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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???
I agee. I just hate trading such a tight range after these type of bonehead mistakes. It is amazing how many times this investment has been knee-capped 😬
trading patter sure don't look like no options play. EOM
We should see something by the end of the year or they fill the the backlog to capacity. Which ever comes first.
I personally think we don’t hear a thing until they have some good news on the sales front. So it softens the blow of the incompetence that happened. They can say look at what we did. Everything is good no personal changes needed
Avid may be the most "misunderstood" ever 🤔🤑
AltraVue Capital is a value-oriented investment manager. We specialize in making long-term investments in a select number of high-quality businesses that have been neglected or misunderstood by the market.
Michael,
I think the 60 days is to come up with a plan that NASDAQ can approve. Here is an excerpt that I found.
"In accordance with Nasdaq's listing rules, the Company will have 60 calendar days after the receipt of a notification letter from Nasdaq to submit a plan of compliance to Nasdaq addressing how the Company intends to regain compliance with Nasdaq's listing rules, and Nasdaq will have the discretion to grant the Company up to 180 calendar days from the due date of the Form 10-K to regain compliance."
Hopefully they won't take that long.
Best regards
dw
MusicBizExec
I am almost certain its 60 days to regain compliance IMO
Michael
I didn’t see a link on their website, but you can ask Stephanie to add your info at mailto:sdiaz@vidasp.com.
Informative, unbiased article. Very good read. Sadly, seems like more information than we will ever glean from the company under current legal guidance. Certainly doesn’t shine a positive light on the players involved in the note fiasco including internal legal. Just inexcusable and there should be “accountability”. Even so paints a positive picture for Avid’s future.
I just wish Nick would stand up, communicate, take the heat and move forward even though the note fiasco was not his direct responsibility. That’s leadership. I’m ready for them to move past this. AIMO
Personally I don't think Nick should go. Nick built this thing, he should see it through. I agree with the article "These are things that one just expects to be done, especially when there is a CFO, internal legal, external legal, and the bankers who structured and sold the bond all involved."
Hart and Ziebell should go and new outside law firm and banker should be hired.
Great article, it is unfathomable that heads don't roll over this. Start with Nic the 6 mil dollar man and destroyer of shareholder value
This is about the best explanation of what happened and going forward I have read so far.
Read all information on Avid. All the way down.
https://seekingalpha.com/article/4684511-laughing-water-capital-q1-2024-letter
Interesting comments on HALO possibly moving more business to Avid
https://www.genengnews.com/insights/viral-vector-capacity-a-biopharm-problem-cdmos-can-solve/
It's been 30 days since NASDAQ issued the non-compliance notice. I think they have 180 days to cure this default but that is no excuse for the lack of communication with shareholders. In my opinion, canceling the earnings call was a huge mistake. And that was on top of an already huge mistake. Why have they not updated shareholders? The only thing that matters at this point is SALES.
SHAREHOLDERS HAVE A RIGHT TO KNOW WHERE THEIR INVESTMENT STANDS AT THIS POINT.
Could you share how you set this level of communication up? I have LinkedIn with a few of the folks so see some things there that's nowhere else. This lack of outbound communication (hopefully just to retail??) is so frustrating but if I can get more I'd be happy!
I didn’t get an email from Avid on the filing as I usually do. What’s up with that? I got emails on all the Form 4’s the other day.
Money talks. Good to see.
Altravue Capital filed a 13G yesterday raising their percent to 5.3% from 4.7%.
https://ir.avidbio.com/node/20731/html
Yes and an 80% decline or precipitous drop in a few short years, speaks volumes to so many areas of poor managerial decisions, for bookings, poor, financial fiduciary responsibility, overseeing the ledgers, nothing happening with the viral vector project and about absolutely almost 0 communication with Management since their mess up with alone interest payments, which cost us a shareholders dearly imho!!! From $35 down to $4+ now $6.71 There’s about an a bad investment as buying a boat that you know has leaks in it! Hoping for the best I’m praying for ALL!
No comment on the 200 contracts for $5 dec puts from Monday @ .85?…r
The fact we are down 65% from one year ago, kind of ruins any talk of an up trend.
well a 6-month chart shows a general uptrend since December, even with the "correction" for the convertible issue. What is your definition of an uptrend if CDMO is not in one?
FFTT
JBAIN
with sharp drops it looks like MM moving the PPS. Most people don't do market sells this early in a positive trend.
FFTT
JBAIN
Might be tough to punch through $7.50. Sure looks like someone is in the accumulation mode. Not sure if it is a MM or II.
FFTT
JBAIN
Will $CDMO Bulls EndTheDay At HighOfDay? Glta,eom.
DRUG SHORTAGES AT ALL TIME HIGH ….
Finding just what the doctor ordered is getting increasingly difficult as more and more prescription drugs become scarce.
From household names like Adderall and Ozempic to cancer treatments, a record 323 drugs were in short supply during the first quarter of 2024, the American Society of Health-System Pharmacists (ASHP) reported recently. The ASHP, which has published the metric since 2001, says the number of hard-to-get drugs has surpassed the previous record high from a decade ago.
