Avid Bioservices Inc (CDMO)

[cjgaddy]

ATM Sales Summary (3-2009 thru 6-30-2012)…

ATM = “At-The-Market Sales Issuance”

I. WM-SMITH:
• $7.5mm ATM/Wm.SMITH 3-26-09: $7,500,000gr. / 2,150,759sh. = $3.49/sh. (commiss: 3%)
• $25mm ATM/Wm.SMITH 7-14-09: $25,000,000gr. / 7,569,314sh. = $3.30/sh. (commiss: 3%/1st$15mm, then 2%)
*Total Raised via WmSmith ATM Sales thru 7-31-10:
. . . . $32,500,000gr. / 9,720,073sh. = $3.34/sh.

II. MLV 6-2010: http://www.mlvco.com
$15mm ATM/MLV 6-22-10 (commiss: 2%) Form424: http://tinyurl.com/24txkxb
• Sold 6/22/10–10/31/10: $6,840,000gr. / 4,031,018sh. = $1.70/sh.
• Sold 11/1/10–11/30/10: $7,407,000gr. / 4,711,611sh. = $1.57/sh.
• Sold 12/1/10–1/31/11: $753,000gr. / 471,744sh. = $1.60/sh.
*Total Raised via MLV June’10 ATM Sales thru 1-31-11:
. . . . $15,000,000gr. / 9,214,373 = $1.63/sh.

III. MLV 12-2010: “Dec’10 AMI Agreement” http://www.mlvco.com
$75mm ATM/MLV 12-29-10 (commiss: max=5%) Form8K: http://tinyurl.com/2a6w76g
(pursuant to $75mm S-3 Shelf Reg. filed 12-17-10: http://tinyurl.com/2469b2d )
• Sold 12/29/10-1/31/11: $6,460,000gr. / 2,385,862sh. = $2.71/sh.
• Sold 2/1/11-2/28/11: $2,358,000gr. / 998,142sh. = $2.36/sh.
• Sold 3/1/11-4/30/11: $4,470,000gr. / 1,840,487sh. = $2.43/sh.
• Sold 5/1/11-7/31/11: $3,713,000gr. / 1,912,576sh. = $1.94/sh.
• Sold 8/1/11-10/31/11: $5,582,000gr. / 4,727,840sh. = $1.18/sh.
• Sold 11/1/11-1/31/12: $10,961,000gr. / 10,308,025sh. = $1.06/sh.
• Sold 2/1/12-2/29/12: $5,871,000gr. / 5,726,946sh. = $1.03/sh.
• Sold 3/1/12-4/30/12: $1,263,000gr. / 2,198,543sh. = $.57/sh.
• Sold 5/1/12-6/30/12: $1,496,000gr. / 2,752,691sh. = $.54/sh.
*Total Raised via MLV Dec’10 ATM Sales thru 6-30-2012:
. . . . $42,174,000gr. / 32,851,112 = $1.28sh.

TOTAL ALL A-T-M SALES – INCEPTION (3-2009) THRU 6-30-2012:
==> $89,674,000gr. / 51,785,558sh. = $1.73/sh.

- - - - - - - - - -
10-31-11 10Q: “During the 6mos. 10-31-11, we sold 6,440,416 shares of our common stock at mkt-prices for gross proceeds of $9,295,000 under the Dec’10 AMI Agreement before deducting commissions and other issuance costs of $260,000”
1-31-12 10Q: “During the 9mos. ended 1-31-12, we sold 16,948,441 shares of our common stock at mkt-prices for gross proceeds of $20,256,000 under the Dec’10 AMI Agreement before deducting commissions and other issuance costs of $482,000. …During Feb.2012, we sold an addl. 5,726,946 shares of common stock at market prices under the Dec’10 AMI Agreement in exchange for aggregate gross proceeds of $5,871,000. As of 2-29-12, gross proceeds of $38,644,000 remained available under our 2 effective shelf registration statements.”
4-30-12 10K: “Under the Dec. 2010 AMI Agreement with MLV …for aggregate gross proceeds of up to $75,000,000… During FY’s 2011 (5’10-4’11) and 2012 (5’11-4’12), we sold 30,098,421 shares of common stock at market prices under the Dec.2010 AMI for aggregate gross proceeds of $40,678,000 before deducting commissions & other issuance costs of $917,000. As of April 30, 2012, aggregate gross proceeds of up to $27,382,000 remained available under the Dec.2010 AMI… Subsequent to April 30, 2012 and through June 30, 2012, we sold 2,752,691 shares of common stock at mkt prices under the Dec.2010 AMI for aggregate gross proceeds of $1,496,000.

ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8

Shelf-Date Registration# Amt-Registered
• Jan2007 #333-139975 $30,000,000
• July2009 #333-160572 $50,000,000
• Dec2010 #333-171252 $75,000,000
• Mar9-2012 “PPHM files shelf to sell up to $150mm common stock, warrants”, S3: http://tinyurl.com/7dl7pjm - CFO Paul Lytle, 3-9-12/CC: ”In closing, let me say that we are planning for success as we get closer to unblinding data from our 2nd-line NSCLC study and reporting several other clinical data points from our other ongoing trials. And it's important to note that while we always seek other non-dilutive opportunities to fund our future development efforts, it is always prudent to prepare for other ways to fund our operations. In line with this strategy, we will be filing a new shelf-registration statement later today as a potential measure to assist us at advancing our pipeline of novel drug candidates. We look forward to keeping you updated on our progress. . .” PL/Q&A: “And our goal is really to plan for success here and having an effective shelf in place allows us to plan for success. Obviously, our goal is to look at potential partnerships as we move forward to help fund these bigger Phase III studies that we're anticipating based on promising data. But we want to be prepared internally to have an additional vehicle in place; assuming you can't determine when and the time frame of a potential partnership. So we just want to make sure we're taking prudent measures internally to prepare ourselves for success, and in a shelf that will last 3 years, once it’s declared effective. ”
• CFO Paul Lytle, 7-16-12/CC: ”In addition to our focus on growing Avid revenues, our next immediate focus is to secure a less-dilutive debt-financing vehicle, similar to a term loan. Recognizing the growing value in the Avid asset, and the strong clinical data in 2nd-Line NSCLC, we are pursuing a non-convertible-type loan in the range of $20-30mm. We will keep you updated as we get closer to a possible transaction.” ( http://tinyurl.com/cs7spbz )