Avid Bioservices Inc (CDMO)

[pphmtoolong]

BCS_Paladin, if you read my earlier posts, you would know I have suggested two routes to fund Bavi development.

If Bavi is worth commercial development, it should be possible to find a BP partner to share the cost. If Peregrine can't find a partner in six to nine months, maybe Bavi is not worth further development. Harsh, but this is a business, not a science project.

Second, Avid is a profitable business, an increasingly profitable business. If it makes business sense to use Avid profits to fund Bavi development, use the Avid profits. The early phase Bavi-immunotherapy costs should be modest.

Peregrine management has enjoyed the luxury of easy funding via the ATM due to Bavi's trajectory to commercialization after a successful Sunrise Phase III. Didn't happen.

Now management needs to adjust to the new environment. I believe they have a fiduciary responsibility to their existing shareholders to operate the company on internal and partner resources. Selling shares under these conditions is not competent business operations. If they do, they deserve to spend their next ten years in litigation.

GLTA, Paul