Avid Bioservices Inc (CDMO)

[freethemice]

I have been rereading the PR from today since that is all we have to go on right now. This is what I found useful.

major discrepancies between some patient sample test results and patient treatment code assignments.

My interpretation of this is that sample lots were tested when they were made at Avid to verify the concentrations
as probably done for GMP regulations. The results of those concentration tests were compared with the coded
assignments of dosage to the patients and errors were found.

A subsequent review of information has determined that the source of these discrepancies appear to have been
associated with the independent third-party contracted to code and distribute investigational drug product.

I interpret this to mean only the two treatment arms (1 and 3 mg/kg) were affected. If there was a mixup of the
treatment arms and the control arm then who knows what will come out of it. Even though the error may have
been a simple one the impact will be major because everything will have to be verified for all the patients.
I continue to believe that in the end the results might not change much. I looked at the slides from the Sept 7th
webcast from Peregrine and don't see any obvious problems in the numbers presented and this gives me some
confidence. Hopefully this will be all be over by the annual shareholders meeting, but maybe not. We have all suffered.
I went from +158% to -45%. What a shock! This is my opinion of what may have happened. I like to assume the simplest
explanation is best until proven otherwise. Not much else to say until then.

It is said that fear and greed rule Wall Street. As for PPHM, last week it was greed, this week fear gets its turn.