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Avid Bioservices Inc. (CDMO)

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Avid Bioservices, Inc. (Nasdaq “CDMO”), Tustin CA.
Avid Fact Sheet a/o 1-11-18:
Avid Bioservices is a CDMO committed to improving the lives of patients by manufacturing products derived from mammalian cell culture for the biotechnology & biopharmaceutical industries. Services include cGMP clinical & commercial product manufacturing, purification, bulk packaging, stability testing & regulatory strategy, submission, and support. The company also provides a variety of process development activities, including cell line development & optimization, cell culture & feed optimization, analytical methods development, and product characterization.

DEC. 2017 Company Update - "Peregrine is Transitioning to a Pure-Play CDMO, Avid Bioservices, Inc."
...FULL HISTORY of 2017 PPHM-Ronin PR’s, Letters, 13-D’s, Form4’s, Proxy’s, etc:
12-11-17 10-Q for q/e 10-31-17:
Business Description – Peregrine is a company committed to improving the lives of patients by manufacturing pharmaceutical products through our CDMO, Avid Bioservices, Inc.
"Over the next 60 days, we plan to complete the transition from a R&D company to a dedicated CDMO company focused on dev. & mfg. of biopharmaceutical products derived from mammalian cell culture.
We plan to take ADDL. STEPS steps over the near term, including but not limited to:
1. Rebranding the company as Avid Bioservices, Inc.
2. Changing our ticker symbol on the NASDAQ Capital Market to align with our rebranding efforts
3. Broadening our sales force
4. Increasing our marketing efforts to support our rebranding & vision
5. Completing the wind down of all R&D activities and the potential licensing/divestiture of our assets related to our R&D operations.”
12-26-17: Roger Lias replaces Steven King as Pres./CEO; in process of changing name to Avid Bio. and new Nasdaq Ticker
1-8-18: Name chg. to Avid Bioservices, Inc. (from Peregrine Pharm.) & NASDAQ Ticker chg. to "CMDO" (Preferred: CDMOP)
1-8-18/Roger Lias: EBD's Biotech Showcase 2018 (parallel w/JPM Conf.), SanFran - Slideshow:
1-12-18: S-3 Shelf Registration filed for up to $125mm
......2-15-18: Avid Raises $2x,xxx,xxx net, selling 10,294,445 shares @$2.25 (underwriter: Wells Fargo) (424B5)
1-18-18: Avid's 2017 Annual Shareholders Mtg (@Myford Facilty) => Roger Lias' Slideshow & Attendee Reports
1-29-18/Roger Lias: NobleCon14 - Noble's 14th Annual Inv. Conf., Ft.Laud. => Webcast/Slideshow
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones

~Mar12: FY'18Q3 (qe 1-31-18) Financials & Conf. Call
Mar19-22/Booth415: BioProcess Intl. West Conf., SanFran
Mar19-22: DCAT Week, NYC DCAT=Drug, Chem, and Associated Tech. Assoc.
Jun4-7/Booth1073: BIO Intl. Convention, Boston
~Jul13: FY'18Q4 (qe 4-30-18) Financials & Conf. Call
Aug13-17/Booth310: The Bioprocessing Summit, Boston
Sep4-7: BioProcess Intl. Conf. & Exhibition, Boston
~Sep10: FY'19Q1 (qe 7-31-18) Financials & Conf. Call

Quotes: Yahoo: Nasdaq: RT:
IR: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401, Tim Brons (Media) 415-675-7402

Latest 10K 4-30-17 iss. 7-14-17 PR: (Cash 4-30-17=$46.8mm); Amended 8-25-17:
Latest 10Q 10-31-17 iss. 12-11-17 PR: (Cash 10-31-17=$27.7mm)
ALL SEC filings for CDMO:
CDMO's Corp. Bylaws (a/o 11-14-14):
Poison Pill adopted 3-16-06: - 44-pg SEC filing: BUNGLER explains in plain language:

Shares O/S as of 2-20-18=55,547,483 - history since 4-2006:
...A/O 10-31-17: 39,040 warrants o/s with wgt.avg. exercise price of $17.29 – 4,123,054 stock options outstanding at a wgt.avg. exercise price of $8.96. (pg.14 10Q)
1-12-18: S-3 Shelf Registration filed for up to $125mm
.....2-15-18: Avid Raises $2x,xxx,xxx net, selling 10,294,445 shares @$2.25 (underwriter: Wells Fargo) (424B5)
1. Ronin Trading/SWInvest (John Stafford III+R.Farley+Stephen White): 5,194,487 9.4% (a/o 2-15-18 13D: )
2. Tappan Street (Prasad Phatak): 4,516,107 8.1% (a/o 12-31-17 13G: )
3. Eastern Capital (Kenneth Dart): 4,300,992 7.7% (a/o 12-7-17 14A: acq. 10-2015 )

