Conf. Call (Lias/Hart) PR & Transcript http://tinyurl.com/yy6dvjvc
12-3-18: Qtly. Conf. Call (Lias/Hart//Kinjerski) PR & Transcript https://tinyurl.com/y9n374kp
10-4-18: ASM/2018 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Report https://tinyurl.com/yctfzhlb
9-10-18: Qtly. Conf. Call (Lias/Hart) PR & Transcript https://tinyurl.com/y8oc6hx8
...Roger Lias, "During the qtr, we advanced the projects of our existing active clients and continue to engage with numerous potential new customers."
7-16-18: Qtly. Conf. Call (Lias/Kinjerski) PR & Transcript https://tinyurl.com/yaozdggz
...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 https://tinyurl.com/yakdl4wj
...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 https://tinyurl.com/yca6enbr 12-7-17 PROXY/14A: https://tinyurl.com/y7qprpg9
12-11-17: Qtly. Conf. Call (Lias/Lytle) Transcript https://tinyurl.com/ybycb2s6
...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 http://tinyurl.com/y9y8qdac
...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 http://tinyurl.com/yb4wulvu
...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 http://tinyurl.com/grhwjvy
...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 http://tinyurl.com/hhn4gga
...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: http://tinyurl.com/jx7ouay
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): https://tinyurl.com/ybqvzwhg
1-8-17: Peregrine chgs. name to “Avid Bioservices, Inc.”; new ticker: “CDMO” (+CDMOP) https://tinyurl.com/y8vhjow4
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h
...12-13-18/8-K: Overview of Oncologie sale: https://tinyurl.com/yab9c6cr
NOTE: “PS-targeting Exosome tech. not included; back to UTSW", see: https://tinyurl.com/yakdl4wj
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:
https://tinyurl.com/y8pq4rhc
Of Interest (post Oncologie Sale):
Oncologie's website: https://oncologie.com/true-home-v2/ NEWS: https://oncologie.com/newsroom/
4-20-18/AACR’18: MSKCC(LudwigCC) Tweets about 2 WolchokLAB/”PPHM” Anti-PS Posters https://tinyurl.com/ycgjhvqa
4-26-18: New Bavi+Keytruda/LIVER Ph2 IST Trial, Sponsor=UTSW, Collab=MERCK https://tinyurl.com/y7fd9vdb
6-7-18: Oncologie Obtains $16.5M Seed Funding Led by Pivotal bioVenture Partners China Fund https://tinyurl.com/ybrrbgg7
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.” https://tinyurl.com/ycb8r7sm
12-3-18: During q/e 10-31-18, Avid sold remaining legacy R&D asset, r84(anti-VEGF), to Oncologie for $1.0M upfront. Avid is eligible to receive up to an addl. $21M in dev/reg./comm. milestones, and low to mid-single digit royalties on net sales upon commercialization of products utilizing r84 https://tinyurl.com/y9n374kp
11-4-19/PharmaBoardroom: Interview with Oncologie CEO Laura Benjamin discussing the 2 ongoing Bavi Trials w/Keytruda (USA UK Taiwan S.Korea) https://tinyurl.com/ydf6zhsv
...Dr. Benjamin, "We have high expectations of bavituximab and have obtained the global rights for this compound."
...Ongoing Trial #1 (N=80): Open Label, Bavi+Keytruda Adv. Gastric/GEJ Cancer https://clinicaltrials.gov/ct2/show/NCT04099641
......1-17-2020 ASCO/GI Poster: https://oncologie.com/wp-content/uploads/2020/01/2020-01-17-ASGO-GI-poster-final-draft.pdf
...Ongoing Trial #2 (N=34 UTSW): Open Label, Bavi+Keytruda Adv. Hepatocellular Carcinoma https://clinicaltrials.gov/ct2/show/NCT03519997
6-11-20/Fiercebiotech: Oncologie Reels In $80M To Push Clinical Pgms/Build Pipeline https://tinyurl.com/yany8f34 & https://tinyurl.com/y8p9artk
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |