Avid Bioservices Inc (CDMO)

[pphmtoolong]

PVL, we agree on very little. I changed my guestimate of the first Sunrise look-in at the last CC, when Steve King told us when to expect it.

He confirmed the full Sunrise enrollment is expected by calendar year end 2015. However, several of my estimate assumptions were wrong. Some combination of the below threw my guess off:

1. Phase III study patients are much healthier than the Phase II patients.

2. Early enrollment was slower than I guessed.

3. Bavi-arm patients are living even longer than expected.

Also, I still believe a substantial partnership agreement is possible this year. If a partnership deal was possible in 2012, it is more possible now IMO.

Paul