Avid Bioservices Inc (CDMO)

[RRdog]

MGaddy,

I've told you before on this board in response to a Cheynew post that the 3/17/15 388,840 was a raise for PPHM as confirmed by MLV for net of close to 8.7mm

This converts at $3 which means for the cost of the interest you are selling a security that converts at a value of $564mm market cap.

This is a way that institutions can acquire interest in PPHM without buying a low priced stock and get yield on their money.

Also, as an aside, a retail buyer could package 8 shares of common with 1 share of pref and have a security with a very decent yield. ( 8x 1.35= 10.8 + 22 = 32.8. Then 2.62 divided by 32.8 gives you a yield on the package of .0798 or just shy of 8%)

This last calculation tells me the valuation for the common stock is very low (not to mention the speculative value of the IP)

Last point. Since the Preferred is almost all held by institutions (it was placed that way) , if you do the math on a hypothetical conversion into common of all the preferred the institutional ownership of PPHM is much greater than "commonly" thought.

Come on guys. This is just math . Nothing to argue about.

Regards,
RRdog