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Avid Bioservices, Inc. (symbol: CDMOP) is a dedicated contract development and manufacturing organization (CDMO) focused on biologics. With a state-of-the-art facility and a team of experts, they provide services from cell line development to commercial manufacturing. Avid Bioservices has a strong track record of successful partnerships, cutting-edge technology, and a commitment to quality and compliance.Rhea-AI Summary
Avid Bioservices, Inc. reported a revenue of $33.8 million for the third quarter, with a record high backlog of $206 million. They completed a convertible debt offering, extended debt maturity, and celebrated the grand opening of a new manufacturing facility. The company maintained revenue guidance for 2024, with a gross profit decrease attributed to fewer manufacturing runs. Operating loss was $4.0 million for the quarter, with a net loss of $6.0 million. Avid reported cash and cash equivalents of $30.7 million, closing a $160 million offering of Convertible Senior Notes due in 2029.
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Avid Bioservices, Inc. (Nasdaq: CDMO) received a notice from Nasdaq for non-compliance with listing requirements due to a delayed Form 10-Q filing. The company has 60 days to submit a plan to regain compliance, with a possible extension of up to 180 days.
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Avid Bioservices, Inc. (NASDAQ:CDMO) announces the pricing of $160 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029. The company will use the net proceeds to repurchase its 1.250% Exchangeable Senior Notes due 2026 and repay any remaining outstanding 2026 Notes. The 2029 Notes will represent senior unsecured obligations of the company and will accrue interest payable semiannually. The conversion rate for the notes will initially be 101.1250 shares of the company’s common stock per $1,000 principal amount of notes, with an initial conversion price of approximately $9.89 per share, representing a premium of about 12.5% over the last reported sale price. The offering is subject to customary closing conditions and is expected to close on March 12, 2024.
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Avid Bioservices, Inc. (CDMO) plans to offer $160 million in Convertible Senior Notes due 2029 to qualified institutional buyers. The company aims to use the net proceeds to repurchase or repay its 2026 Notes, potentially impacting the market price of its common stock.
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Avid Bioservices, Inc. (NASDAQ:CDMO) announced preliminary earnings estimates for the third quarter and nine months ended January 31, 2024. Revenues decreased by 11% in the third quarter but increased by 33% compared to the previous quarter. The company signed new orders totaling $41 million, resulting in a record high revenue backlog of $206 million. Gross profit margins decreased due to fewer manufacturing runs and increased costs. SG&A expenses decreased by 10% in the third quarter. Operating loss was $4.0 million for the quarter. Avid is maintaining revenue guidance for the full fiscal year 2024 and completed its CGT facility expansion.
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Avid Bioservices, Inc. (NASDAQ:CDMO) recorded second quarter revenue of $25.4 million, signed $35 million in net new business orders, entered into a partnership with California Institute of Regenerative Medicine, and completed construction of a cell and gene therapy facility. However, the company is adjusting fiscal 2024 revenue guidance to $137 to $147 million, representing a decrease compared to prior projections.
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Avid Bioservices, Inc. (NASDAQ:CDMO) to Report Q2 Fiscal Year 2024 Financial Results on December 7, 2023
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Avid Bioservices, Inc. (NASDAQ:CDMO) has partnered with the California Institute for Regenerative Medicine (CIRM) to provide its world-class cell and gene therapy (CGT) CDMO services to support clinical development activities. This collaboration aims to accelerate gene therapy development and manufacturing for CIRM-funded programs, reducing timelines required to advance through clinical development.
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Avid Bioservices completes construction of CGMP manufacturing suites within its new CGT facility
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Avid Bioservices to participate in RBC Capital Markets Virtual CDMO Conference on October 2-3, 2023. Nick Green, CEO, will be the featured speaker in a fireside chat.
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FAQ
What does Avid Bioservices, Inc. do?
Avid Bioservices is a contract development and manufacturing organization (CDMO) specializing in biologics, offering services from cell line development to commercial manufacturing.
What sets Avid Bioservices apart from other CDMOs?
Avid Bioservices stands out for its state-of-the-art facility, expert team, successful partnerships, cutting-edge technology, and commitment to quality and compliance.
What services does Avid Bioservices provide?
Avid Bioservices offers a range of services including process development, analytical services, clinical and commercial manufacturing, and regulatory support.
Can companies partner with Avid Bioservices for biologic manufacturing?
Yes, Avid Bioservices has a history of successful partnerships with companies looking for reliable and high-quality biologic manufacturing services.
What is the expertise of Avid Bioservices?
Avid Bioservices has a team of experts with extensive experience in biologics manufacturing, ensuring high-quality and efficient services for their clients.
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