Avid Bioservices Inc (CDMO)

[djohn]

If King will just put out the letter, everything will be OK

7-7-10: Letter to Shareholders from CEO S.King


July 7, 2010

CEO Letter to Investors

Dear Stockholders,


The last several weeks have been extremely frustrating for us to watch our stock price, as well as those of our biotech peers, decline on no fundamental change in our business. While we do not control the stock price, we can assure you that this decline has not been attributable to company news or events, or a change in the fundamentals of our company.


This last year has been one of the most productive in our history as a company, with promising results from three Phase II trials reported at ASCO, the initiation of our flagship Phase IIb trial in refractory lung cancer, and an increasing body of published research on the broad-spectrum potential of our first-in-class phosphatidylserine (PS)-targeting monoclonal antibody bavituximab. While conducting some of the most important trials to date, we are balancing our financing strategy to match our clinical trials. We hope you watch our progress, as we will be providing updates through our press releases, SEC filings, and on our next quarterly conference call, which is scheduled for 1:30 pm pacific daylight time on Wednesday, July 14th. If you have a question you would like to see addressed on our conference call, please feel free to send us an e-mail to [e-mail].



Thank you for your continued interest and investment in Peregrine.



Best regards,

Steve King

President and CEO