Avid Bioservices Inc (CDMO)

[cjgaddy]

7-3-20/BioProcINTL: “Avid Preps To Kick-Off $30-40m Mfg. Expansion”
by Dan Stanton (Editor - BioProcess Insider, part of Informa Life Sciences' BioProcess Intl.)
https://bioprocessintl.com/bioprocess-insider/facilities-capacity/avid-preps-to-kick-off-30-40m-manufacturing-expansion/
. . .RICHARD HANCOCK (Int. CEO): “Our customer relationships are strong and forecasted demand is growing. Combined with our expanded business development activity, which we expect to generate an increasing number of projects from both existing and new customers, we believe that we are on a path to significantly increased capacity utilization. Accordingly, we are readying to kick-off an expansion that will allow us to meet the increasing demand of our ever-growing customer list. This concludes my prepared remarks for today.” . . .
. . .CFO DANIEL HART added that these initial steps require a low outlay of capital expenditure but does allow the CDMO to pull the trigger on construction at any moment. “Once we find the right time and move forward toward building out, at that time, we’ll look at any financing options that we feel are appropriate when the time presents itself.” . . .
. . .CCO TIMOTHY COMPTON: “the overall build-out would be somewhere around $30-40M all-in” and would take 18-24 months to be completed.

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6-30-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/yak25nco
...”Top10 Pharma customer added 7-2019 named in 10-K: GILEAD SCIENCES.”
BTW, Gilead add PR’d 7-8-2019. https://tinyurl.com/yyq8zgb9
...I’ve always heard that min. 6 mos. for revenues from a new cust. Thus, Gilead’s 24% of total FYE 4-30-20 business only included them for 3-4 months.