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Avid Bioservices Inc. (CDMO)

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Last Post: 7/20/2018 9:21:51 PM - Followers: 838 - Board type: Free - Posts Today: 0

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
~Sep10: FY'19Q1 (qe 7-31-18) Financials & Conf. Call
Sep27-28/Booth918: Contract Pharma’s 17th Annual Contracting & Outsourcing Conf.”, NewBWK NJ
~Oct11: Avid's 2018 Annual Shareholder’s Meeting, Tustin CA

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 1-31-18 iss. 3-12-18 PR: (Cash 1-31-18=$17.9mm; 2-28-18=$41.7mm)
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 7-10-18=55,793,107 - history since 4-2006:
...A/O 4-30-18: 39,040 warrants o/s with wgt.avg. exercise price of $17.29 – 3,597,738 stock options outstanding at a wgt.avg. exercise price of $8.74. (pg.F21 10K)
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:
5-17-18: Total INST.+LARGE Holdings now ~22,027,435 39.7% a/o 3-31-18
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. Ronin Trading (John Stafford III+Roger Farley): 2,638,450 4.7% (a/o 4-17-18 13D: )
4. Kennedy Capital Mgt: 2,615,362 4.7% (a/o 3-31-18: Nasdaq Inst.)

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 (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"

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

7-16-18: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY18/Q4 (fy/e 4-30-18):
......Avid FY19 (fye 4-30-19) revenues guidance: $51-55mm; committed backlog=$57.8mm at 7-2018.
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”) &

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

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 Announces Appointment of Daniel Hart as Chief Financial Officer 07/17/2018 08:05:00 AM
CDMO News: Avid Bioservices Reports Financial Results for Quarter and Fiscal Year Ended April 30, 2018 and Recent Developments 07/16/2018 04:05:00 PM
CDMO News: Avid Bioservices to Report Financial Results for Quarter and Fiscal Year Ended April 30, 2018 After Market Close on July 16, ... 07/09/2018 08:05:00 AM
CDMO News: Avid Bioservices Added to Russell 3000® Index and Russell 2000® Index 06/25/2018 08:05:00 AM
CDMO News: Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock 06/06/2018 04:05:00 PM
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#327340  Sticky Note 7-16-18 Qtly CC-Transcript, PR(Fin’s Q4FY18/fye4-30-18), Avid Revs History Table cjgaddy 07/17/18 10:38:37 AM
#326674  Sticky Note Total INST.+LARGE Holdings now ~22,027,435 39.7% (3-31-18) cjgaddy 05/17/18 01:09:28 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
#327519   If you reloaded in the mid two's you Threes 07/20/18 09:21:51 PM
#327518   All part of the plan. If we make geocappy1 07/20/18 08:38:03 PM
#327517   7 to 1. At .87 on the spankyvol 07/20/18 07:59:11 PM
#327516   I know this is pathetic what was the PGG76109 07/20/18 05:41:04 PM
#327515   More than he deserves but worth it to GORMBUS 07/20/18 05:00:02 PM
#327514   For anyone interested, here is King’s severance agreement: cheynew 07/20/18 04:16:15 PM
#327513   Elsid, with a smaller float 55 million Threes 07/20/18 04:13:17 PM
#327512   Imagine if Steve King were still in charge. The Other Guy 07/20/18 04:03:02 PM
#327511   Very nice day/week. Well done CDMO! stoneroad 07/20/18 04:01:10 PM
#327510   Come on let’s close the week at a stoneroad 07/20/18 03:46:52 PM
#327509   10,000,000 shares in 4 days..not bad .....18% of ElSid18 07/20/18 03:46:33 PM
#327508   Another qualifying event coming Monday to see if r622102675 07/20/18 03:39:20 PM
#327507   Amen.. Absolutely Agree with your statement...!!!! InternetForumUser 07/20/18 03:30:04 PM
#327506   Maybe if we pitch in for delivered lunches Threes 07/20/18 03:17:07 PM
#327505   For sure. I have asked my investigator friend ku 07/20/18 03:16:45 PM
#327504   Janney investors should be pretty happy. From cheynew 07/20/18 03:11:50 PM
#327503   "Intellectual Property & Development Status: biopharm 07/20/18 03:00:02 PM
#327502   Hello all, I’m still here, good to see mmignot 07/20/18 02:53:28 PM
#327501   Omics + big data + biomarker-guided drug development. biopharm 07/20/18 02:53:05 PM
#327500   Someone bought 260 August 7.50 calls at .11 today. cheynew 07/20/18 02:24:33 PM
#327499   Form 2016 I think.... hutschi 07/20/18 01:57:37 PM
#327498   The trend is our friend look at the Threes 07/20/18 01:28:40 PM
#327497   And bigbankstory goes on iggie stoneroad 07/20/18 01:21:39 PM
#327496   Hope the lunch crowd heads back and gives Threes 07/20/18 01:05:50 PM
#327495   Hope everyone was able to collect profits to BigBankStory 07/20/18 12:36:26 PM
#327494   Oh, please don’t use the hockey stick analogy. The Other Guy 07/20/18 12:25:22 PM
#327493   Loofman, Just like you, I have been here ku 07/20/18 12:02:38 PM
#327492   Someone bought 202 January 7.50 calls for .65-.70 cheynew 07/20/18 11:49:52 AM
#327491   That’s the nicest thing you’ve said in some TekNuLoof 07/20/18 11:45:37 AM
#327490   Al Frank (RIP) who wrote The Prudent Speculator ElSid18 07/20/18 11:05:55 AM
#327489   I agree, fingers crossed, no whammies. Threes 07/20/18 11:04:05 AM
#327488   So Far, THANK YOU Mr. Stafford for making ku 07/20/18 11:02:02 AM
#327487   On 10 year MACD about to crossover in stoneroad 07/20/18 10:52:46 AM
#327486   Things do not go up in a straight Threes 07/20/18 10:47:49 AM
#327485   Yea Baby another $3.80 and I get Threes 07/20/18 10:45:37 AM
#327484   Not so fast with the death of the Threes 07/20/18 10:41:13 AM
#327483   Short term maybe. But we need to The Other Guy 07/20/18 10:37:00 AM
#327482   The volume is very solid with the float Threes 07/20/18 10:32:57 AM
#327481   My thoughts as well. Rehabwork 07/20/18 10:19:19 AM
#327480   Short term it would need to consolidate and BigBankStory 07/20/18 10:17:07 AM
#327479   Thanks ElSid. I bought some shares in corporalagarn 07/20/18 10:15:56 AM
#327478   Maybe...maybe not overbought. If institutions were doing Jeff4iam4 07/20/18 10:12:40 AM
#327477   Wow, that is a long time. I've been ku 07/20/18 10:03:31 AM
#327476   Congrats to the Longs. 6s was nice to BigBankStory 07/20/18 10:02:39 AM
#327475   I said "6 by Friday " but it ElSid18 07/20/18 09:44:46 AM
#327474   Nice call! purpledawgs 07/20/18 09:43:51 AM
#327473   New 52 week high! stoneroad 07/20/18 09:36:13 AM
#327472   Why do you ignore the recent UTSW/Merck collaboration north40000 07/20/18 03:27:20 AM
#327471   Any price appreciation now and down the road vinmantoo 07/20/18 12:32:24 AM
#327470   Think ya got one extra down in thar bleedpurple 07/19/18 07:39:50 PM