Inst. Holdings (Nasdaq) - updated 45-days after each qtr-end:
INSIDER-Trans:  (formerly PPHM thru 2017: )
Short Interest, updated twice a month:
A-T-M (At-The-Market) Sales 3/2009 - 7/14/17 ($272,500,000gr./34,869,747sh=$7.81/sh):
PPHM shares were 1:7 Reverse Split eff. 7-10-17 (315mm/$.606=>45mm/$4.24)
PPHM shares were 1:5 Reverse Split eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20)
Potential Value: 9-19-2017: Catalent acquires CDMO Cook Pharmica for $950M ($179Msales x 5.3)

9-11-17: Roger J. Lias (ex-Allergan) to become Avid’s President and join PPHM’s BOD eff. 9-25-17
11-29-17: Tracy L. Kinjerski (ex-CMC Biologics) joins Avid as VP/Bus.Operations
Profiles of all 7 BOD members & Compensation as of 11-28-17:
...Joseph Carleone/Chair, Richard Hancock, Gregory Sargen, Joel McComb, Roger Lias, Mark Bamforth, Patrick Walsh

Sept-Nov2017 PPHM/Form4’s for reconstituted 7-person BOD (Options Awarded):
...Joseph Carleone/Chairman, Richard Hancock, Gregory Sargen, Joel McComb: 75,000 @4.67, vesting monthly over 3yrs beg. 12-27-17
...Patrick Walsh: 75,000 @4.08, vesting monthly over 3yrs beg. 11-20-17
...Mark Bamforth: 75,000 @3.88, vesting monthly over 3yrs beg. 11-17-17
...Roger Lias: 150,000 @3.19, vesting in 4 equal annual installments beg. 9-25-18
...Mark Bamforth pur. 50,000@$4.50 on 10-27-17 (open mkt)
...Mark Bamforth pur. 50,000@$2.25 on 2-15-18 (direct public offering)
...Joel McComb pur. 50,000@$2.25 on 2-15-18 (direct public offering)
...Joseph Carleone pur. 44,445@$2.25 on 2-15-18 (direct public offering)
10-24-17: Peregrine Adds Patrick D. Walsh to BOD, "An Industry Veteran with 30+yrs Experience Leading Successful CDMO Org’s”
10-19-17: Peregrine Adds Mark R. Bamforth to BOD, "10yrs/Genzyme; 30yrs of biologics leadership experience, incl. founding 2 CDMOs"

oble Life Science Partners/Caroline Palomeque (init. 7-16-15); 12-12-17: Buy/PT=$10.00

12-11-17: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY18/Q2 (q/e 10-31-17):
......Avid FY18 (fye 4-30-18) revenues guidance: $50-55mm; committed backlog=$33mm at 12-11-17.
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones
2-28-17: Avid & Cook remain Halozyme's 2 CMO's (“working to scale-up/validate/qualify Avid II/Myford for Roche collab.”):

5-2017: Avid II (Myford) adds 2 MilliporeSigma Mobius 2,000L single-use bioreactors; total mfg. capacity now ">11,000L".
5-10-17: Halozyme comments on Avid II(Myford) expansion in their 3-31-17/10Q pub. 5-9-17:
..."validation of the new facility is scheduled to end in Q2/2017… Once this new facility is approved, it will become the primary source for Roche of bulk rHuPH20.”
6-2-16: Corp.Update – Avid Expansion & Drug Development -
3-7-16/Avid II: Formal Commissioning of Avid's New 40,000sq "Myford" Facility, “single-use/fully disposable” (potentially $40M addl revs)
12-10-15/Avid II: Avid Expansion into MYFORD Facility now GMP-run ready (potential +$40mm sales) - contemplating further expansion
12-10-14: Avid to Double Mfg. Capacity(“Myford Expansion”) &

1-29-18: NobleCon14 - 14th Annual Inv. Conf., Ft.Laud. => Roger Lias' webcast/slideshow
1-8-18: EBD's Biotech Showcase 2018 (parallel w/JPM Conf.), SanFran - Roger Lias' Slideshow:
11-15-17/Outsourcing-Pharma: “How This R&D Company (Peregrine) is Transitioning to a Pure-Play CDMO: ‘Opportunities Are Almost Endless’" - Recap of interviews with Steve King & Avid Pres. Roger Lias

