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Personally I don’t want to see them selling from weakness. Especially since they have 8 late stage products awaiting potential FDA approval. Nick indicated with the right combination of approvals they could fill capacity. They already have 1 approval. I’m hoping to hear a positive tone in this quarterly call with a proactive approach — forward planning for the future.
The conspiracy was likely the fact that the company and OncXerna knew that OncXerna would never be able to pay royalties. They would not have the resources. So the contract was just for appearance. OncXerna was never going to take Bavi to phase 3, assuming it proved out, until after Avid was sold. And both companies knew it.
Interesting. Where did you hear the OncXerna ran out of money? Not sure why they have a site under maintenance if they are out of business? Unless they are in the process of soliciting for funds and plan on continuing once they get funded.
OncXerna ran out of cash, could not raise any additional funds and is now defunct. Pretty straight forward. No conspiracy theory.
Pretty good explanation to what happened to Avid
Avid Bioservices had an oopsie https://t.co/SGTBjxOLAz
— alexandra scaggs (@alexandrascaggs) March 7, 2024
What happened to AVID SVP, LLC did this have something to do with this mess?
https://www.sec.gov/Archives/edgar/data/704562/000168316821001744/avid_ex0201.htm
https://fintel.io/so/us/05369gaa6
Repeat the question posted previously: A.S. and his ANIP and MedPage possible M&A activities.
Well not to encourage a potential conspiracy here but I thought the weds night pr containing this paragraph was rather strange at first glance…” The 2029 Notes and any shares of the company’s common stock issuable upon conversion of the 2029 Notes have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.”…imao…r
Probably crawl back to 8+ again, we bought in again, we’l hold for the 8’s, should be an easy trade
I Wonder If The Buyers Of Original SeniorNotes…
For Avid Were Related To Or The Same Entities As The Investors Behind OncXerna Therapeutics, formerly known as Oncologie.
Thanks For The Reminder About Bavi, etc…
I Agree, If $CDMO Is Bought, I’m Sure There Will Be No Mention Of Bavi, etc…
Glta Bulls, Watchers, & StockHOLDERS!
So who might be the buyers today after yesterday's bloodbath and sell off??? Are these really Avid bulls who believe that the botched convertible financing was no big deal, or rather are they vultures moving in on the chance that Avid may possibly be bought out at what may be a below market value, but still would make a quick profit for those buying today!
In any event, the sooner Nick and crew get the financials corrected for the last 6 or 7 quarters(which really is just an interest calculation...there is no forensic accounting involved here) and then hold a "come to Jesus" conference call, we will at least know where we stand going forward.
There must be a lot of scrambling going on in Tustin, and we have a right to know what is happening before these legal "investigations" turn into lawsuits!
I know we have been purposely kept in the dark concerning any progress Bavi is making in clinical trials. Many don’t even want to discuss it which has likely been the company’s objective all along. They want us to forget about Bavi. So much so that OncXerna’s website has been down since last Nov. for “maintenance”. And of course the phone number listed for OncXerna no longer works. Now I know something about site maintenance. It doesn’t last 4 months and if for some odd reason it does — you never take down the original site while such maintenance is occurring. They want nothing out there. That is obvious to me. I’ve talked to Rolf Brekken about Bavi and he says that he also is wondering why it’s taking so long to progress Bavi through trials and come to a decision. But he is in the dark also. So he couldn’t offer any further color on the subject. I’m trying to get a hold of the current lead investigator as we speak.
OncXerna going underground with no published website and a non-working phone number occurred coincidentally after I asked the SEC to make public the specific timeline for Bavi royalties which amounts to 96 million accumulative prior to approval as it completes certain phases of specific trials. It is these phases of current trials which is the information that has not been made public.
And if Bavi is approved Licensee shall pay to licensor royalty fees as follows:
A: an amount equal to 9% of aggregate net sales (in all countries and territories) of up to $100,000,000 of each product;
B: An amount equal to 11% of aggregate net sales (in all countries and territories) from $100,000,001 to $200,000,000 of each product;
C: An amount equal to 13% of aggregate net sales (in all countries and territories) from $200,000,001 to $500,000,000 of each product;
D: An amount equal to 14% of aggregate net sales (in all countries and territories) from $500,000,001 to $1,000,000,000 for each product;
E: An amount equal to 16% of aggregate net sales (in all countries and territories) equal to or greater than $1,000,000,001 for each product.
