Avid Bioservices Inc (CDMO)

[Protector]

geocappy, you know I am a PPHM long long and want to see BoD/Management for what they did and not what some try to make us believe. BUT...if the PPHM BoD/Management would still have the SLIGHTEST PLANS for going it alone WITHOUT any surprise approval for Bavituximab within a SHORTER TIME FRAME then SUNRISE was expected to deliver, then I would seriously start to DOUBT them.

I think EVERYONE, on this board, in Wall Street, at PPHM and related collaborators, consultants, employees and BoD/Management know going it alone died with SUNRISE.

I don't even think that, as announced on the Q/CC, Memorial Sloan Kettering, NCCN, UTSW and AstraZeneca, would even CONSIDER participating in setting out the right path for Bavituximab in Immuno-Oncology if they even SUSPECTED PPHM of trying to do that on their own.

And we ALSO know that, at least CEO King, is aware of the TWO main reasons why going it alone is impossible. For one the reason he gave in his interview at JPM as why the Moonshot 2020 will be a difficult exercise, namely that you need to pay for those I-O drugs in your clinical control and investigational arm and that they are extremely expensive. Gov sponsoring will go there mainly.

Secondly, and IMO more importantly, I-O trials should be done on Global scale with intentions to approve in the US/Europe/etc at once. That requires access to the drug in all those countries, many of which have not approved to contenders such as Opdivo or Keytruda that are SOC's in some cancers and must be in the control arm.

Without any partnership and with financial agreements that still make PPHM pay for the clinical trials, EVEN AT 50% of the cost, PPHM is not going to cut it with Avid revenue, PPHMP and current cash.

Where we may disagree is that they need to accept a poor deal. I think they remain in the same negotiation position and same leverage. The reason that I say this is that on one hand they lost some leverage with SUNRISE and the outlook on sales, hence a party might think they are in a hurry. On the other hand if CHEMO is out of the picture the full race in I-O combo's can start and that may be seen as an obstacle that is cleared (only for BMY/Merck/Roche and AstraZeneca).

We do of course agree that greedy or 'me only' attitudes would not be a good thing but then Worsley will for sure make sure those in the need will be informed about that.