Avid Bioservices Inc (CDMO)

[cjgaddy]

6-3-16: FBR’s Thomas Yip reiterated an Outperform rating on shares of PPHM (PT=$1.00), after the drug maker reported a preliminary financial update of the company and its wholly owned bio-manufacturing subsidiary, Avid Bioservices [ http://tinyurl.com/zvmhqmr ]. Yip stated, “This financial update reaffirmed our belief that Avid will continue its organic growth, and we continue to think that Avid will remain a valuable source of non-dilutive cash flow for Peregrine as the company continues to explore opportunities to develop its lead asset, bavituximab, as a treatment combination with immuno-oncology agents. We also think Peregrine would not require addl. financing in the near term, as it reported a pro forma cash balance of $61mm as of April 30.”
http://www.smarteranalyst.com/2016/06/03/biotech-beat-fbr-analysts-weigh-galena-biopharma-inc-gale-peregrine-pharmaceuticals-pphm-immune-pharmaceuticals-inc-imnp

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6-2-16/PR: Corp.Update – Avid Expansion & Drug Development - Avid revs for FY16(fye 4-30-16) will be $44mm; since $25.6mm for 1st 3 qtrs, Q4 revs will be ~$18.4mm. Avid B/L currently $56M; guidance for FY17(fye 4-30-17) is $50-55mm. Avid II (Myford) is currently ramping up for runs for “3 current clients”. Peregrine is “in the process of designing a 3rd mfg. Facility focused on clinical manufacturing”; has already secured a 25,000sf location, and “expects the new clinical suite to be complete & ready for clinical mfg. by 1H/2017.” ...All this leads to Peregrine expecting, "future sustainable profitability for the company in 24 months".
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