1-18-18: ASM/2017 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Reports 12-7-17 PROXY/14A:
12-11-17: Qtly. Conf. Call (Lias/Lytle) Transcript
...Roger Lias, "the company is undergoing a broad-scale transformation, the goals of which are to shift complete focus to the Avid Bioservices CDMO business and the complete divestiture of all of Peregrine's legacy R&D assets, which include bavituximab."
9-11-17: Qtly. Conf. Call (King/Lias/Lytle) Transcript
...Steve King: “For this reason, we have concluded that in order to best position Peregrine’s R&D assets for successful development, they should be advanced by a partner with the appropriate expertise and ample resources to invest in the necessary clinical trials. To that end, we have been working diligently towards the transformation of the overall business to becoming a pure-play CDMO, while assessing the best strategic options for the R&D assets that would allow stockholders to directly see the future value from their continued developments. By partnering & eliminating future R&D expenditures, we believe we are best positioning Avid for future growth. Through reinvestment & expansion, we believe we will attract new customers and extend current contracts that will help position Avid as a leading U.S. CDMO. We are moving forward expeditiously with strategic discussions as we recognize the need to move quickly both from the R&D & CDMO standpoints. We hope to bring this process to completion over the coming months and will update you on our progress.”
7-14-17: Qtly. Conf. Call (King/Shan/Lytle) Transcript
...Steve King: “We are seriously considering the possibility of separating our 2 distinct businesses, Avid and R&D/PS-Targeting.”
3-13-17: Qtly. Conf. Call (King/Shan/Worsley/Lytle) Transcript
...Steve King: “We believe the recent improvement of stock price is a growing recognition of the value of Avid, and having the full value of the Avid business reflected in our stock price is a top priority.”
12-12-16: Qtly. Conf. Call (King/Shan/Hutchins/Lytle) Transcript
...Steve King: “Our goal is to bring the overall company to profitability within the next 18mos. We believe just the value of Avid Bioservices is far greater than our current market cap and is only growing in value."
10-13-16 ASM/2016: ATTENDEE Reports & Link to CEO Steve King's 35min/45slide webcast:

Feb. 2018: Peregrine Pharmaceuticals completed its Mid’17-Early’18 Transition to a Pure-Play CDMO
(Contract Development & Manufacturing Organization), Avid Bioservices, Inc. - CEO: Roger Lias.

**FULL PPHM=>CDMO Transition History (Ronin/SWIM):
1-8-17: Peregrine chgs. name to “Avid Bioservices, Inc.”; new ticker: “CDMO” (+CDMOP)
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones
...12-13-18/8-K: Overview of Oncologie sale:
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:


