Avid Bioservices Inc (CDMO)

[masshysteria]

thanks gpuppy and great to hear from someone on the ground working with patients and invested in Peregrine stock & science at the same time.

Very reasonable and balanced view of potential drivers of Sunrise outcomes and one based on realities of business, patient management and trial dynamics. Should give board members a comfort level regarding interpreting current state. Caution advised but most of the previous excitement driven by the potential of this platform is unabated.

Couple of thoughts regarding the Dr.'s scenario;

Geographic distribution of patient outcomes will be important in determining the pervasiveness of the drop out and follow up treatment scenario. Opdivo and Keytruda are available in the US for Lung (various sub indications) and therefore represent an absolute option for care givers and patients to consider. In Europe - only indications approved are for Melanoma and dosing for NSCLC will be very difficult to achieve though small numbers are possible based on special access. Also, joining Opdivo/Keytruda trials is possible for Doce arm patients but not to Bavi arm patients (usually exclude anyone with previous immuno-oncology exposure).

It's a different world out there and it changes weekly. It is great for patients and research, but very difficult to navigate and highly risky for Pharma/Biotech. That's why coupling with a leader who's helping shape the evolution is critical as the FOMO (Fear Of Missing Out) is a real and present danger here.

Best,

MH