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Avid Bioservices Inc. (CDMO)

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Last Post: 3/22/2018 10:04:15 PM - Followers: 844 - Board type: Free - Posts Today: 22

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: 39th Annual INTERPHEX 2018, NYC
...11:30-12:15pm, Sun Ra Bullins(Dir./Mfg), “The Perks & Pitfalls of a Single-Use Biopharm. Facility”
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. 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)

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) 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:
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 Receives Six 2018 CMO Leadership Awards 08:05 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
CDMO News: Avid Bioservices to Present at the 30th Annual ROTH Conference 03/06/2018 08:05:00 AM
News News Alert: Avid Bioservices Receives Six 2018 CMO Leadership Awards 03/22/2018 08:05:00 AM
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#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
#325758   Why do you think they failed? Many would call TampaTradr 03/22/18 10:04:15 PM
#325757   Now why would the new BODs fail in biopharm 03/22/18 09:49:28 PM
#325756   Here’s how it works. They never owned it but TampaTradr 03/22/18 08:41:48 PM
#325754   When a biotech company becomes a drug manufacturing ku 03/22/18 05:28:12 PM
#325753   That's not what I asked. I want to patientlywaiting 03/22/18 02:31:01 PM
#325752   just another carrot dangled by SK and crew eastcoastguy 03/22/18 02:11:34 PM
#325751   "which is being returned to UTSW" patientlywaiting 03/22/18 01:52:37 PM
#325750   RL: “The PS-targeting Exosome-Tech: Back to UTSW.” cjgaddy 03/22/18 01:22:16 PM
#325749   Fellow Shareholders, there will be NO EX PPHM/Avid ku 03/22/18 01:12:42 PM
#325748   swg_trd, we knew that all along. CloakedProtector 03/22/18 11:45:44 AM
#325747   Day is not over yet! geocappy1 03/22/18 11:24:20 AM
#325746   WE ARE UP !! Christmas comes early. hayward 03/22/18 10:45:44 AM
#325745   I agree except I have a problem with geocappy1 03/22/18 10:44:31 AM
#325744   more awards than customers! revenue_monster 03/22/18 09:44:18 AM
#325743   our new VP of business development doing with djohn 03/22/18 09:38:20 AM
#325742   Pretty much what allowed them to make a ku 03/22/18 09:03:25 AM
#325741   I am not saying they are Angels but TampaTradr 03/22/18 08:48:29 AM
#325740   More contracts quickly or it means nothing. Where geocappy1 03/22/18 08:35:47 AM
#325739   Avid Bioservices Receives Six 2018 CMO Leadership Awards hutschi 03/22/18 08:09:42 AM
#325738   Avid Bioservices Receives Six 2018 CMO Leadership Awards cheynew 03/22/18 08:09:37 AM
#325737   Many SHs here believe communication has been a north40000 03/22/18 02:58:55 AM
#325736   I am in on a class action if geocappy1 03/21/18 10:51:15 PM
#325735   No one said it did. What pertains is geocappy1 03/21/18 10:49:37 PM
#325734   Stafford won't push for their prosecution, whether this shipbuilder 03/21/18 10:36:49 PM
#325733   I understand your frustration over the previous Company TampaTradr 03/21/18 09:13:23 PM
#325732   Who gives anybody the right to let them geocappy1 03/21/18 07:56:00 PM
#325731   And that is why we needed a QUALIFIED ku 03/21/18 01:44:19 PM
#325730   I know I was robbed, what I'd like patientlywaiting 03/21/18 01:41:46 PM
#325729   The old BOD (johnson,pohl,swartz) were collecting half a ku 03/21/18 01:22:22 PM
#325728   Isn’t it time they report receiving the initial cheynew 03/21/18 09:37:32 AM
#325727   Either the old BOD gave up to easy geocappy1 03/21/18 05:57:15 AM
#325726   It is disgusting what has happened to shareholders Bluerinse 03/20/18 11:51:02 PM
#325723   IMO the lack of activity on this board geocappy1 03/20/18 05:44:32 PM
#325722   You should take "probably" out of your comment. Veradero 03/20/18 02:58:30 PM
#325718   Didn't say Stafford would do it. He still geocappy1 03/19/18 11:18:19 PM
#325717   Remember dart is probably a player in all Bluerinse 03/19/18 09:25:22 PM
#325716   How long will it take and what do peregr 03/19/18 08:49:42 PM
#325715   ship, a bit of self-deception swg_tdr 03/19/18 08:48:18 PM
#325714   Exactly... his true colors will reveal themselves eventually...regardless Bluerinse 03/19/18 08:01:00 PM
#325713   It doesn't look good unless they start announcing geocappy1 03/19/18 04:11:06 PM
#325712   Mr. Wells Fargo got it up (SP) but patientlywaiting 03/19/18 12:41:25 PM
#325710   I believe you missed the sarcasm. geocappy1 03/19/18 11:34:34 AM
#325709   I don't think that we will see anything TampaTradr 03/19/18 10:44:09 AM
#325708   I look forward to Lias bringing the new geocappy1 03/19/18 09:43:25 AM
#325707   Maybe the flaw was in not being able biopharm 03/19/18 06:54:12 AM
#325705   What do we do about the deception. SK shipbuilder 03/18/18 11:36:54 PM
#325704   the Pereg Exosome, HUGE? not exactly. swg_tdr 03/18/18 11:00:49 PM
#325703   If we recognize the $8 million from oncologie Threes 03/18/18 10:51:11 PM
#325701   $8M is nothing to end the pursuit of geocappy1 03/18/18 12:27:29 PM
#325700   If no ip who is accepting the 8 vp_007_99 03/18/18 11:07:07 AM