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Avid Bioservices Inc. (CDMO)

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Last Post: 10/23/2018 11:31:34 AM - Followers: 841 - Board type: Free - Posts Today: 3

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.

Mar13: 30th Annual Roth Conf., Laguna Niguel, CA - CEO Roger Lias - corp. presentation, Webcast (
Mar19-22/Booth415: KNect365 Life Sciences' BioProcess Intl. West, SanFran
Mar19-22: DCAT Week, NYC DCAT=Drug, Chem, and Associated Tech. Assoc.
Apr17-18: 39th Annual INTERPHEX 2018, NYC
...Apr17 11:30-12:15pm, Sun Ra Bullins(Dir./Mfg), “The Perks & Pitfalls of a Single-Use Biopharm. Facility”
...Apr18 2:15-3:00pm, Roger Lias, “Biologics Outsourcing” panel

Jun4-7/Booth1073: BIO Intl. Convention, Boston
Jul16(after hrs): FY'18Q4 (qe 4-30-18) Financials & Conf. Call - PR/CC Transcript:
Aug13-17/Booth310: The Bioprocessing Summit, Boston
Sep4-7: BioProcess Intl. Conf. & Exhibition, Boston
Sep6/4:15-4:40pmET/R.Lias: H.C. Wainwright 20th Annual Global Investment Conf. (NYC) webcast:

Sep10/After: FY'19Q1 (qe 7-31-18) Financials & Conf. Call - CC Transcript:
Sep18/9:55amET/R.Lias: Janney Montgomery Scott 2018 Healthcare Conf. (NYC) webcast:
Sep27-28/Booth918: Contract Pharma’s 17th Annual Contracting & Outsourcing Conf.”, NewBWK NJ
Oct4 10amPT: Avid's 2018 Annual Shareholder’s Mtg (Tustin) - Lias' Slideshow/Atendee Report:

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

Latest 10K 4-30-18 iss. 7-16-18 PR: (Cash 4-30-18=$42.3mm)
Latest 10Q 7-31-18 iss. 9-10-18 PR: (Cash 7-31-18=$37.5mm)
ALL SEC filings for CDMO:
CDMO's Corp. Bylaws (a/o 11-14-14): - Latest 14A/Proxy: (12-7-17)
Poison Pill adopted 3-16-06: - 44-pg SEC filing: BUNGLER explains in plain language:

Shares O/S as of 9-5-18=56,001,456 - history since 4-2006:
...A/O 7-31-18: 2,960,034 stock options outstanding at a wgt.avg. exercise price of $8.64. (pg.12 10Q)
1-12-18: S-3 Shelf Registration filed for up to $125mm
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445@$2.25 (underwriter: Wells Fargo) 8-K: 424B5:
Total INST.+LARGE Holdings now 23,633,450 42.4% (6-30-18)- See
1. Tappan Street (Prasad Phatak): 4,516,107 8.1% (a/o 12-31-17 13G: )
2. Eastern Capital (Kenneth Dart): 4,300,992 7.7% (a/o 12-7-17 14A: acq. 10-2015)
3. Blackrock Inc. (Larry Fink): 3,261,288 5.8% (a/o 6-30-18: Nasdaq Inst.; +2,502,164 q/e 6-30-18)
4. Ronin Trading (John Stafford III+Roger Farley): 2,638,450 4.7% (a/o 4-17-18 13D: )
5. Vanguard Group: 2,209,525 4.0% (a/o 6-30-18: Nasdaq Inst.; +250,155 q/e 6-30-18)

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; EV/EBITDA=17.3)

AVID TEAM: - Open Jobs:
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
2-23-18: CFO Paul Lytle voluntarily resigns eff. 5-24-18 (2-23-18 +90days), "CFO search underway"
5-8-18: Magnus Schroeder (ex-AGC Biologics) joins Avid as VP/Process Sciences
5-29-18: Sandra C. Carbonneau (ex-Lonza) joins Avid as Dir./BusDev./EastCoast
7-16-18: Michael Faughnan (ex-Lonza & WuXi Biologics) joins Avid as Sr.Dir./BusDev./West Coast
7-16-18: Daniel Hart (ex-ENO Holdings) joins Avid as CFO
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 (dir. public offering)
...Joel McComb pur. 50,000@$2.25 on 2-15-18 (dir. public offering) SOLD 50,000@6.53 on Sept19-20 2018: htt
...Joseph Carleone pur. 44,445@$2.25 on 2-15-18 (dir. 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"