The latest phase 2 results for Bavi in conjunction with Pembrolizumab “Keytruda” can be found here.
https://www.onclive.com/view/bavituximab-plus-pembrolizumab-elicits-responses-in-untreated-advanced-hcc
I am not saying Bavi will be approved or even be eligible for royalty payments. That has yet to be announced. I am just wondering why Avid’s BOD and management purposely seem to keep us in the dark on this subject. Especially now since Royalty money would be highly valued during this crisis. And of course if there is a low ball bid for the company I’m sure Bavi potential will not even be mentioned.
Unfortunately the person responsible at the SEC refused to make trial specifics public. The reason being it would compromise any future contracts with other companies that Avid may be involved in. I certainly could not understand and argued against this since Avid is NOT in the drug creation business. But she would not budge. My argument was it has nothing to do with their competitiveness and everything to do with the potential value that Bavi may hold to the company and its shareholders — which at the time of any potential low ball sale — will likely not even be mentioned. Not to say anything for any royalties Avid may accrue by meeting certain milestones. That is money that would certainly come in handy at this time.
I felt it important that everyone know this at this delicate time in Avid’s history. Again I am not presuming value of any kind. I’m just wondering why the company is going to such lengths to keep things quiet about any progress Bavi is making or any value Bavi may hold at this current time. And in my opinion I’m wondering why it’s taking so long for OncXerna to come to a decision on Bavi and progress it to phase 3 trials — or cut it altogether.
OK, I will throw my hat into the ring also in trying to calculate what Avid is worth in a takeover(hostile or otherwise).
First of all, there is nothing wrong with Avid...they have a competent and talented/trained workforce, along with a stellar reputation, ready to handle additional volume as the sales dictate. They also have state of the art facilities which gives them the latitude to manufacture a wide range of biopharmaceutical products. Novo bought out Catalent because they did not have manufacturing capacity to meet demand for Wegovy and Ozempic.
Ozempic sales last year were $13.9 Billion
Wegovy sales last year were $4.5 Billion
Lilly, Astra Zeneca, Viking, and others are all coming out with new weight loss drugs....Novo's latest drug is in pill form and this is the way the developement of weight loss drugs is heading. My point is this....when you can instantly get Billions in sales for the latest weight loss drugs, and you do not have manufacturing capacity to produce these, you start looking for where you could pick up this capacity....our current market cap is approx $400 mil plus or minus.....so how much would one of these pharmas pay to be able to get some instant manufacturing of their in demand drug??? To these BP's this is all instant profit!
Taking all of that into consideration, I would hope we could feasibly be sold in the $12 to $15 range....and that is just a WAG!
Here is my final point or rather my final jab at our incompetent management......How on earth could they miss this interest payment acceleration clause in what otherwise was a brilliantly negotiated convertible which was really setting the table for us to head back to the $20 range. Does anyone read these contracts? I have been involved in dozens of Real Estate financing contracts, and let me assure you that as a borrower, you had better know your contract and adhere to its terms.....I mean this is elementary...you don't negotiate a financing agreement with numerous terms and conditions and then never look at it again???
Hello Mark Ziebell....what the hell were you doing? Daniel Hart...after 29 years in finance...I mean...WTF? Was everyone asleep at the switch? Everyone in managment should have been clearly briefed and aware of the terms and conditons of this convertible??? It just blows my mind at the utter incompetence!!!
Oh and by the way....so far I have counted 7 class action investigations(not yet lawsuits) for securities violations by large legal firms hoping to jump on the gravy train and once again divert managments attention away from what they should be concentrating on....which is converting sales and revenues to profits! I am not sure if there were any securities violations but can you sue for incompentence???? hmmmm
I really hope that Nick Green will be forthcoming here as to what exactly went wrong and how they all could have missed this.
Will $CDMO Be Forced Into A Manipulated Buyout?...
They Scrambled & Replaced The SeniorNotes At Higher Interest Rate, Which Could Strangle Profitability For Quite A While.
BUT, They Still Need To Replace Their Revolving Credit Line That Also Got Canceled.
They Have Been So Busy Building Their Expanded Infrastructure, But Can't Seem To Fill Their Capacity.
By The Way, That $400 Million Capacity Is Still Only From A Single Daytime Workshift.
Imagine If They Put On On A Second Or Third Shift???!!!
