Avid Bioservices Inc (CDMO)

[pphmtoolong]

Consensus response to last week's SP dive:

The news was not that bad.

Only the extreme optimists, including myself, were dumb enough to think we would get good numbers.

Those smart enough to psych out the disappointing news and the disproportionate market response sold before the news and bought after it. Geez I wish I was that smart.

We got more evidence that Peregrine management doesn't realize how precarious the share price is, and how unhappy shareholders are at their indifference to our interests.

Going forward:

Bavi Phase III on track. How far Peregrine can carry the ball without excessive dilution, loans or partner money is unclear to me.

Peregrine has enough cash to operate for more than a year.

CSM might cough up a few million.

Peregrine still might dig up a partner for Bavi, maybe even Cotara, maybe even imaging. At this time there is no solid evidence that BPs are eagerly pursuing Peregrine for anything.

Ongoing trials are proceeding very slowly, but might generate modest good news, maybe not.

In the absence of good news we could float around the current price or very possible sink into the delisting pit again.

We need more good news than Peregrine has been able to provide.

Paul