Janney Capital - Paul Knight (init. 6-25-18): Buy/PT=$10 Coverage:
H.C. Wainwright - Joseph Pantginis (init. 3-24-18) Buy/PT=$5 Coverage:
First Analysis Securities - Steven Schwartz & Tracy Marshbanks (init. 3-13-18 ): OverWgt/PT=$4
"In transition": Wells Fargo (init. 3-15-18 ): Outperform/PT=$3.50
"In transition": N
oble Life Science Partners - Caroline Palomeque (init. 7-16-15); 12-12-17: Buy/PT=$10

9-10-18: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY19/Q1 (fy/e 7-31-18):
......Avid FY19 (fye 4-30-19) revenues guidance: $51-55mm; committed backlog=$39mm at 7-31-2018.
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)”
3-1-18: Acumen Pharm. selects Avid for Process Dev. & Mfg. of ACU193 (Alzheimer’s)
2-21-18: Enzyvant selects Avid to commercially mfg. RVT-801 (Farber disease)
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones
...NOTE: 2-13-18: Oncologie Licenses Mologen’s immunotherapeutic ‘lefitolimod’ (TLR9 agonist) “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.”):

4-24-18: Avid adding Process Dev. Labs, upgrading capabilities (in phases; total will be >6000sq; 1st one ready Q3CY18/Jul-Sep'18)
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”) &

9-6-18: H.C. Wainwright 20th Annual Global Investment Conf. (NYC) => Roger Lias' webcast/slideshow:
3-13-18: Roth 30th Annual, Laguna Niguel CA => Roger Lias' webcast/slideshow:
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

10-4-18: ASM/2018 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Report
9-10-18: Qtly. Conf. Call (Lias/Hart) PR & Transcript
...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
...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
...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 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:
NOTE: “PS-targeting Exosome tech. not included; back to UTSW", see:

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:
Of Interest (post Oncologie Sale):
4-20-18/AACR’18: MSKCC(LudwigCC) Tweets about 2 WolchokLAB/”PPHM” Anti-PS Posters
4-26-18: New Bavi+Keytruda/LIVER Ph2 IST Trial, Sponsor=UTSW, Collab=MERCK
6-7-18: Oncologie Obtains $16.5M Seed Funding Led by Pivotal bioVenture Partners China Fund
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.”

