Avid Bioservices Inc (CDMO)

[corporalagarn]

Good discussion yesterday comparing Microsoft and Bill Gates to PPHM and Steven King.

There was also a question about the legitimacy of the DIOS "deal". Here is how it went down. PPHM was about to get removed from the Russell 2000 due to low market cap. At the time, that was a big deal to them. They put out press releases in previous years when they were included in the Russell 2000. At the beginning of the day on May 31, 2007 the share price was $1.03 ($5.15 split adjusted). It looked like they needed to get to about $1.40. On May 31, 2007, the last day the MC was looked at to get into the indexes, PPHM put out this press release at 11:30.

http://ir.peregrineinc.com/releasedetail.cfm?ReleaseID=266039

That was a legitimate press release, although conveniently timed. It gave the share price a boost, but it never got close to the $1.40 it needed.

At 3:55, this piece of news was released with the big $50 million dollar number attached to it.

http://www.reuters.com/article/2007/05/31/idUSIN20070531155532PPHM20070531

That's 3:55, five minutes before market close. Got a big boost out of that. Made it to $1.40 but closed at $1.39. Never made the Russell 2000. Five days later it was back to $1.03.

Legitimate deal? It never made it into a 10Q, 10K, 8K, Annual Report, nothing. The lists of collaborations in those documents never once included the DIOS "deal". Curious.

A google search today shows the following for DIOS.

https://www.pharmamedtechbi.com/companies/200700430

The only deal mentioned is the big May 31, 2007 Peregrine deal. Call the numbers if you like, you'll reach a company called Informa.

The people that perpetrated these shenanigans are still running the company. If you choose to believe it was a legitimate deal, that's fine. It put a stink on the company, in my opinion. As does the reverse split to stay Nasdaq compliant and the 80% one day drop in the pps. These things add up and they get remembered.
The fact that this person is the Chairman of the Board of this company does nothing to remove that stink.

http://ir.peregrineinc.com/directors.cfm

As for this, "The Board of Directors concluded that Mr. Johnson should serve as a director in light of the extensive public company finance experience that he has obtained through serving on the boards and audit committees of Patriot Scientific Corporation, CryoPort, Inc. and Ecotality, Inc."

Patriot Scientific closed yesterday at .0409.

Ecotality, currently in bankruptcy, closed yesterday at .0091. Less than a penny. On the bright side, that is up almost 50% from the day before.

Cryport, the crown jewel with a $27m market cap, closed at .45, down from $9.30 in 2010.

That is our leader and those are his qualifications.

We are in phase III with a drug that could be worth billions and we are at $1.56.

Let's hope we keep moving up. This is it for me today as I am currently a cell mate of BDU. That at least should make most of you happy.