Avid Bioservices, Inc. - CDMO STOCK NEWS

Avid Bioservices, Inc. (NASDAQ:CDMO, CDMOP) announced an underwritten public offering of its common stock, including a 30-day option for underwriters to purchase an additional 15% of shares. The net proceeds will primarily fund the expansion of manufacturing capabilities, with any remainder allocated to general corporate purposes. RBC Capital Markets is the sole book-running manager, and the offering is made under a previously filed shelf registration statement. This move is aimed at bolstering the company's growth within the biotechnology sector.

Avid Bioservices (NASDAQ:CDMO, CDMOP) has appointed Jeanne Thoma as an independent director, enhancing its board with over 30 years of pharmaceutical experience. Thoma's background includes leadership roles at SPI Pharma and Lonza, focusing on product development and operations. The board welcomes her expertise to aid in expanding Avid's client base and revenue. Avid, a dedicated biologics CDMO, specializes in CGMP manufacturing of biopharmaceuticals, boasting 27 years in producing monoclonal antibodies and recombinant proteins.

Avid Bioservices reported strong second quarter fiscal 2021 revenues of $21.1 million, reflecting a 15% increase from the previous year. The company signed $28 million in business orders, raising its backlog to $67 million. Avid increased its revenue guidance for fiscal 2021 to $84 to $88 million, driven by higher customer demand and a significant backlog. The gross margin improved to 30% from 18% year-over-year. The company recorded a net income of $0.8 million, marking a turnaround from a net loss last year, with cash and cash equivalents totaling $35.7 million.

Avid Bioservices (NASDAQ:CDMO, CDMOP) has declared a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. This dividend is payable on January 4, 2021, to shareholders on record by December 14, 2020. The annualized yield is 10.50% based on a liquidation preference of $25.00 per share, accruing from October 1, 2020, through December 31, 2020. Avid is a leading biologics contract development and manufacturing organization dedicated to improving patient lives through high-quality services for biotechnology and pharmaceutical clients.

Avid Bioservices (NASDAQ:CDMO, CDMOP) will announce its financial results for Q2 FY2021 on December 2, 2020, after market close. The company specializes in biologics contract development and manufacturing, emphasizing high-quality services for biotechnology and pharmaceutical clients. A conference call is scheduled for 1:30 PM Pacific Time, where senior management will discuss the financial results and recent corporate developments. This announcement highlights Avid's commitment to transparency and investor communication.

Avid Bioservices, Inc. (NASDAQ: CDMO, CDMOP) announced its 2020 Annual Meeting of Stockholders will be held virtually on October 20, 2020, at 10:00 a.m. PDT due to the COVID-19 pandemic. Stockholders recorded by August 24, 2020, can participate, vote, and ask questions via an audio webcast. The previously distributed proxy materials will remain valid for voting. Stockholders can access the meeting's online portal starting at 9:45 a.m. PDT on the meeting day. Avid Bioservices specializes in biopharmaceutical development and manufacturing, providing comprehensive services for the biotechnology sector.

Avid Bioservices (NASDAQ: CDMO, CDMOP) announced its participation in the 18th Annual Morgan Stanley Global Healthcare Conference taking place from September 14-18, 2020. The company will engage in a fireside chat and one-on-one meetings on September 17 at 4:15 p.m. Eastern. This virtual conference allows stakeholders to connect remotely. A webcast of the fireside chat will be available for listening live or on-demand via Avid's investor relations page.

Avid Bioservices reported a strong first quarter of fiscal 2021, achieving $25.4 million in revenue, a 66% increase year-over-year. Net income was $4.7 million, versus a net loss of $4.6 million in the same period last year. The company signed three new customers and project expansions worth $20 million. The backlog stood at $60 million as of July 31, 2020. Avid confirmed its revenue guidance for the fiscal year at $76 million to $81 million, emphasizing optimism due to anticipated increased demand for biologics.

Avid Bioservices, Inc. (NASDAQ: CDMO, CDMOP) has declared a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. This dividend is payable on October 1, 2020 to shareholders on record as of the close of business on September 14, 2020. The dividend reflects an annualized rate of 10.50%, calculated from the share’s liquidation preference of $25.00, accruing from July 1, 2020 to September 30, 2020.