Avid Bioservices Inc (CDMO)

[RRdog]

Clarification and recap:

1. Roche covering every base in Hep C which is a huge mkt(10B heading for 15B)

1a. Roche well known to PPHM and key PPHM personnel.

2. Roche acquires ANDS, partnership with Merck and owns a chunk of VRUS, etc., etc.

3. The only stock in the universe ANDS with a worse 10 year chart and price than PPHM essentially sells phase IIb drug septobruvir to Roche for 230mm????!!!!!

3. Septobruvir control arm in the test is a (placebo + ribavirin + interferon). The control arm tests approx 56% EVR with AEs and 44% EVR vs more difficult cases (prior partial responders or relapsers).

4. The PPHM control arm in their Hep C test is essentially the same. Therefore, we can infer they may get a similar "bogie" of 56%-44% EVR.

5. The Septobruvir arm of ANDS test is 78%-76% EVR with similar AEs to their control arm because it is also in combo with interferon and ribavirin.

6. If PPHM test with Bavi and ribavirin is somewhere between (56%-44%) and 78% EVR with few AEs life may become interesting.

7. The one missing piece in all the IP Roche has acquired is an interferon substitute. In addition, Bavi may add efficacy and waterfall strength against relapse.

8. As an aside --"Three" law firms now considering class actions against the BOD of ANDS essentially because they claim the sale of ANDS may be for too small a price.

All above in my IMO, but, it would seem we are entering a pretty well priced neighborhood with a non crown jewel piece of PPHM IP that SK has publicly stated he would like to license.

Regards,
RRdog