Avid Bioservices Inc (CDMO)

[Protector]

PW, IMO Ronin did not AT ALL do this with the CDMO Business with potential in mind. The CDMO business just has potential and lends itself for a good cover story. No one on here ever questioned the potential of Avid inside PPHM and everybody knew it generated cash and produced bavituximab at cost at the same time.

You do not go through such lengths, and invest this kind of money in a daily manipulated stock that keeps it from reflecting even 50% of its pure CDMO business, unless you have some look-out on leverage.

I think biopharm's Fc antibody deal is closer to reality as we think. Ronin was a BoD member and must understand what immuno stimulation means. Placing a complete CDMO oriented BoD in place clears the field for PtdSer R&D monetizing.

I am still troubled by the 'likeness' of what Ronin proposed for PPHM and what at the same time PPHM was already executing since H1 2017, without Roning having ever seen the strategic plan.

PPHM is exactly where the ex-BoD and Ronin both wanted it in begin 2017 even before we heard the name Ronin. The firing of most R&D people proves it. PPHM is now a CDMO and our R&D is being monetized in line with statements made by King that someone with deeper pockets should take over, the company activity should be separate, etc,.

Lytle stays, Shan goes in Sync with King. The knew exactly what they did. And unless Ronin and/or Dart are part of this they should be VERY CAREFUL not to end up breadcrumbed.

AIMO