Avid Bioservices Announces Proposed Offering of Common Stock
February 14 2018 - 4:02PM
Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP) today announced
that it has commenced an underwritten public offering of its common
stock. Avid Bioservices also intends to grant the underwriter
a 30-day option to purchase from it up to an additional 15% of the
shares of common stock offered in the public offering to cover
over-allotments, if any. Avid Bioservices intends to use the
net proceeds from the offering for the expansion of its contract
manufacturing business and general corporate purposes. Wells
Fargo Securities is acting as sole book-running
manager.
The shares described above are being offered by
Avid Bioservices pursuant to a shelf registration statement on Form
S-3 previously filed with and subsequently declared effective by
the Securities and Exchange Commission (“SEC”). A preliminary
prospectus supplement relating to the offering has also been filed
with the SEC and is available on the SEC’s website at
http://www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying base prospectus relating to this
offering may be obtained from Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 375 Park Avenue, New York,
New York 10152, or by email at cmclientsupport@wellsfargo.com, or
by telephone at (800) 326-5897.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any offer, sale or
solicitation of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful.
About Avid Bioservices,
Inc.Avid Bioservices is a contract development and
manufacturing organization (CDMO) focused on development and
manufacturing of biopharmaceutical products derived from mammalian
cell culture. The company provides process development,
clinical and commercial manufacturing services for the
biotechnology and biopharmaceutical industries.
Forward-Looking
StatementsStatements in this press release which are not
purely historical, including statements regarding Avid
Bioservices's 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. These
forward-looking statements include statements regarding the
proposed offering and the intended use of the net proceeds from the
offering, and involve risks and uncertainties. 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.
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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