We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Avid Bioservices Inc | NASDAQ:CDMO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 2.06% | 8.42 | 8.01 | 8.45 | 8.4885 | 8.17 | 8.34 | 474,345 | 22:46:56 |
Company Remains on Target for Full Year Revenue of $50.0 - $55.0 Million Intensified Business Development Effort Results in New Customer Contract and Strengthened Backlog
Highlights Since October 31, 2017
“During and subsequent to our third quarter of fiscal year 2018, Avid completed two primary objectives. We successfully divested the company’s lead immuno-oncology assets to an organization with the financial resources and expertise to advance them, and we established a new operational structure that will allow our business to take full advantage of the substantial and growing demand for biologics manufacturing,” said Roger Lias, Ph.D., president and chief executive officer of Avid Bioservices. “With the divestiture of our lead R&D assets, our transition to a dedicated CDMO business is complete, and our team is entirely focused on expanding and diversifying our customer base, as well as strengthening our process development capabilities. At present, we are in late-stage negotiations with several potential new customers and expect to announce the executed agreements before the end of the fiscal year. In recent weeks, we also completed a financing raising $23.2 million in gross proceeds. These funds are essential as they will support our operations, including upgrading our process development capabilities to ensure that we are fully capable of servicing our customers with the highest quality standards and equipment. We made rapid progress during the third quarter that we believe will allow us to build backlog and achieve sustainable growth in the future.”
Recent CDMO Developments
Recent Corporate Developments and Financial Highlights
More detailed financial information and analysis may be found in Avid’s Quarterly Report on Form 10-Q, which will be filed with the Securities and Exchange Commission today.
Conference Call
Avid will host a conference call and webcast this afternoon, March 12, 2018, at 4:30 PM EDT (1:30 PM PDT).
To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Avid Bioservices conference call. To listen to the live webcast, or access the archived webcast, please visit: http://ir.avidbio.com/events.cfm.
About Avid Bioservices, Inc.Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and cGMP manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides a comprehensive range of process development, high quality cGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With nearly 25 years of experience producing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid's services include cGMP clinical and commercial product manufacturing, purification, bulk packaging, stability testing and regulatory strategy, submission and support. The company also provides a variety of process development activities, including cell line development and optimization, cell culture and feed optimization, analytical methods development and product characterization. For more information, please visit www.avidbio.com.
Forward-Looking StatementsStatements in this press release which are not purely historical, including statements regarding Avid Bioservices' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk the company may experience delays in engaging new clients, the risk that the company may experience technical difficulties in processing customer orders which could delay delivery of products to customers, revenue recognition and receipt of payment or the loss of the customer, the risk that one or more existing customers terminates its contract prior to completion or reduces or delays its demand for development or manufacturing services, the risk that the company may need to use the majority of its cash to fund operations, thereby delaying the contemplated upgrade to its process development capabilities and expansion plans, and the risk that the company may not receive the full $8 million up front payment from Oncologie. Our business could be affected by a number of other factors, including the risk factors listed from time to time in our reports filed with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K for the fiscal year ended April 30, 2017 and subsequent quarterly reports on Form 10-Q, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this press release, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law.