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CDMO News: Avid Bioservices Announces Closing of Public Offering of Common Stock 04:05 PM
CDMO News: Avid Bioservices Announces Pricing of Public Offering of Common Stock 02/15/2018 05:00:00 AM
CDMO News: Avid Bioservices Announces Proposed Offering of Common Stock 02/14/2018 04:02:52 PM
CDMO News: Avid Bioservices and Oncologie Enter Into Asset Assignment and Purchase Agreement for Avid’s PS-Targeting Program Including... 02/12/2018 08:05:00 AM
CDMO News: Avid Bioservices to Present at NobleCon14 01/23/2018 08:05:00 AM
News News Alert: Avid Bioservices Announces Closing of Public Offering of Common Stock 02/20/2018 04:05:00 PM
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#324961  Sticky Note 2-20-18: LARGE OWNERSHIP SUMMARY – AVID “CDMO” cjgaddy 02/20/18 06:59:08 PM
#324889  Sticky Note ARCHIVE of Peregrine’s Anti-PS/Bavituximab Platform - MOA, Trials, cjgaddy 02/17/18 08:45:37 AM
#324848  Sticky Note 2-12-18: Avid Sells PS/IP to Oncologie; CDMO-Transition History cjgaddy 02/16/18 09:24:50 AM
#323209  Sticky Note 1-18-18/2017 ASM: Roger Lias’ Slideshow & Attendee Reports cjgaddy 01/22/18 01:12:22 PM
#320583  Sticky Note 12-11-17 Qtly CC-Transcript, PR(Fin’s Q2FY18/qe10-31-17), Avid Revs History Table cjgaddy 12/12/17 02:32:53 PM
#294957  Sticky Note PPHM/MSKCC(Jedd Wolchok Lab) Collab: #1/Bavi+PD1+Rad, #2/Bavi+”ACT” cjgaddy 04/14/17 10:05:54 AM
#324970   They probably will once their stock in the geocappy1 02/20/18 09:24:11 PM
#324969   Frustrating...Hoping BOD's,Ronin,Dart,etc., MakeMultiMillions FromCDMO STOCK,glta,eom. 4OurRetirement 02/20/18 09:14:15 PM
#324968   Classic insider trading!!! JJ1223 02/20/18 08:40:22 PM
#324967   exactly! revenue_monster 02/20/18 08:22:34 PM
#324966   LMAO!! Crooks!! vieuxcarre 02/20/18 07:57:26 PM
#324965   agreed. you shouldn’t be allowed to make a revenue_monster 02/20/18 07:55:15 PM
#324964   IHopeItWorksForUsToo TampaTradr 02/20/18 07:37:54 PM
#324963   Yup. Fraud at its finest. vieuxcarre 02/20/18 07:33:51 PM
#324962   Depends on how long they hold them. Ronin geocappy1 02/20/18 07:26:39 PM
#324961   2-20-18: LARGE OWNERSHIP SUMMARY – AVID “CDMO” cjgaddy 02/20/18 06:59:08 PM
#324960   Avid releases PRs of secondary offering on 2/14, vieuxcarre 02/20/18 06:50:23 PM
#324959   Catalent currently produces bulk rHuPH20 for use in djohn 02/20/18 06:43:06 PM
#324958   I’m glad to see them investing. That TampaTradr 02/20/18 06:41:03 PM
#324957   Looks Like Many BOD's Also Purchased Cheap Shares... 4OurRetirement 02/20/18 06:36:24 PM
#324956   Well I am pretty sure no one wants BioBS2012 02/20/18 06:34:21 PM
#324955   And I am sure we will see a vieuxcarre 02/20/18 06:33:46 PM
#324954   There is no way Stafford didn’t know that vieuxcarre 02/20/18 06:31:02 PM
#324953   Stafford amended 13g cheynew 02/20/18 06:10:23 PM
#324952   Halozyme released their 10K. Here is the cheynew 02/20/18 05:02:44 PM
#324951   Who knows. Soon to be dumped on the vieuxcarre 02/20/18 04:16:43 PM
#324950   So who bought those 10,294,445 shares??? Smoke&Mirrors... 4OurRetirement 02/20/18 04:14:56 PM
#324949   You Might Also Agree That BulkOfLegacy Could Mean... 4OurRetirement 02/20/18 01:07:04 PM
#324948   Thanks CJ for clearing that up.. re:betabodies.. and biopharm 02/20/18 01:04:29 PM
#324947   2-12-18: Avid Sold its “PS-Targeting pgm/incl. Bavi; other cjgaddy 02/20/18 12:54:21 PM
#324946   Vin I have to say, you have persistence biopharm 02/20/18 12:51:16 PM
#324945   "by divesting the bulk of its legacy R&D patientlywaiting 02/20/18 12:48:02 PM
#324944   Yes, but we were never informed about betabodies biopharm 02/20/18 12:41:26 PM
#324943   It appears they must have sold off Exsomes, vinmantoo 02/20/18 12:39:11 PM
#324942   the exosome cancer blood test alone, despite being NoMoDo 02/20/18 12:38:49 PM
#324941   Bulk Doesn't Imply Greatest Value, It Could Mean... 4OurRetirement 02/20/18 12:33:43 PM
#324940   I would hardly call a 30% reduction of cheynew 02/20/18 12:28:53 PM
#324939   (the bulk) the majority or greater part of something patientlywaiting 02/20/18 12:19:33 PM
#324938   I agree...which is why I say residual value biopharm 02/20/18 12:13:37 PM
#324937   It appears they must have sold off Exsomes, biopharm 02/20/18 12:11:55 PM
#324936 divesting the bulk of its legacy R&D biopharm 02/20/18 12:04:55 PM
#324935   "...divesting the bulk of it's legacy R&D assets." shipbuilder 02/20/18 12:02:40 PM
#324934   He must have SK's language textbook using "coming geocappy1 02/20/18 11:45:15 AM
#324933   2-20-18: Outsourcing-Pharma Quotes CEO Roger Lias cjgaddy 02/20/18 11:39:17 AM
#324932   Looks like they are having to drop price geocappy1 02/20/18 11:07:11 AM
#324931   So what happens if Wells Fargo can't place geocappy1 02/20/18 10:05:51 AM
#324929   Exactly. What Part Of IP Is SK Marketing?glta,StockHOLDERS,eom. 4OurRetirement 02/20/18 09:16:43 AM
#324928   "When I asked PL at ASM what SK patientlywaiting 02/20/18 09:13:58 AM
#324926   Could ChangeInControl Be InProcess For CDMO. Watch Volume... 4OurRetirement 02/20/18 08:53:09 AM
#324925   Biopharm, note FDA approval of AZN’s D-mab in north40000 02/20/18 08:51:05 AM
#324924   4our, we shall see and with interest to biopharm 02/20/18 08:29:43 AM
#324923   Quote "...The underwriters expect to deliver the shares..." 4OurRetirement 02/20/18 08:16:54 AM
#324922   Wook, I did not realize/forgot the problem a biopharm 02/20/18 08:01:05 AM
#324920   CP - one important question! You stated, that Wernaaa 02/20/18 07:16:55 AM
#324919   PW, remember the standstill agreement and "Paul Hastings" biopharm 02/20/18 07:14:17 AM
#324918   One of the things she was excited about biopharm 02/20/18 07:03:39 AM