Avid Bioservices Inc (CDMO)

[Protector]

TOG, no it is not.

It is an expectation expressed in your (and possibly other's) timelines. That means it is not what PPHM has projected but want an investor would LIKE to happen.

SK has set a gaol for a Fiscal Year when he speaks at an annual for instance. So there is no reason to short cut that time frame.

Furthermore your statement is not proved. It is an ASSUMPTION that PPHM cannot wheel in a BP. For all we know the current slow situation is because BP doesn't want to meet PPHM's price/conditions. And for now BP can, until first FDA PIII approval, play that game for a little while.

But the likelihood is HIGH that there is an agreement on the table that does NOT have milestones but just becomes effective and official if Bavituximab passes PIII (=gets FDA approved). At that point the risk becomes ZERO from where BP stands because it allows for immediate commercialization of Bavi.

Furthermore this type of agreement is not a material event because if Bavi doesn't pass PIII there is no agreement/commitment that activates. That would allow PPHM to keep a partner for say NSCLC or Liver (because you could make such agreement for liver based on good performance of Bavi in Liver PII and say NSCLC PIII) undisclosed.

In a number of cases that might be strategically important. Assume PPHM would have an agreement with a generic Docetaxel manufacturer (not saying there is, just an illustrative example) then I don't think Sanofi would be very cooperative for the NSCLC PIII and enrolling especially in France could be seriously handicapped. Luckily we have competitive enrolment over the countries.