Replies to post #200574 on Avid Bioservices Inc (CDMO)

[cheynew]

There are still shelf shares left (from 10Q)

With respect to financing our operations through the issuance of equity, the following is a summary of our financing activity during the six months ended October 31, 2014.

Common Stock

On December 27, 2012, we entered into an At Market Sales Issuance Agreement (“December 2012 AMI Agreement”) with MLV & Co. LLC (“MLV”), pursuant to which we may sell shares of our common stock through MLV, as agent, for aggregate gross proceeds of up to $75,000,000, in registered transactions from our shelf registration statement on Form S-3 (File No. 333-180028), which was declared effective by the SEC on April 12, 2012. During the six months ended October 31, 2014, we sold 2,721,535 shares of common stock at market prices under the December 2012 AMI Agreement for aggregate gross proceeds of $4,326,000 before deducting commissions and other issuance costs of $113,000. As of October 31, 2014, aggregate gross proceeds of up to $1,878,000 remained available under the December 2012 AMI Agreement.

On June 13, 2014, we entered into an At Market Issuance Sales Agreement (“June 2014 AMI Agreement”), with MLV, pursuant to which we may sell shares of our common stock through MLV, as agent, for aggregate gross proceeds of up to $25,000,000, in registered transactions from our shelf registration statement on Form S-3 (File No. 333-180028). As of October 31, 2014, we had not sold any shares of common stock under the June 2014 AMI Agreement.

Preferred Stock

On June 13, 2014, we entered into a separate At Market Issuance Sales Agreement (“Series E AMI Agreement”) with MLV, pursuant to which we may issue and sell shares of our Series E Preferred Stock through MLV, as agent, for aggregate gross proceeds of up to $30,000,000, in registered transactions from our shelf registration statement on Form S-3 (File No. 333-193113), which was declared effective by the SEC on January 16, 2014. During the six months ended October 31, 2014, we sold 402,858 shares of our Series E Preferred Stock at market prices under the Series E AMI Agreement for aggregate gross proceeds of $10,070,000 before deducting commission and other issuance costs of $552,000. As of October 31, 2014, aggregate gross proceeds of up to $19,930,000 remained available under the Series E AMI Agreement.