Avid Bioservices - CDMOP STOCK NEWS

Avid Bioservices, Inc. (NASDAQ:CDMO, CDMOP) has announced a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. The dividend will be payable on April 1, 2021, to holders of record by March 15, 2021. This payment reflects an annualized rate of 10.50%, based on a liquidation preference of $25.00 per share. Avid Bioservices specializes in biologics contract development and manufacturing with extensive experience in the biotechnology sector.

Avid Bioservices, Inc. (NASDAQ:CDMO, CDMOP) announced it will report its third-quarter fiscal year 2021 financial results on March 8, 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. The company specializes in biologics contract development and manufacturing, focusing on high-quality services in the biotechnology and pharmaceutical sectors. With 28 years of experience, Avid offers comprehensive drug substance manufacturing and process development services.

Avid Bioservices has commenced Phase 2 of its Myford facility expansion to meet increasing customer demand.

This phase will introduce a second manufacturing train expected to cost between $45 million and $55 million and take 18 to 24 months to complete.

This expansion could increase annual revenue capacity by an additional $100 million, alongside the ongoing Phase 1, potentially raising total capacity to $270 million.

The company is optimistic about its growth trajectory and the successful integration of new clients.

Avid Bioservices (NASDAQ:CDMO, CDMOP) has entered a manufacturing services agreement with Humanigen to enhance production of lenzilumab, a monoclonal antibody for treating COVID-19. This partnership aims to deliver cGMP drug substance batches to support Humanigen's regulatory filings for emergency use authorization (EUA) and a future Biologics License Application (BLA). The collaboration focuses on scalable manufacturing to ensure patient access as Humanigen completes its Phase 3 clinical trial with 520 patients enrolled.

Avid Bioservices (NASDAQ:CDMO, CDMOP) and Humanigen (NASDAQ:HGEN) have entered a manufacturing services agreement to boost production for lenzilumab, aimed at treating COVID-19. This collaboration will involve cGMP drug substance batches essential for Humanigen’s upcoming regulatory filings, including emergency use authorization (EUA) and a Biologics License Application (BLA). Humanigen has successfully completed enrollment in a 520-patient Phase 3 clinical trial. Both companies emphasize their commitment to enhancing therapeutic access amid the ongoing pandemic.

Avid Bioservices, Inc. (NASDAQ:CDMO, CDMOP) has completed its public offering of 3,833,335 shares at $9.00 per share, yielding approximately $34.5 million in gross proceeds. The offering included 500,000 shares sold via the underwriters’ option. Funds will primarily enhance manufacturing capabilities and support general corporate activities. RBC Capital Markets led the offering, with Craig-Hallum and Stephens acting as co-managers. The shares were registered under an effective SEC Form S-3, with a final prospectus supplement filed. This is a strategic move aimed at bolstering operational growth.

Avid Bioservices, Inc. (NASDAQ:CDMO, CDMOP) announced a public offering of 3,333,335 shares at $9.00 each, potentially raising approximately $30 million. The offering, expected to close around December 14, 2020, allows underwriters a 30-day option for an additional 500,000 shares. Proceeds will primarily expand manufacturing capabilities and cover general corporate purposes. RBC Capital Markets is the sole book-running manager. The offering is made under an effective shelf registration statement with the SEC.

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.