Avid Bioservices, Inc. - CDMO STOCK NEWS

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.

Avid Bioservices, Inc. (NASDAQ: CDMO) announced its selection by Iovance Biotherapeutics to provide critical CDMO services for the development of IOV-3001, an innovative antibody cytokine engrafted protein. Activities will include process development, pilot-batch manufacturing, and CGMP manufacturing at Avid's Tustin, CA facility. Cell line development is being managed by Aragen Bioscience under an agreement with Avid. This collaboration highlights Avid's expertise in complex therapeutic candidates, leveraging 27 years of experience in the field.

Avid Bioservices (NASDAQ:CDMO) and Argonaut Manufacturing Services have formed a non-exclusive co-marketing agreement to provide integrated manufacturing solutions for biotechnology and pharmaceutical clients. This partnership allows Avid to offer upstream and downstream process development and drug substance manufacturing services alongside Argonaut's aseptic fill-finish capabilities, enhancing efficiency for CGMP parenteral drug products used in clinical studies. The collaboration aims to streamline the development of high-value biologics, positioning both companies favorably in the life sciences sector.

Avid Bioservices (NASDAQ:CDMO) reported fourth-quarter revenue of $12.6 million and annual revenue of $59.7 million, a year-over-year increase of 11%. Notably, the company signed $23 million in new business orders and achieved a record backlog of $65 million. Despite facing a 26% revenue decline in the fourth quarter versus the prior year, Avid exceeded revised revenue guidance. For fiscal 2021, revenue is projected between $76 million and $81 million. The company appointed Nicholas Green as the new CEO, strengthening its leadership team.

Avid Bioservices, Inc. (NASDAQ: CDMO) announced it will release financial results for the quarter and fiscal year ending April 30, 2020, on June 30, 2020, post-market. A conference call at 1:30 PM PT (4:30 PM ET) will follow, with company executives discussing the results and recent developments. Avid specializes in biologics contract development and manufacturing, offering comprehensive services including clinical and commercial drug substance manufacturing, and process development, leveraging over 25 years of experience in the biopharmaceutical sector.

Avid Bioservices (NASDAQ:CDMO) has appointed Nicholas Green as president and CEO effective July 30, 2020, succeeding Rick Hancock, who served as interim CEO since May 2019. Green brings over 30 years of industry experience and has held senior roles in contract manufacturing organizations. The appointment aims to enhance Avid's growth trajectory amidst increasing demand for contract development services for biologics. Hancock will continue as a board member, expressing pride in the progress made in diversifying Avid’s client base and revenue during his tenure.

Avid Bioservices, Inc. (NASDAQ: CDMO) announced a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. This dividend will be payable on July 1, 2020, to shareholders recorded as of June 15, 2020. The annualized yield represents 10.50% based on a $25.00 liquidation preference, accruing from April 1, 2020, through June 30, 2020. Avid is a biologics contract development and manufacturing organization focused on high-quality services for the biotechnology and pharmaceutical industries.

Avid Bioservices (NASDAQ: CDMO) and Aragen Bioscience have entered a co-marketing agreement to streamline the drug development process. This partnership combines Aragen's cell line development expertise with Avid's manufacturing services, creating an integrated 'sequence-to-manufacturing' service. The collaboration aims to enhance efficiencies and reduce timelines in delivering CGMP bulk drug substances, facilitating faster access to innovative medicines for patients. With over 15 years of commercial product manufacturing experience, Avid seeks to leverage its strengths in this alliance.