It’s hard to overstate the stakes: Not having the right medication on hand is forcing doctors to prescribe alternatives that are often inferior to Plan A treatments. With patient well-being on the line, healthcare regulators are scrambling to find a panacea for a problem that’s been festering since 2021.
Diagnosing a cause
Experts cite a variety of reasons for the widespread shortages: Surging demand can lead to scarcities for drugs like Adderall, which is being prescribed extensively via telehealth, as well as the buzzy weight-loss drug Ozempic.
US regulations incentivize the makers of generic drugs to compete on price, diminishing the motivation for pharma companies to produce them.
Injectables like Ozempic are manufactured through a heavily regulated, technically difficult process that can easily derail.
The Biden administration announced a $5 billion plan earlier this month that it says would help keep pharmacy shelves stocked. It aims to boost transparency in obscure pharma supply chains by tasking an independent organization with scoring manufacturers on their production resilience and quality. Private hospitals that work with reliable generic drug suppliers would be rewarded with extra cash, while those who don’t would be penalized.
The ASHP criticized the proposed penalties, arguing that hospitals that don’t have the means to comply with the requirements would take a financial hit.
Looking ahead: The plan will remain just a plan until lawmakers in Congress agree to greenlight it.
https://links.morningbrew.com/c/jw7?mbcid=35045753.3696491&mid=99265661b2b9e9fcebad1b6287ef164f&mbuuid=kjeiugMA3FMwfayecW3i5Bfj
Def some rediculous silence from Avid.
Stupid me was expecting a PR about Thursday's CC.Will we hear something tom or just more guessing games. Never expected That Nick's handling Avid would turn out this way.
BUT then what do us retail investors expect!!!
Another ambiguity: In our TD Ameritrade account remaining, the Latest Earnings Announcement is set for today, 4/15/2024, but it sets the Upcoming Earnings Announcement as 4/18/2024. I gather 4/18 is correct.
So correct Paul!! Dr Thorpe was ok Track for a Nobel Prize 🏆 in medicine before his “untimely” demise!! Bavi aka Tarvacin was the real deal as a non dlscriminatory medical wonder against cancers and viral infections!!
Blessings to you always Paul and family and thanks for helping me when I had metastatic cancer and post strokes!!! You’re a good friend and man!!!
Hail to Dr. Philip E. Thorpe. May he rest in Peace. He knew, we knew, he had the answer to Dengue. I remember his Bavi presentations to us back in 2005 and 2006. I enjoyed the Q&A and the discussions. Too bad for all those people who could be saved. I'm sure we can blame big pharma, if not for his ?demise?, then for their sabotage of PPHM trials (2012). They didn't want Bavituximab to show up as the upstream checkpoint (the boss) and compete with the downstream checkpoints keytruda and yervoy. Bavi would/could have been approved before them.
(Preciouslife1, this is the same issue that Lenzilumab ran into.....big pharma didn't want it approved and MILLIONS of people will die unnecessary deaths))
Houston, we have a sales team problem...
https://www.foxbusiness.com/lifestyle/us-drug-shortages-hit-all-time-pharmacists-warn
"IF" ONLY BAVITUXIMAB, WAS BROUGHT THROUGH TO FRUITION BY PPHM, BUT . . . . Remember the mad dash to find hand sanitizer when the pandemic started? Well, Argentinians are having deja vu: Latin America is dealing with what may be the world’s worst dengue epidemic ever, and one of the hardest-hit countries just ran out of mosquito repellent.
In Argentina, where infection rates are up ~800% over one year, “People are making their own home remedies because the truth is there is no repellent anywhere,” a supermarket chain manager told Bloomberg this week. The country’s government loosened its restrictions for bug spray imports on Monday, but it might take another week and a half for shelves to be restocked.
In the meantime: SC Johnson (owner of the Off! brand) donated 20,000 cans of repellent to Argentina on Tuesday after seeing an “unprecedented” 300% spike in demand from the same time last year.
Bug spray scalpers are reselling mosquito repellent via the online marketplace MercadoLibre for $20/can—a 500% markup. And that’s just Argentina!!
Of the 3.5 million people in Brazil, Paraguay, and Argentina who have already contracted dengue this year, 83% of them were in Brazil. Public health experts are also worried by rates rising in areas where outbreaks don’t typically occur.
Suspected dengue cases in Peru have tripled from the same period last year to ~135,000, and registered deaths have increased from 33 to 117.
Infections are climbing at popular vacation destinations, including Barbados, Costa Rica, Guadeloupe, Guatemala, Martinique, and Mexico, according to the Pan American Health Association.
Why is this happening? Epidemiologists say climate change and El Niño are playing right into mosquitos’ forelegs by making more regions warmer and wetter (aka skeeters’ paradise).