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CDMO News: Avid Bioservices to Exhibit at the 17th Annual Contracting & Outsourcing Conference 09/20/2018 08:05:00 AM
CDMO News: Avid Bioservices Reports Financial Results for First Quarter Fiscal 2019 and Recent Developments 09/10/2018 04:05:00 PM
CDMO News: Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock 09/05/2018 04:05:00 PM
CDMO News: Avid Bioservices to Report Financial Results for First Quarter of Fiscal Year 2019 After Market Close on September 10, 2018 09/04/2018 08:05:00 AM
CDMO News: Avid Bioservices to Present at Upcoming Investor Conferences 08/29/2018 08:05:00 AM
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#328613  Sticky Note 9-10-18 Qtly CC-Transcript, PR(Q1FY19/qe7-31-18), Avid Revs History Table cjgaddy 09/11/18 09:49:19 AM
#328114  Sticky Note Total INST.+LARGE Holdings now 23,633,450 42.4% (6-30-18) cjgaddy 08/18/18 12:57:24 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
#294957  Sticky Note PPHM/MSKCC(Jedd Wolchok Lab) Collab: #1/Bavi+PD1+Rad, #2/Bavi+”ACT” cjgaddy 04/14/17 10:05:54 AM
#329101   Yes I agree and maybe even UTSWM and biopharm 10/23/18 11:31:34 AM
#329100   My post, biopharm, only raised questions about knowledge north40000 10/23/18 10:35:01 AM
#329099   UTSW might know more about status. Dr. Schroit biopharm 10/23/18 08:01:41 AM
#329098   UTSW might know more about status. Dr. Schroit north40000 10/22/18 06:18:50 PM
#329096   Short-term buy signal! short???....week or two, and then ElSid18 10/22/18 03:09:43 PM
#329095   Anyone ever hear about the test kit ever asmarterwookie 10/22/18 01:52:26 PM
#329094   Do we manufacture this for HALO? cheynew 10/22/18 08:10:23 AM
#329092   The steel industry, farmers, seafood industry, both housing Threes 10/21/18 08:53:45 PM
#329091   What world do you live on? djohn 10/21/18 05:16:38 PM
#329090  Restored Good thing the Fed is aggressively raising rates....not. stoneroad 10/20/18 05:17:12 PM
#329089   THX , The elephant in the room will Threes 10/20/18 12:17:25 AM
#329088   Maybe there are too many shares held by eb0783 10/19/18 04:42:36 PM
#329087   Anyone have any thoughts on why the 'extreme' drontle2 10/19/18 11:24:24 AM
#329086   Happy I doubled up at $5.35 still. Picked asmarterwookie 10/19/18 10:48:58 AM
#329085   Now that the hopes and dreams of a ArchieK 10/19/18 10:46:20 AM
#329084   Great post and thank you to everyone that Threes 10/19/18 09:18:04 AM
#329083   thx... looks like Sorafenib and Bavituximab trial canned jakedogman1 10/18/18 03:03:29 PM
#329082   Quite the spread this AM. Illiquid. asmarterwookie 10/18/18 09:39:35 AM
#329081   10-4-18/2018 ASM: Roger Lias’ Slideshow & Attendee Report cjgaddy 10/18/18 08:42:48 AM
#329080   Yup...also saw that ah price yesterday that was r622102675 10/17/18 04:51:31 PM
#329079   Are you referring to op ex? The Other Guy 10/17/18 01:29:52 PM
#329078   What???? geocappy1 10/17/18 12:39:37 PM
#329077   Come at me bro....LOL. TIP.... asmarterwookie 10/17/18 12:39:21 PM
#329076   Just a stab in the dark (no violence r622102675 10/17/18 11:38:49 AM
#329075   Of course the volume ends in 666. SHEESH. asmarterwookie 10/16/18 04:56:52 PM
#329074   We are making progress. There was never cheynew 10/16/18 01:14:36 PM
#329073   It's ok...I gave it a WOOK IT UP BABY!!! asmarterwookie 10/16/18 01:13:42 PM
#329072   We hit that $5.75, now at $5.64 on north40000 10/16/18 01:00:21 PM
#329071   Looks like we need to break about 5.75, purpledawgs 10/16/18 12:32:14 PM
#329070   SERIOUSLY? Look at the chart exactly when I asmarterwookie 10/16/18 12:27:50 PM
#329069   Hopefully the low volume is due to those asmarterwookie 10/16/18 11:48:09 AM
#329068   Jeff is named in the article posted by r. The Other Guy 10/16/18 11:43:43 AM
#329067   Yes, I hope I am wrong but lack geocappy1 10/16/18 11:07:55 AM
#329066   Finally, some upward movement but on negligible volume. cheynew 10/16/18 10:56:53 AM
#329065   What did Merck value Peregrine Pharmaceutics at while biopharm 10/16/18 05:03:19 AM
#329064   When Did Dart Buy His First PPHM Shares?... biopharm 10/16/18 04:14:57 AM
#329063   I believe one can ask Dr Jedd Wolchok biopharm 10/16/18 04:09:37 AM
#329062   As it has transpired even Mem Sloan Ket tech0200 10/16/18 12:50:19 AM
#329061   He left his pre-clinical work with PPHM biopharm 10/15/18 09:50:07 PM
#329060   What about him? He left his pre-clinical work north40000 10/15/18 09:14:43 PM
#329059   Jeff Hutchins The Other Guy 10/15/18 02:49:20 PM
#329058   Taha Merghoub also appeared in the article as r622102675 10/15/18 12:25:49 PM
#329057   $5.51 would be nice. ; ) asmarterwookie 10/15/18 11:53:59 AM
#329056   What is this stock worth if they start asmarterwookie 10/15/18 11:52:21 AM
#329055   I hope we can put in a higher cheynew 10/15/18 11:40:10 AM
#329054   Bought twice on the way down. @ 5.49 pandb5298 10/15/18 11:39:50 AM
#329052   Thanks chey. Hopefully we have a stronger base here. asmarterwookie 10/15/18 11:16:49 AM
#329051   Besides Merck paying larger than normal off the biopharm 10/15/18 11:13:34 AM
#329050   The chart looks to me like it is cheynew 10/15/18 11:13:08 AM
#329049   Is anyone buying at these levels? asmarterwookie 10/15/18 11:02:06 AM