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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!
ThinkOrSwim Shows Earnings Possibly On 4/11, Glta,eom.
Maybe An AfterHours PR? Glta StockHOLDERS,eom.
That would be interesting. I live 1/2 hr drive from Lonza.
Well theoretically it would be a good fit, so it is def not out of the realm of possibilities.....just hope we are signigicantly higher in 6 to 12 months. Anything other than mid teens or higher would be disappointing.
Yes, Lonza
Just a hunch, but I think Lonzo will buy Avid Bioservices within the next 6 months
Jeanne Thoma arrives on the BOD the $125mil convertible pops up and expansion.
Well another week of nothing from the boys and girls from Tustin. I see from their linked in profiles that everyone is still pumped about working at Avid and the hiring of new employees continues, so not sure what that means???
Perhaps as a $6 share price company, Avid can live on for years, perhaps never quite making a profit but certainly always offering the potential to do so, and having a great working environment???!! At this point, with another $10 mil in yearly financing costs going forward, when might they be able to absorb this and create enough margin for the share price to actually move higher??? Or is that not really that important???
All looks a little glum now, but before we can even take a look at this.......MAYBE THE COMPANY SHOULD GET ON WITH THE BUSINESS OF RESTATING THEIR FINANCIALS TO GET BACK IN COMPLIANCE WITH THEIR PUBLIC LISTING!???
Then maybe they could have a CC and fill us in on the screw up and perhaps announce that certain members of their legal and accounting departments have been let go.......or even better, provide details on who the new convertible debt holders are(same as the old ones???) and perhaps, and dare I hope here, have some kind of a legal option to pursue against the original holders of the convertible and/or the legal team that negotiated it??? Now seeing that I am really dreaming now, lets get crazy and perhaps say that their demand action was at the very least a set up(which allowed them to short?) and was certainly against the spirit of the financing vehicle?
Or of course they could do nothing and just let our stock price slowly decline???
I would advise TD Ameritrade to replace the quotation I see with the full quote you see from the Webpage. That would remove an ambiguity that is adversely affecting CDMO share price, IMO. Have you contacted CDMO CEO and BOD regarding this ambiguity? I am an old shareholder that perhaps should have immediately known that “Which We All Knew.” I didn’t. Would new shareholders know? Would market makers and short sellers take advantage of the ambiguity to keep CDMO share price low?
AHHhhh, I See What You Are Saying But...
It Merely Means That $CDMO Failed To File Their Quarterly On Time, Which We All Knew.
For Those Interested, Here Is A Quote From The TDAmeritrade Webpage
Regarding This Discussion:
"Avid Bioservices Inc NASDAQ: CDMO*
*Nasdaq FSI: *Delinquent: Issuer Missed Regulatory Filing Deadline
As Far As I Can Tell, This Is Not A New Issue.
Glta Bulls, Watchers, & StockHOLDERS!
At the very top of a TD Ameritrade CDMO stock quote, I get a notice that reads:
“Common Stock Status Alert: Delinquent”
I Haven't Received Any Notifications From TDAmeritrade. SOOooo...
Can You Copy/Paste Any Of The Notice You Received?
Thanks.
Glta Bulls, Watchers, & Stock HOLDERS!
I have a question; the answer could affect everyone here. If CDMO has paid the delinquency debt due, why am I getting a delinquency alert from TD Ameritrade today? Is TDA delivering false information that is affecting CDMO share value?
Transparency? From CDMO management? LOL!
Personally although the screw up with the note is literally unbelievable on the surface — it is early after expansion completion with significant market challenges to judge them too critically. In my opinion selling at one of their weakest points would not benefit us. I am certainly willing to give them time to right the ship and get us in a much stronger negotiation position. To our knowledge they do have 1 product of 8 that has already been approved. That leaves 7 in the wings. Get a couple more of those products to be approved and we will once again have the upper hand. I’m hoping to see another quarterly call and I really would applaud more transparency concerning these late stage products. AIMO
Yup almost 2.2 million in volume and a drop of over 4%.....someone is getting tired of waiting for this company to get their sh--t together!!
Starting to lose confidence in management and don't understand the delay in restating the financials because it is beginning to have an impact on the share price, or rather a greater impact on the share price.
Somewhere in the back of my brain, there still is a glitter of hope that these guys will pull some kind of proverbial rabbit out of their hat and all will be well.....this glitter however is getting dimmer by the day!
I am also leaning to the side of just go out there and sell the company for whatever you can get, because it does not appear that they are capable of harnessing their potential and filling up the excess capacity!
Just can't afford any more screw ups, but am not confident any more that this will be the case???? $10 a share anyone??????
Another Lawyers release but I didn't see anything new in there.
Maybe others will. Love the timing 3:07 PM just about the same time of day as the last one.
This stock looks dangerously under pressure
with lots of sell orders....management IS hiding something!! Somebody should make us an offer....how low can we go with brand new plants in a tight capacity environment?
