Avid Bioservices Inc (CDMO)

[jakedogman1]

hmmm... relationships between directors might be a cause of concern regarding director independence.. and so the pphm BOD looks at themselves and says no problem here...

Latest Xencor proxy

http://investors.xencor.com/secfiling.cfm?filingID=1558370-17-3113&CIK=1326732

Also note from the proxy:

Independence of The Board of Directors
As required under the NASDAQ Stock Market (“ NASDAQ ”) listing standards, a majority of the members of a listed company’s Board of Directors must qualify as “independent,” as affirmatively determined by the Board of Directors. The Board consults with the Company’s counsel to ensure that the Board’s determinations are consistent with relevant securities and other laws and regulations regarding the definition of “independent,” including those set forth in pertinent listing standards of NASDAQ , as in effect from time to time.

Consistent with these considerations, after review of all relevant identified transactions or relationships between each director, or any of his or her family members, and the Company, its senior management and its independent auditors, the Board has affirmatively determined that the following directors are independent directors within the meaning of the applicable NASDAQ listing standards: Dr. Gorman, Mr. Gustafson, Mr. Hata, Dr. Montgomery, Dr. Carter and Mr. Baltera. In making this determination, the Board found that none of these directors or nominees for director had a material or other disqualifying relationship with the Company.