Smoke & Mirrors. Someone Knew/Knows Something.
I Would Not Be Surprised If That 25% Senior Note Holder That Caused The Recent Fiasco,
May Actually Be Or Represent A Potential Buying Pharmaceutical Company.
Glta Bulls, Watchers, & StockHOLDERS!
Btw, PPS Heading up, Up, UP,... Again
Either Avid Recovers Or The Buyer Forces A Low Buyout, Which Will Be At A Higher Than Current PPS!!!
What we don't know is their backlog. They say it is tied to late-stage drugs. Getting them approved could fill capacity quickly and they might not even need much in sales. But with $400M revenue and $120M profit, with a 15x PE, it's at 28.
Do accrued tax benefits figure into this at all?
I'm just saying that if this crew can't put a marketing plan together that fills our manufacturing facilities quickly, our facilities are worth more to a pharma development company that has various drugs in different stages of development.
If full our facilities can produce $400mill in revenue resulting in $120mil in operating margin at 30%. If another company comes in it would enjoy at least $30mil in synergies. Since the new company would have their own Top management, sales and marketing and HR. Avid spent about $28mil on SG&A in the last 4 quarters. In a short period of time the facilities would be full and producing $150mil of internal free cashflow for the buying company.
The new company would expect 15% return on deployed capital resulting in somewhere around $1 billion
value to an acquiring company. Around $16 per share
And that too changed to $550M overnight.
$720 million $11.50 per share
https://finance.yahoo.com/quote/CDMO/key-statistics/
It would seem the value is somewhere between what Avid is producing and the value that the facility is capable of producing at full capacity. Deduction for fact we don’t own real estate and deduction for the upside profit needed by buyer in order to do deal.
SEE CATALENT BUYOUT FOR TEMPLATE
The real question is how much are our production facilities worth in another companies hands? A company with projects in all stages of development ready to go that will fill the facilities both manufacturing and PD. An entity that can come and cut top management, sales, HR and bring in their own people by implementing extreme synergies. How much? I think more than we think.
Think what the margins would be implementing synergies from a large established pharmaceutical company
The real question is how much are our production facilities worth in another companies hands? A company with projects in all stages of development ready to go that will fill the facilities both manufacturing and PD. An entity that can come and cut top management, sales, HR and bring in their own people by implementing extreme synergies. How much? I think more than we think.
Think what the margins would be implementing synergies from a large established pharmaceutical company
Well I was not necessarily expecting "good" results, but was hoping for something from Nick perhaps laying out some kind of pathway and timeline to when we might see increased revenues along with dare I say...profits? A renegotiated and reinstated LOC with their lenders would help create some stability and possibly some positive comments about the demand out there by BP's for increased manufacturing capacity???
When has a company released bad preliminary results to all of a sudden release good results at the call?
Surprised that we held $6 today, but we certainly had the overall market winds at our back as all 4 of the exchanges were green today!! I cannot see us holding $6 much longer without some really positive news from Tustin.
How long before we get the reworked and refiled financials?? Always concerned about the cockroach theory also.....was this just one screw-up or is there something else negative to come out?
This certainly is a setback for Nick Green...will he stick around and try and right the ship again?
Volume of over 15 million shares traded today......A lot of stockholders have had enough and probably will never come back.....kind of surprised how many buyers are willing to take a flyer on this stock even at the $6 range? Perhaps believing/hoping that a buyout is in the offing? A buyout at $10 would certainly give them a quick profit?
Will there still be a CC after the financials have been corrected to take into account the accrued interest costs from 2022 up to the present?
Not selling for now, but will probably never buy another Avid share regardless of how things go in the future.....suddenly a $10 buyout does not look so bad, whereas yesterday we would have all scoffed at this!!
All we can do is wait for some new positive developements...good luck all!!!
Very controlled trading for almost a quarter of the company changing hands. Shouldn't we see some 13g filings by Monday?
Last regular hours trade
03/07/2024 16:00:00 EST X 6.10 224442 NSD
jbainseky
Or the shorts covered and they can start all over again !
Michael
I was waiting for someone to say volume before price!
No worries here, just the final shakeout of weak retail hands…Again.
Or he could just be on the other side he probably would have gotten a meddle.
