Avid Bioservices Announces Closing of Public Offering of Common Stock
February 20 2018 - 4:05PM
Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP) today announced
the closing of its previously announced underwritten public
offering of 10,294,445 shares of its common stock, including
1,294,445 shares sold pursuant to the underwriters’ exercise of
their option to purchase additional shares. The offering
price was $2.25 per share, and the gross proceeds from the offering
were $23,162,501, before deducting underwriting discounts and
commissions and estimated offering expenses payable by Avid
Bioservices. 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 acted as sole
book-running manager. H.C. Wainwright & Co. and Roth
Capital Partners acted as co-managers.
The shares described above were offered 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 final 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 final
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
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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