Avid Bioservices Inc (CDMO)

[jakedogman1]

The proposal to add a board member after bavi approval is disingenuous at best and unfortunately follows a pattern of behavior, in my opinion, towards shareholders that have paid their excessive pay for years.

From Paragraph 1.d.(i) of the STIPULATION AND AGREEMENT Of COMPROMISE, SETTLEMENT AND RELEASE (page 8):

(i) Increase of the Board size. Contingent upon, and within three (3) months of, the Food and Drug Administration’s approval of Company’s product “bavituximab” for marketing in the United States, the Board shall increase the number of the Board members from four to five, and appoint an appropriate and suitable independent candidate to serve as that fifth member.

Here are questions to IR: (Cheynew can verify)

What is the estimated timeline for FDA approval?

Has PPHM submitted an application?

Will a new clinical trial be required before any approval?

If so, has the trial started and what is the estimated timeline?

and IR response:

Peregrine’s Phase III Sunrise trial was discontinued. We have no data package to submit to the FDA. In order to file an NDA with the FDA we’d have to conduct multiple successful trials.

And FYI... I also submitted a case to Nasdaq after discussions with Nasdaq... the BOD does not like me.. and I love it...