THESE GUYS REALLY DROPPED THE BALL.
Some things improve with time.....not providing updated restated financials promptly along with some kind of explanation and CC??....well these issues don't do so much for the share price!!!
How long will this/should this take??? The interest rates calculations are pretty straightforward....you simply add these new(restated) numbers to your accounting programs and voila, out come the new financial statements. Take a day or two to go over them just to make sure everything now complies, and you are good to go!
Am I missing something here??? Is there more to this story?? Is there a legal side coming???
Lets get on with it.....time to concentrate more on booking orders and getting this share price back on track!!!
26000 shares trade AH’s
About 23000 traded 5 minutes after close at the near closing price. At 35 minutes after closing 5 100 share trades walked in down to $6.40 and 1,5,20 share trades adding up to about 3000 shares since then.
So after hours drop from $6.70 to $6.30 is a non event done by someone trading mostly single shares try to make it look like something
Get ready for yet another shoe to drop! Colossal POS!
Something driving the share price down Afterhours. More volume than usual… now what?
I think either it’s a setup and is Nick involved?? For a low bid buyout or Hart and Zimbal are total idiots.
Take your pick
All in my opinion of course!!
Exactly....this is not the kind of thing that improves with time. They should restate and then give a pretty plausible explanation of exactly what the hell went wrong and how this new financing is going to affect Avid going forward!
If the financial restating is on hold because they are currently investigating some legal avenues, then again, Mr Green should provide some kind of an explanation of exactly what is happening.
Finally, I am still a little shocked that they(Avid management) immediately repaid this loan with the newer higher interest rate loan....generally when a loan is called, you then begin to negotiate with the holder of this financial instrument to discuss what happened and how to possibly resolve this? Plus what would happen if they just played hardball and fought the convertible holder on their right to be paid back immediately....what action could they have taken(again here I have no idea what options were/are available from/to either party of this loan. But the question needs to be asked!
As I have mentioned before, still seems like a bit of a set up....and while we are discussing this, who is the new convertible loan with??? Any of the same parties of the original convertible???
Lots of questions, but few answers coming our way from Tustin....c'mon Nick, time to step up to the plate and answer some questions!!!
Btw a CPA friend of mine said those reinstated financials should have taken less than a week with current accounting systems available today
Don’t remember that. King gave us just as little as Green does. We aren’t getting sh_t from Green. I’m finding myself questioning his competence at this point. He hired VP people? If you will do some research on her past you’ll find she’s dragging us down the DEI hole. It’s only a matter of time until we have a manufacturing upset because of hiring because of other reasons other than competency. IMO
16 paid internships is her baby! Our people really have the time to babysit or concentrate manufacturing runs?
CDMO’s CEOs over the years, even recently, have distinguished between early and late stage customers in earnings conference calls. Pre-clinical or Phase 1-2a clinical trial customers were referred to as early stage that require less quantity of material for testing for results. Smaller size bioreactors would be used to produce that material. Conversely, late stage customers— those whose meds are in Phase 2b or Phase 3 clinical trials—often/always need material/med quantities that are sufficient for commercial sale once FDA approves an NDA. Larger bioreactors would produce that med.
This old brain doesn't remember any PRS about any early or late stage customers.
A few press releases about identity of early or late stage customers would help, I think
There does not appear to be too much correlation between how the overall market(or the Russell 2000 for that matter) trades or that of our beloved little Avid. Right now, especially today, there does not appear to be too much conviction either way on the stock based on the anemic volume, and whether the share price is up $.25 or down $.25 does not really matter.
What does matter is for this management team to get back on track, get the financials restated and then start working on building confidence with investors on this stock as currently there is very little promotional activity taking place that I am aware of!!!
At the same time, we are really just one or two announcements away for this stock to really start heading higher again....maybe not to the heights we were at a couple of years ago, but I think we have a shot at $15 or $16 in a year or two if things start falling into place(which I still believe they will)!
So c'mon Nick, lets get this show moving again!!!
We will be looking at the Russell rebalancing soon...r
Reported that JNJ is in talks to acquire SWAV; current share price of SWAV is ~ $320/share, CDMO is ~ $6.80/share.
I might add that there are other weight loss drugs out there and they are all in high demand. Lilly recently, actually, ran an ad asking people who are not diabetics to please not try to get the drug. I've never heard a company ask the world NOT to buy so much of their drug. They can't make enough of it. The point is, CDMO could be a target for the same reason CTLT was, and maybe for a similar price/multiple.
