Avid Bioservices - CDMOP STOCK NEWS

Avid Bioservices, Inc. (NASDAQ:CDMO) will release its first quarter fiscal year 2022 financial results on September 8, 2021, after market close. A conference call and webcast will take place at 1:30 PM PT for management to discuss these results and recent developments. The event aims to provide insights into the company's performance and ongoing initiatives. Investors can access the live audio through the company’s investor relations page.

Avid Bioservices (NASDAQ:CDMO) announced the appointment of Dr. Esther M. Alegria as an independent board member. Dr. Alegria brings nearly 30 years of biopharmaceutical experience, including her role as Senior VP of Global Manufacturing at Biogen. Her expertise spans R&D, manufacturing, and regulatory submissions, which is expected to support Avid’s growth strategy. Dr. Alegria currently leads APIE Therapeutics, focusing on novel treatments. The board expresses enthusiasm about her contributions to Avid's leadership and strategic direction.

Avid Bioservices recorded fourth quarter revenue of $27.6 million and annual revenue of $95.9 million, reflecting a 61% increase from the previous year. The company achieved four consecutive quarters of operational profitability and signed approximately $148 million in new business orders, resulting in a year-end backlog of $118 million. For fiscal 2022, revenue guidance is projected at $115 to $117 million, representing 20%-22% growth. Avid raised $138.5 million in a successful offering of convertible senior notes to support expansion efforts.

Avid Bioservices, Inc. (NASDAQ:CDMO) will report its financial results for the quarter and fiscal year ending April 30, 2021, on June 29, 2021, after market close. A conference call will be held at 1:30 PM PT (4:30 PM ET) to discuss these results and recent corporate developments. Avid is a contract development and manufacturing organization that specializes in biopharmaceutical drug manufacturing and offers a range of services including process development and regulatory support. Following 28 years of experience in the industry, Avid aims to enhance patient outcomes through quality services.

Avid Bioservices has been selected as the commercial manufacturer for ZYNLONTA™, a newly approved CD19-targeted antibody drug conjugate for adults with relapsed or refractory large B-cell lymphoma (DLBCL). This follows the FDA's approval of ZYNLONTA in April 2021. Avid has had a partnership with ADC Therapeutics since 2017 for clinical manufacturing and is expanding this relationship for commercial manufacturing. The expansion demonstrates Avid's experience and quality in supporting innovative biologic therapies.

Avid Bioservices announced the successful redemption of all outstanding 10.50% Series E Convertible Preferred Stock as of April 12, 2021. The company utilized proceeds from a recent offering of exchangeable senior notes to complete this redemption, with each share redeemed at $25.00 plus any accrued dividends. Consequently, the Series E Preferred Stock is no longer listed on NASDAQ as CDMOP. Avid Bioservices specializes in biologics contract development and manufacturing, focusing on high-quality services for the biopharmaceutical industry.

Avid Bioservices (NASDAQ:CDMO, CDMOP) announced participation in the KeyBanc Capital Markets Life Sciences & MedTech Investor Forum, taking place on March 23-24, 2021. CEO Nick Green will feature in a fireside chat on March 24 at 4:15 PM Eastern. The forum will be held virtually, providing a platform for Avid to showcase its commitment to high-quality biologics contract development and manufacturing services. Avid specializes in CGMP manufacturing for biopharmaceuticals, leveraging 28 years of experience in the industry.

Avid Bioservices, Inc. (CDMO, CDMOP) announced a private placement of $125 million in exchangeable senior notes due 2026, scheduled to settle on March 12, 2021. The notes will have a 1.250% interest rate, maturing on March 15, 2026, and an initial exchange price of approximately $21.21 per share, reflecting a 32.5% premium. Net proceeds are estimated at $120.6 million, intended for refinancing existing preferred stock and general corporate purposes. The company has also entered into capped call transactions to mitigate potential stock dilution from note exchanges.

Avid Bioservices, Inc. (NASDAQ:CDMO, CDMOP) announced plans to sell $125 million in exchangeable senior notes due 2026 through its subsidiary, Avid SPV, LLC. The notes will be privately placed with qualified institutional buyers and will come with an option for an additional $18.75 million. Proceeds are earmarked for redeeming Series E Convertible Preferred Stock and general corporate purposes, including potential acquisitions. The notes will allow holders to exchange them for shares during specific periods. The offering is subject to market conditions.