Avid Bioservices Inc (CDMO)

[dia76ca]

Well said Paul. This is the first time that I can recall that PPHM is well funded. This is also the first time that PPHM has not only outstanding results with taxanes, but also with great potential with other immunotherapies(Yervoy and PD-1). For the first time PPHM is in a strong bargaining position!

THIS IS VERY IMPORTANT IN BARGAINING WITH BP's! They do not have a charitable attitude to small biotechs. They are smart and tough...and PPHM has to be smart and tough. PPHM is now well funded and well staffed. I want them to be smart and tough in bargaining and not operate out of a false sense of urgency or desperation.

It is the BP's who should realize that they are in desperate situations. Many of them have very poor pipelines. Many of them have their major drugs coming off patent. Many of them are having very mixed results with their immunotherapies. But many of them are cash rich. They have billions of dollars of reserves and need to make some big strategic partnerships or mergers.

PPHM has the right resources at the right time. If there is no Financial Apocalypse, if California does not slide into the sea, and if the Polar ice cap does not tilt the earth's axis...Our PPHM investment should do very well. All IMO.