Avid Bioservices Inc (CDMO)

[pphmtoolong]

Thurly, it seems to me that the AA approval is a bit of a crap shoot for Oxford to risk $15-30 million dollars, especially as the loan is not secured by Peregrine's IP.

Maybe Oxford has been given enough information regarding Peregrine's partnering negotiations to feel comfortable a big money deal will be struck in the next few months. Alternatively, if Peregrine can't make a good deal with a BP, maybe Oxford would be interested in partnering with Peregrine for a big chunk of the company. I think the former is lot more likely than the latter. At any rate it is highly likely Oxford knows more about what's going on with Peregrine than we do, and they like what they see.

Paul