While it's rare, I'm such a fan of honesty when things like this happen. If Nick laid out what happened, why, steps to mitigate the damage and steps forward rather than either crickets or some obviously empty "CEO speak"...I'd respect that. Sh_t happens (though this is big). Think about if Nixon would have just said "holy smokes, some idiots working for me did the stupidest thing". Sigh.
OK, well if we must look for some good news.....they did manage to replace the previous convertible with the new one and not having to repay till 2029 gives them some breathing room. Not being able to replace the old convertible would have caused a bankruptcy so at least funding is secure for the future.
Also if they manage to start turning the backlog into profitable revenue, the share price will respond and there is a fair chance for the convertible holders to convert their loan to common shares.
There is also the chance of a buyout....far below what the previous buyout would have been, but I would hope the company would try and fend this off....depending on the actual takeover price.
Avid can still have a solid future, but the share price is going to be lower for longer...sadly!
How forthcoming will Nick be at the upcoming CC? Will we get the real story of how this was so screwed up and who is to blame??? We may find out via upcoming management changes....or will they just be swept under the proverbial carpet??
You just hit the nail on the head ! And our incompetent CEO probably just drove the final nail in our coffin. Only hope is buyout as clearly this team can't get it done.
We will learn of the basement price only when this hectic buying/selling dies
down in a few days.....the trading current is too swift to know what is really
going to be the NEW reality for us all....a buyout is possible but pie-in-the-sky
valuation is gone......GLTA..
Good morning; so to speak!!
I bought more at the opening at lil more than $6 and Fidelity gave me a very good fill point as it went up 30+ cents as my order went in!!!
Hopefully this will be the base and management will bring crystal clarity and honesty at the SHM!
All the very best to all long suffering kings here
I wonder whether ANIP(Schwarz) or MedPage(Schwarz) has contacted CDMO for ANY reason, potential customer or otherwise. See ANIP PRs dated 11/2023 to date, available from TD Ameritrade and ANIP IHub board.
It would also be interesting to know if the 2026 notes were ever sold by the original investor and if so, when. Obviously someone knew this was possible way back in 2022, and knew for sure in 2023 when they could accelerate but didn't. I also imagine this will delay the quarterly CC until AVID can restate financials back to 2022 when the additional interest started to accumulate.
It isn't the sales to profit ratio, it is execution to profit ratio. The backlog keeps growing so they are growing sales, but the backlog is commitments to execute, not the execution itself. AVID is probably staffed to execute substantially more than they currently do in preparation of a client giving the order to execute (say upon a drug's approval) When that happens, costs do not go up but revenue increases. I doubt they are staffed to run full up, but highly likely they are technically "overstaffed" right now leading to operating losses. I would love for an analyst to ask such questions in the CC. Backlog is also made up of the first order for after a drug is approved, so once approved, the backlog AND EXECUTION grows quickly.
FFTT
JBAIN
A PR from the BOD at some point is going to be needed to assure the institutional community that the ship is being righted i would think...imao...r
You should be concerned!
I have the sinking feeling that this debacle will lead to us being taken out by someone who would know what to do with all this fancy capacity, and at a price that is pennies compared to if they had to do it to a truly going concern. Ugh.
At least someone gets the dire nature of the current circumstances, and what they bode for the future of this POS!
So...these are the # of shares that were issued as performance stock options for each exec ..1/3rd of the amount over 3 yr period exercisable on 4/30 ea yr (depending on ea individual PERFORMANCE category... Hart -67.8k shrs...Green 217.3k shrs..Ziebell..40k shrs...well i believe shareholders can count on them not becoming outstanding shares....imao...r
Two issues here…..one is the utter incompetence of management missing this acceleration clause, but secondly and perhaps just as disturbing is the total inability to secure enough sales to turn a profit…and now with the additional interest costs, the non existent margins will be even further compressed.
It is becoming an existential crisis as it is difficult to see how they can even turn any kind of a profit for the foreseeable future. My concern is not how low we will trade today, but rather how dismal the future looks for the next several years……why would you want to hold this stock, as short of a sellout of the company, it will take a long time to get back to yesterday’s closing price….before the after market crash!
I am not even sure what changes they can make to turn this thing around. Totally disgusted with both management and the BOD!
doubt WI has any snowbanks, so I think it is in a mud pile!
People just lent us $160m I'm assuming they think they'll get their money. $4 doesn't do that. Cub is still digging out of his WI snowbank and might be lightheaded.
I don't care what anycuby says, CDMO is worth more than $4 PPS.
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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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