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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.

Feb22: RBC Capital Markets Global HC/Conf., NYC (Roger Lias, Corp. Presentation)
Mar6: Merck Single-Use Symposium, E.Norriton, PA - Tracy Kinjerski(VP/BusOP) presented on Avid's Flexible & Efficient Mfg. Solutions.
Mar12: FY'18Q3 (qe 1-31-18) Financials & Conf. Call - PR/CC-Transcript:
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
~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
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 4-30-17 iss. 7-14-17 PR: (Cash 4-30-17=$46.8mm); Amended 8-25-17:
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 3-7-18=55,552,233 - history since 4-2006:
...A/O 1-31-18: 39,040 warrants o/s with wgt.avg. exercise price of $17.29 – 3,989,356 stock options outstanding at a wgt.avg. exercise price of $8.70. (pg.14 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:
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: )

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"
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"

Wells Fargo (init. 3-15-18 ): Outperform/PT=$3.50
First Analysis Securities - Steven Schwartz & Tracy Marshbanks (init. 3-13-18 ): OverWgt/PT=$4.00
oble Life Science Partners - Caroline Palomeque (init. 7-16-15); 12-12-17: Buy/PT=$10.00

3-12-18: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY18/Q3 (q/e 1-31-18):
......Avid FY18 (fye 4-30-18) revenues guidance: $50-55mm; committed backlog=$39mm at 1-31-18.
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.”):

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

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: "" rel="nofollow" target="_blank">"; rel="nofollow">

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 to Participate at INTERPHEX 2018 04/09/2018 08:05:00 AM
CDMO News: Avid Bioservices Receives Six 2018 CMO Leadership Awards 03/22/2018 08:05:00 AM
CDMO News: Avid Bioservices to Participate at Upcoming CDMO Industry Conferences 03/13/2018 08:05:00 AM
CDMO News: Avid Bioservices Reports Financial Results for Third Quarter of Fiscal Year 2018 and Recent Developments 03/12/2018 04:05:00 PM
CDMO News: Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock 03/07/2018 04:05:00 PM
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#326306   Do you really think the SEC cares? djohn 04/20/18 05:32:08 PM
#325592  Sticky Note 3-12-18 Qtly CC-Transcript, PR(Fin’s Q3FY18/qe1-31-18), Avid Revs History Table cjgaddy 03/13/18 11:24:00 AM
#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
#294957  Sticky Note PPHM/MSKCC(Jedd Wolchok Lab) Collab: #1/Bavi+PD1+Rad, #2/Bavi+”ACT” cjgaddy 04/14/17 10:05:54 AM
#326305   Ditto, Dr. Rocker. I have been paralised holding tawrus 04/20/18 04:36:21 PM
#326304   They seem to be good sodiers and listen biopharm 04/20/18 01:26:20 PM
#326303   However, if Ronin/SWIM are selling the majority of The Other Guy 04/20/18 12:52:50 PM
#326302   TOC...I found it thanks to CJGaddy’s great documentation. TekNuLoof 04/20/18 12:37:05 PM
#326301   TOC...can you share or link where Mr. Lias TekNuLoof 04/20/18 12:29:39 PM
#326300   Mr. Roger Lias, you have (6) days to The Other Guy 04/20/18 11:35:36 AM
#326299   I agree and I still wonder about all biopharm 04/20/18 11:33:12 AM
#326297   Occam's razor. stoneroad 04/20/18 10:22:14 AM
#326296   The problem I see with the theory around DrRocker 04/20/18 10:09:01 AM
#326295   I think I am still trying to delete peregr 04/20/18 10:08:01 AM
#326294   For someone living in such high stature in goodplenty100 04/20/18 09:48:42 AM
#326293   I worked for IDEC (BiogenIdec) for 10 years ku 04/20/18 09:30:25 AM
#326292   "It is important you understand that, unlike the patientlywaiting 04/20/18 09:28:41 AM
#326291   Reality is those with no investment in Avid geocappy1 04/20/18 09:17:23 AM
#326290   You forgot the part about how they got corporalagarn 04/20/18 09:13:31 AM
#326289   "The facts are plain and simple". peregr 04/20/18 09:00:07 AM
#326288   The FDA and PPHM both vehemently and definitively biopharm 04/20/18 07:31:37 AM
#326287   MOLOGEN AG: Collaboration with licensing partner ONCOLOGIE gains hutschi 04/20/18 06:53:20 AM
#326286   Please see my reply: jbainseky 04/20/18 05:27:23 AM
#326285   Curlew, if you read the article this passage jbainseky 04/20/18 05:24:03 AM
#326284   Use whatever description you desire but that doesn't vinmantoo 04/20/18 03:06:44 AM
#326283   Just wonder as to how long it will horselover45 04/19/18 11:53:26 PM
#326281   Use whatever description you desire but that doesn't eb0783 04/19/18 10:45:21 PM
#326280   Yes, you have to be living in a vinmantoo 04/19/18 10:27:52 PM
#326279   Yes, you have to be living in a geocappy1 04/19/18 08:50:00 PM
#326278   Geocappy's scenario that BP bought PS targeting with curlew 04/19/18 08:28:37 PM
#326277   Should be getting the cover fluff article any geocappy1 04/19/18 05:03:07 PM
#326276   Check out "Dead doctors don't lie" It might geocappy1 04/19/18 05:01:11 PM
#326275   Damit Stafford and Ronin group...I was ready to biopharm 04/19/18 03:15:12 PM
#326274   Get ready for more selling. The old bait The Other Guy 04/19/18 02:11:57 PM
#326273   What was the name of the company you biopharm 04/19/18 01:56:44 PM
#326271   So the time will come where there will goodplenty100 04/19/18 01:39:53 PM
#326269   Stafford just a pawn in this and likely biopharm 04/19/18 01:19:41 PM
#326268   Lets FIND all of the MSK, NCCN, Dozens ku 04/19/18 12:46:58 PM
#326267   Geo, please give me several examples of a jbainseky 04/19/18 12:18:26 PM
#326266   Looks like Stafford hasn’t show up yet today. cheynew 04/19/18 12:15:42 PM
#326265   Well, lets just call it Great Science in ku 04/19/18 12:08:39 PM
#326264   LOL. Good luck to you ku 04/19/18 12:00:44 PM
#326263   And do a terrible financing with WF. cheynew 04/19/18 12:00:41 PM
#326262   I agree and how many were paid to biopharm 04/19/18 11:57:17 AM
#326261   So geocappy, you believe some BP entity somehow jbainseky 04/19/18 11:55:11 AM
#326259   You are welcome to roll over and be The Other Guy 04/19/18 11:41:27 AM
#326257   Very interesting that the idea is being worked biopharm 04/19/18 11:33:19 AM
#326256   In a nut shell, We are nobody in ku 04/19/18 11:20:58 AM
#326255   The old BOD had 15 years to do ku 04/19/18 11:12:45 AM
#326254   How is it FUD when we are trying The Other Guy 04/19/18 11:10:33 AM
#326253   Targeting Phosphatidylserine with Calcium- biopharm 04/19/18 10:50:07 AM
#326252   Has anyone filed with the SEC FBI DOJ biopharm 04/19/18 10:34:50 AM
#326250   Didn't we get all kinds of awards for ku 04/19/18 10:27:41 AM