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Contract manufacturing revenue | $ | 6,819,000 | $ | 10,747,000 | $ | 46,678,000 | $ | 39,726,000 | |||||||||
Cost of contract manufacturing | 10,951,000 | 7,974,000 | 47,641,000 | 26,477,000 | |||||||||||||
Gross profit (loss) | (4,132,000 | ) | 2,773,000 | (963,000 | ) | 13,249,000 | |||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative | 4,824,000 | 4,365,000 | 12,273,000 | 13,602,000 | |||||||||||||
Restructuring charges | — | — | 1,258,000 | — | |||||||||||||
Total operating expenses | 4,824,000 | 4,365,000 | 13,531,000 | 13,602,000 | |||||||||||||
Operating loss | (8,956,000 | ) | (1,592,000 | ) | (14,494,000 | ) | (353,000 | ) | |||||||||
Other income (expense): | |||||||||||||||||
Interest and other income | 42,000 | 25,000 | 83,000 | 71,000 | |||||||||||||
Interest and other expense | (14,000 | ) | (2,000 | ) | (18,000 | ) | (2,000 | ) | |||||||||
Loss from continuing operations | $ | (8,928,000 | ) | $ | (1,569,000 | ) | $ | (14,429,000 | ) | $ | (284,000 | ) | |||||
Loss from discontinued operations | (2,076,000 | ) | (6,205,000 | ) | (10,404,000 | ) | (22,603,000 | ) | |||||||||
Net loss | $ | (11,004,000 | ) | $ | (7,774,000 | ) | $ | (24,833,000 | ) | $ | (22,887,000 | ) | |||||
Comprehensive loss | $ | (11,004,000 | ) | $ | (7,774,000 | ) | $ | (24,833,000 | ) | $ | (22,887,000 | ) | |||||
Series E preferred stock accumulated dividends | (1,442,000 | ) | (1,442,000 | ) | (3,604,000 | ) | (3,558,000 | ) | |||||||||
Net loss attributable to common stockholders | $ | (12,446,000 | ) | $ | (9,216,000 | ) | $ | (28,437,000 | ) | $ | (26,445,000 | ) | |||||
Basic and diluted weighted average common shares outstanding(1): | 45,225,804 | 37,258,794 | 45,032,335 | 35,486,782 | |||||||||||||
Basic and diluted net loss per common share attributable to common stockholders (1): | |||||||||||||||||
Continuing operations | $ | (0.23 | ) | $ | (0.08 | ) | $ | (0.40 | ) | $ | (0.11 | ) | |||||
Discontinued operations | $ | (0.05 | ) | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.64 | ) | |||||
Net loss per share attributable to common stockholders | $ | (0.28 | ) | $ | (0.25 | ) | $ | (0.63 | ) | $ | (0.75 | ) | |||||
(1) All share and per share amounts of our common stock for all prior fiscal year periods presented have been retroactively adjusted to reflect the one-for-seven reverse stock split of our issued and outstanding common stock, which took effect on July 10, 2017. |
- continued -
AVID BIOSERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
January 31,2018 | April 30,2017 | ||||||||
Unaudited | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 17,938,000 | $ | 46,799,000 | |||||
Trade and other receivables | 7,967,000 | 7,742,000 | |||||||
Inventories | 14,218,000 | 33,099,000 | |||||||
Prepaid expenses | 906,000 | 1,460,000 | |||||||
Total current assets | 41,029,000 | 89,100,000 | |||||||
Property and equipment, net | 26,325,000 | 26,515,000 | |||||||
Restricted cash | 1,150,000 | 1,150,000 | |||||||
Other assets | 1,353,000 | 1,347,000 | |||||||
Total assets | $ | 69,857,000 | $ | 118,112,000 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 1,911,000 | $ | 5,779,000 | |||||
Accrued clinical trial and related fees | 5,503,000 | 4,558,000 | |||||||
Accrued payroll and related costs | 3,876,000 | 6,084,000 | |||||||
Deferred revenue | 6,633,000 | 28,500,000 | |||||||
Customer deposits | 17,602,000 | 17,017,000 | |||||||
Other current liabilities | 749,000 | 993,000 | |||||||
Total current liabilities | 36,274,000 | 62,931,000 | |||||||
Deferred rent, less current portion | 2,064,000 | 1,599,000 | |||||||
Commitments and contingencies | |||||||||
Stockholders’ equity: | |||||||||
Preferred stock—$0.001 par value; authorized 5,000,000 shares; 1,647,760 issued and outstanding at January 31, 2018 and April 30, 2017, respectively | 2,000 | 2,000 | |||||||
Common stock—$0.001 par value; authorized 500,000,000 shares; 45,257,180 and 44,014,040 issued and outstanding at January 31, 2018 and April 30, 2017, respectively | 45,000 | 44,000 | |||||||
Additional paid-in capital | 593,621,000 | 590,971,000 | |||||||
Accumulated deficit | (562,149,000 | ) | (537,435,000 | ) | |||||
Total stockholders’ equity | 31,519,000 | 53,582,000 | |||||||
Total liabilities and stockholders’ equity | $ | 69,857,000 | $ | 118,112,000 | |||||
Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com Tim Brons (Media) Vida Strategic Partners 415-675-7402 tbrons@vidasp.com
1 Year Avid Bioservices Chart |
1 Month Avid Bioservices Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions