Peregrine Pharmaceuticals Announces Name Change to Avid Bioservices as Part of Transition to Dedicated Contract Development a...
January 05 2018 - 8:05AM
Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) (NASDAQ:PPHMP), a
company working to improve patient lives by providing high quality
biologics manufacturing services to biotechnology and
pharmaceutical companies, today announced that it is changing its
name to Avid Bioservices, Inc. as part of its transition to a
dedicated contract development and manufacturing organization
(CDMO). In addition to the name change, the company is also
adopting the new NASDAQ ticker symbol “CDMO” (NASDAQ:CDMO).
The name and ticker symbol changes will both be effective as of
market open on Monday, January 8, 2018.
“As our organization transitions to a pure play
CDMO, we believe it is appropriate to take advantage of the brand
recognition that has been built within this highly specialized
marketplace and to change the company’s name and conduct all future
operations as Avid Bioservices,” said Roger Lias, Ph.D., president
and chief executive officer. “Over the past 15 years, Avid has
established a reputation for CDMO excellence built on biologics
manufacturing expertise and a track record of consistently meeting
and exceeding the needs of its clients. This level of quality
is highlighted by Avid’s receipt of multiple 2017 Contract
Manufacturing Leadership Awards for Quality, Reliability,
Capabilities, Expertise and Compatibility. We look forward to
continuing to build the Avid brand as we work to grow and diversify
our CDMO business by providing our clients with the most
sophisticated and highest-quality development and manufacturing
services.”
Effective at market open on Monday, January 8,
2018, trading for Avid Bioservices will begin under the symbol
“CDMO” (NASDAQ:CDMO). At the same time, the company’s
preferred stock will begin trading under the symbol “CDMOP”
(NASDAQ:CDMOP). The company’s common stock and preferred stock will
continue to trade under the ticker symbols “PPHM” and “PPHMP”,
respectively, until market close on Friday, January 5, 2018. The
corporate name change to Avid Bioservices does not affect the
rights of the company’s stockholders and no action is required by
stockholders with respect to the name change. The company’s
common stock has been assigned a new CUSIP number of 05368M 106 and
the company’s preferred stock has been assigned a new CUSIP number
of 05368M 205 in connection with the name change. Outstanding stock
certificates are not affected by the name change and will not need
to be exchanged.
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. An updated
corporate website featuring a new logo will be available at
www.avidbio.com as of market open on Monday, January 8, 2018.
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
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