Avid Bioservices Inc (CDMO)

[RRdog]

Geo,

You and CP seem to be right on the point I have been making for a long time. It is mathematically better to sell a piece of IP or a regional piece of IP -even if not on best terms-- or to leverage Avid, and kill dilution then to keep selling and diluting the whole mother ship at highly undesirable levels.

I think CP makes some fine points about increased activity in defending mgmt agains Until2000 comments. I think that even CP will have to admit that increased activity is a far cry from "effective" activity. The way you measure all of this stuff is with the "price per share of your equity over time" and god knows we are measuring over a long period of time.

Mgmt and BOD have been strikingly ineffective in dealing with the real world management issues, real world BOD issues, IB issues and need to put as much effort into those areas as are being put into the science. In fact, better financing would lead to much improved scientific program in depth and breadth and speed.

If mgmt were so sure they were doing the right thing they would not be adverse to a frank discussion in open forum with their shareholders/owners. Some "color" on where we are with all the different pieces and "approximate time line" would be greatly appreciated. The moral cowardice is what is telling.

I offer this as constructive criticism as it weighs on an otherwise interesting scientific effort.

Best Regards,
RRdog