Regarding a vaccine…Brazil became the first country to roll out a public dengue vax program this year, but it only has enough to immunize 3.3 million of its 220 million citizens. A more accessible shot is at least a year away from production...
https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC5217514%2F%3Ffbclid%3DIwAR0JZMgmzjHBSr9edCtr89yvgl7txvqnj-SxbXgJ5u01Srx2R6lkeCBOD4o_aem_AUGce2sXtIY6u-zeseUZHxwR0ko2kpViM6la2kmnodaR2gS560joNK4uo9yqK9utNgV7iRyEuPXG0W7wUlP8V4Q0%23%3A~%3Atext%3DBavituximab%252C%2520once%2520bound%252C%2520starts%2520up%2520host%2520effector%2520activities%2520such%2520as%2Cdestruction%2520and%2520enhancing%2520antitumor%2520immunity&h=AT3vkW7Ek-BA3EMHwu5uUq-A_TbMGCREcTILe94iMRO5WtBjEHDN3JeQgalvQNJ_XnmGQ9KeBd8WmGJ4fqbC7UvcCHTN_TK-9mrGS9BrVzsMjEFVeqRj8Dg-mfmhO9mCPphPob-V3ls
OK, we all know that it does not take 5 weeks to restate earnings....could be that they are waiting to present their earnings restatement with some good contract news??? Maybe, but probably not!
All I can think of, is that there is some legal option they are exploring, but even then, how long does it take to get a legal opinion? Or are they in the midst of some negotiations for damages against some entity that was involved in this transaction?
Was the financing contract not that straightforward? If not, why the quick payout on original, and renegotiated(at much higher rates) convertible....almost immediately?
I know our analysts look at it, as just kind of a messed up convertible financing that someone failed to carefully check the terms, which resulted in the called loan!
If it truly is only an accounting issue, taking this much time does not make sense!
And yes, I also would like to see a few heads role if this is the case!
Really. Glad you understand accounting, but what about the inputs to that accounting? Did you read the indenture? You're POSITIVE the extra interest is due? You're POSITIVE when interest starts? You're POSITIVE the rate of the interest for what periods (there were several conditions)? Guess you have some inside information.
FFTT
JBAIN
Management was informed of the problem Feb 29th. 5 weeks and 1 day ago. Imagine if Avid had a contract to manufacture a drug for a company. Someone during manufacturing process did not follow the exact procedure causing production upset. Does anyone think that 5 weeks later the customer would still be waiting to here why this happened, who was responsible and making sure the responsible party was shown the door so this would never happen again?
Doesn't anyone else think that this stalling hurt credibility with future customers???
Agreed 👍…the sooner the better…imao…r
The accounting is cut and dry. It's called GAAP. General Accepted Accounting Principles and they are black and white. There is nothing to resolve.
I to think they are waiting to maybe land a large piece of business they have been waiting on to soften the blow and keep all their jobs.
Hart should go and so should Ziebell, should have been monitored and caught by both if they were competent.
Why is everyone assuming restating financials sooner is better than later? Is everyone assuming the resolution is cut and dried?
FFTT
JBAIN
4OurRetierment
Yes Charles schwab
I can't believe in this day and age they would let this go long enough to get the notice in the first place ! IMO they just hope it will go away although Nick said the backlog would turn into orders this quarter so they may be waiting to soften the blow. I find it hard that they did not fire the CFO . Its chief financial officer not chief f@@@ up officer
Michael
Does "CS" Mean CharlesSchwab? I Agree, And Would...
Prefer Not To Have Earnings Released On Thurs/Fri.
On The Other Hand, Earnings Are Late And The Clock Is Ticking For NASDAQ Listing Requirements.
They Need To Pull The Bandaid Off, Possibly Fire Someone, And Let The Stock Price Heal.
Additionally, They Need To Have A Call And Give Some Good News For A Change.
All This State Of The Art Uprades On Facilities But They Can't Seem To Increase Quarterly Sales???
Glta StockHOLDERS!
E means temporarily delinquent in regulatory filings for the Nasdaq. We knew that. They will take care of that — hopefully sooner than later. I’m sure they are triple checking numbers prior to filing. Probably wise to do so.
Interesting to note that last year when Ziebell, Hart, and Green were issued the RSU shrs they sold off anywhere from 40-50% of them on 4/11...this year none...wonder if the BOD had something to do with that (and the threat of lawsuits as well)...not that they deserve any at this point...imao...r
4ourretierment
CS shows E after the trading symbol. Also Thursday IMO is not a good day for earnings
Michael
ThinkOrSwim Now Shows $CDMO Earnings On 4/18, SOOooo...?<shrug>Glta,eom.
Consumer prices rose 3.5% from a year ago in March, more than expected https://www.cnbc.com/2024/04/10/cpi-inflation-march-2024-consumer-prices-rose-3point5percent-from-a-year-ago-in-march.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard
Just to be fair Mr Cubster....the entire market is down because of the inflation read. As far as Avid goes, its all about their ability to get enough business to increase their margins and turn a good profit. If they can and do, the share price will certainly take care of itself, however some indication on the timeline from Mr Green would be appreciated.
If however their revenues don't start increasing....and by increasing, I really mean exponentially to start filling up their capacity.....well then we are going to be drifting down here until someone inevitably will take us out at a bargain basement share price. The company cannot afford any more missteps, and once again we will be looking for something positive from Tustin.......we will see!
Over $7 yesterday and down over 8% today. Looks like Lucy is pulling the football again. If earnings are tomorrow, it seems as though it will be no business, as usual, for this POS!
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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
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