Avid Bioservices Inc (CDMO)

[pphmtoolong]

JamesGMS, believe me I am much poorer due to the Sunrise results. I don't characterize the results as a flop with any pleasure whatsoever.

However, I have to call it the way the IDMC calls it. In this second line NSCLC Phase III trial, Bavi did not help patients enough to merit continuing the trial.

So, at this point there is no evidence that Bavi will get FDA approval for anything. No approval, no sales. No sales, no value.

Bavi is not done yet, but it has not proved the anti-PS approach has any practical value. So neither does the IP.

In view of that Peregrine is in crisis mode. Not enough money to fully fund the company for the additional years now required to prove Bavi and the anti-PS platform have value.

I am very happy to point out that Avid may have the potential to carry Bavi and Peregrine until we get irrefutably good news from the clinic.

If Peregrine management has the sense to drastically reduce development expenses until an expanded Avid can carry the load, we may be OK. I don't like to think about the devastating dilution if they don't.

Paul