Welcome to our dedicated page for Avid Bioservices news (Ticker: CDMO), a resource for investors and traders seeking the latest updates and insights on Avid Bioservices stock.
Company Overview
Avid Bioservices (symbol: CDMO) operates as a dedicated Contract Development and Manufacturing Organization (CDMO) specializing in the production of complex biologics. With an extensive legacy in manufacturing monoclonal antibodies, recombinant proteins, and enzymes using mammalian cell culture, the company offers comprehensive, end‐to‐end solutions that cater to the intricate needs of biotechnology and pharmaceutical companies. Emphasizing cGMP manufacturing, bioprocess optimization, and rigorous regulatory compliance, Avid Bioservices has established itself as a trusted partner through decades of focused expertise in the biologics sector.
Core Capabilities and Services
The company spans the entirety of the biologics development continuum, providing customized services that address both early-stage process development and full-scale commercial manufacturing. Key areas of service include:
- Process Development: Offering cell line development, upstream and downstream process optimization, and analytical methods development to ensure robust and scalable production.
- Clinical and Commercial Manufacturing: Delivering tailored cGMP manufacturing solutions that cover drug substance production, bulk packaging, and quality control testing, thereby supporting clinical trials as well as commercial supply chains.
- Regulatory and Quality Support: Assisting clients with regulatory submission support and stability testing, ensuring that all processes meet stringent global quality benchmarks.
Technical Expertise and Industry Position
Avid Bioservices combines decades of deep technical knowledge with state‐of‐the‐art facilities, which allows the company to navigate the full lifecycle of biologic products. Its robust integration of process development and manufacturing expertise is underscored by strategic investments in technology and capacity expansion. This positions Avid as a reliable partner in an industry where quality, scalability, and regulatory adherence are of paramount importance.
Operational Excellence
The company is recognized for its methodical approach to process optimization and risk management. By aligning operational practices with the evolving needs of the biopharmaceutical landscape, Avid Bioservices ensures efficiency and consistency in the production of high-quality biologics. Their operational model is underpinned by:
- Customizable Solutions: Tailoring services to the individual requirements of each client, from investigative research to commercial launch.
- Integrated Service Offerings: Combining process development, manufacturing, and quality control under one roof to streamline production and simplify regulatory compliance.
- Global Regulatory Compliance: Adhering to comprehensive quality systems and cGMP guidelines, which demonstrates the company’s commitment to maintaining high industry standards.
Market Significance and Competitive Landscape
Operating in a rapidly evolving biopharmaceutical market, Avid Bioservices has carved out a niche by consistently delivering end-to-end solutions that meet the complex demands of early stage research and later stage commercialization. Its service model is geared towards mitigating manufacturing risks while offering scalable production capabilities. The company’s focus on technical excellence and regulatory expertise differentiates it from other players in the CDMO sector, making it a key strategic partner for both emerging biotech innovators and established pharmaceutical companies.
Why Avid Bioservices?
Clients choose Avid Bioservices for its holistic approach to biologics manufacturing coupled with a long history of operational excellence. The integration of development and commercial manufacturing streamlines the transition from concept to market, ensuring that each biologic undergoes a rigorous quality process. This blend of expertise and comprehensive service offerings underlines the company’s ability to consistently deliver on its promise of high-quality, reliable production essential for the advancement of modern therapeutics.
Areas of Expertise
To summarize, Avid Bioservices excels in:
- Biologics Process Development and Optimization
- cGMP Clinical and Commercial Manufacturing
- Comprehensive Regulatory and Quality Support
- Tailored Service Offerings for Biotech and Pharma Clients
The company’s enduring commitment to quality and operational integrity, combined with advanced technological capabilities, makes Avid Bioservices a critical component in the development and manufacturing of modern biologic therapies. Its methodical and integrated approach provides companies with efficient access to innovative treatments, underscoring its pivotal role in the biopharmaceutical supply chain.
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.
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.
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