Avid Bioservices Inc (CDMO)

[goodplenty100]

Recent Developments

Signed project expansion orders with current clients representing future revenue in the amount of $6.3 million during the second quarter.

Increased marketing and media activities during the quarter to enhance industry visibility. Received double the number of Requests for Proposal in Q2 2019 as compared to Q1 2019 and increased the number of proposals issued by 100% during the same period.

Sold remaining legacy R&D asset, r84, to Oncologie, Inc., for $1.0 million upfront. r84 is a pre-clinical novel therapeutic antibody asset targeting VEG-F that has demonstrated anti-tumor activity in animal models. Under the terms of the purchase and assignment agreement, Avid is eligible to receive up to an additional $21.0 million in development, regulatory and commercialization milestones, as well as low to mid-single digit royalties on net sales upon commercialization of products utilizing r84.

Continued progress with ongoing expansion and optimization of our process development capabilities and laboratory space, including:

Expanding the total available process development laboratory space to more than 6,000 square feet;

Upgrading the infrastructure and equipment within the existing process development laboratories;

Implementing new state-of-the-art technologies and equipment designed to facilitate efficient, high-throughput development of upstream and downstream manufacturing processes.

Successfully executed the most comprehensive sequential maintenance overhaul in the company’s history, to best serve our existing customers and entice new business.