Avid Bioservices Inc (CDMO)

[cjgaddy]

2-20-18: Outsourcing-Pharma Quotes CEO Roger Lias

2-20-18/Outsourcing-Pharma: “Avid Raises $20M, Working ‘Aggressively’ To Grow CDMO Business”
- Avid Bioservices expects new contractual commitments in the coming weeks & months after raising more than $20M and completing its transition to a dedicated CDMO, says CEO.
By: Melissa Fassbender
https://www.outsourcing-pharma.com/Article/2018/02/20/Avid-raises-20m-working-aggressively-to-grow-CDMO-business
As Outsourcing-Pharma. previously reported, the now-defunct Peregrine Pharmaceuticals began selling off its R&D assets to focus on its CDMO subsidiary Avid Bioservices late last year. In the past week, the company has completed its transition to a dedicated CDMO by divesting the bulk of its legacy R&D assets, Roger Lias, PhD, Pres./CEO of Avid Bioservices told us. Subsequently, Avid has completed a follow-on offering, which raised more than $20M.

”The funds will be used to expand the contract mfg. business and general corporate purposes, Lias explained. This will include the expansion of our process dev. capabilities, as well specific capital improvements to mfg. infrastructure designed to enhance operational efficiency. Now, as a fully focused CDMO, we are working aggressively to grow our business by both increasing our backlog of business and converting revenue from both legacy and new customers.”

Lias explained the company is also dedicating resources to strengthen its early phase service offering for high-throughput development, ”rapidly progressing projects into manufacturing, and efficiently on-boarding new client programs”.

Since establishing itself as a dedicated CDMO, Lias said Avid has received ”very favorable feedback from a number of audiences, including a positive reaction from Wall Street, as well as a rapid acceleration of momentum related to business development. To this end, we expect to announce a number of new contractual commitments in the coming weeks and months”, he added.
*END*

= = = = = = = = = = = = = = = = =
DEC. 2017 Company Update - "Peregrine is Transitioning to a Pure-Play CDMO, Avid Bioservices, Inc."
...FULL HISTORY of 2017 PPHM-Ronin PR’s, Letters, 13-D’s, Form4’s, Proxy’s, etc: https://tinyurl.com/ybqvzwhg
12-11-17 10-Q for q/e 10-31-17:
Business Description – Peregrine is a company committed to improving the lives of patients by manufacturing pharmaceutical products through our CDMO, Avid Bioservices, Inc.
"Over the next 60 days, we plan to complete the transition from a R&D company to a dedicated CDMO company focused on dev. & mfg. of biopharmaceutical products derived from mammalian cell culture.
We plan to take ADDL. STEPS steps over the near term, including but not limited to:
1. Rebranding the company as Avid Bioservices, Inc.
2. Changing our ticker symbol on the NASDAQ Capital Market to align with our rebranding efforts
3. Broadening our sales force
4. Increasing our marketing efforts to support our rebranding & vision
5. Completing the wind down of all R&D activities and the potential licensing/divestiture of our assets related to our R&D operations.”
12-26-17: Roger Lias replaces Steven King as Pres./CEO; in process of changing name to Avid Bio. and new Nasdaq Ticker https://tinyurl.com/yb34e2t8
1-8-18: Name chg. to Avid Bioservices, Inc. (from Peregrine Pharm.) & NASDAQ Ticker chg. to "CMDO" (Preferred: CDMOP) https://tinyurl.com/y8vhjow4
1-8-18/Roger Lias: EBD's Biotech Showcase 2018 (parallel w/JPM Conf.), SanFran - Slideshow: https://tinyurl.com/ya6tgxxa
1-12-18: S-3 Shelf Registration filed for up to $125mm https://tinyurl.com/y9qtewpw
......2-15-18: Avid Raises $19,035,000 net, selling 9M shares @$2.25 (underwriter: Wells Fargo) https://tinyurl.com/ycpshgxl (424B5)
1-18-18: Avid's 2017 Annual Shareholders Mtg (@Myford Facilty) => Roger Lias' Slideshow & Attendee Reports https://tinyurl.com/yca6enbr
1-29-18/Roger Lias: NobleCon14 - Noble's 14th Annual Inv. Conf., Ft.Laud. => Webcast/Slideshow https://tinyurl.com/yanwk9yo
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h