CTLT was providing the manufacturing component for Novo Nordisk on the injectible portion of their weight loss drug... CTLT just so happened to have the proverbial bucket at the foot of their bed when they hitched their wagon to Novo... Smart move by Novo now controlling the production and eliminating the potential problem of farming it out to a third party when you have a blockbuster drug like they do...imao...r
Maybe we will be bought like Catalent was. They had some screw ups with their quality control. EPS last quarter were -7.18 which comes to 1.4 billion loss. They had lost over 700M two or three quarters earlier. Haven't looked at their other quarters but it would be hard to imagine that they were profitable. How did Catalent end up being bought for 16.5 billions? It appears that a CDMO is worth a lot more to an acquiring big pharma than to any and all investors or another bigger CDMO.
We ended up with a new loan that has a higher interest rate and will cost us tens of millions more over the life of the loan. The 50 or so more millions in interest should lower the buying price by the same amount and not by 500M or a Billion.
I find it interesting that the headline for many days of lawyers looking for customers on Schwab Streetsmart edge has disappeared.
I take it as a good sign but then just my personal opinion.
4 day trading week........................GLTA....
Gosh, I'm happy to wait if they do it RIGHT this time. Speedily correcting big flubs doesn't usually work well...some thoughtfulness, legal/financial advice from top sources, etc.....work better! I think the damage is done, so a client ($) is all that will get us going again. IMHO. GLTA.
Repeat of yesterday—some time same place. Drop in share price to $6.62.
Legally there is no issue, but I do not understand why the company is taking this much time to restate their financials. This is not complicated unless there is something we do not know and they are somehow checking out some legal avenues??? According to what management has offered to date, there does not appear to be any legal malfeance and just something the company(legal/financial) missed on their convertible terms and so therefore had to negotiate a new financing agreement and of course have a legal obligation to restate the financials.
They have also indicated that once the financials are restated they will have the conference call but not sure if there will be questions allowed or if it will be more of a statement of what happened without going into detail???
As an optimist, I am hoping that this delay in filing the restated financials is to wait as long as possible and perhaps secure some additional contracts based on FDA approval of one or more of their clients drug candidates. So they start with the bad(mess up and $10 mil in additional financing costs) and then end with announcement of new contracts that should allow them to start manufacturing some of their backlog in contracts and perhaps allow them to increase their revenue projections going forward. This would be a good thing...yes???
Now I could be way off here, but like I said...trying to be optimistic!!!
If CDMO has the same attorney from Coley who handled the previous class action matter, they are in outstanding hands. Koji Fukumra (sp?)
I would rate him 5 stars of out 5.
Just IMO
I Agree, But At Least Am Confident That...
Any Buyout Price Would Be up, Up, UP from Here!
On The Other hand, Investors Need To Keep In Mind That
When You Consider The Previous Stock Splits And Years We Have Invested,
It Belittles The Potential Buyout By One Of Our Customers?!?!?!
All Older StockHOLDERS Should Have Gained More From Their Investments!
But, For New Investors, This Stock Could Represent A Quick Double Or Triple
From Current PPS!
Since Avid Is No Longer A Bio Pharmaceutical With Those Investment Risks,
But MerelyA Bio Manufacturer, Not To Mention, Bavi, Beta Bodies, Etc........
Seem To Have Disappeared With Oncologie/OncXerna Therapeutics,
StockHOLDERS Should No Longer Hold Their Breathes
For Astronomic PPS Buyout prices.
On The Other Hand, Since It Appear Oncologie/OncXerna Therapeutics,
May Have Gone Out Of Business, AND, I Think There Was A Footnote In The
Lease/Sale(?) Of Bavituximab. et al, That May Come In To Play
"IF" Oncologie/OncXerna Therapeutics Has Actually Go out Of Business...
Either Way, Avid's State Of The Art BioManufacturing Facility Capabilities
Is Worth MUCH, MUCH MORE Than The Currently Shorted PPS.
And Those Shorters Were Probably Mainly The Original Senior Note Investors!
ANY Potential BuyOut Would Be MUCH Higher Than Today's PPS!
Yet, If The Contract With Oncologie/OncXerna Therapeutics Had A Footnote
That Allowed For The Return Of The Rights To Bavi, Beta Bodies, Etc,. Etc.
Under Circumstances That Oncologie/OncXerna Therapeutics Failed To Do Certain Things...,
Well, Going Out Of Business Should Return All Those Assets To Avid.
IF ALL that Were True, There Could Feasibly Still Be A Chance For A Greatly Substantially
BuyOut Price Then Currently Seems Feasible.
Hard To Say What May Be Going On Behind Closed Doors!
I For One Am Still Not Selling!!!
Glta Bulls, Watchers, & StockHOLDERS!!!
I also believe that may be the direction we are headed. I only thing that can stop it is a PR saying we signed a major contract with a large Pharma company.
I think wenn Joseph Carleone CoB bought shares at a little under $10 he was putting a floor in for anyone considering. I think if it comes it will be at a 25-40% premium. Look how much our top guys get in a "change of control" situation. It on the last proxy
Have a hard time understanding how with Nicks solid reputation over the years that such a mess as this happened.
Have to believe that all this is happening to force a sale at a rediculous low price.
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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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