Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock
March 07 2018 - 4:05PM
Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a dedicated
contract development and manufacturing organization (CDMO) working
to improve patient lives by providing high quality development and
manufacturing services to biotechnology and pharmaceutical
companies, today announced that its Board of Directors has declared
a quarterly cash dividend payment on the Company's 10.50% Series E
Convertible Preferred Stock (the "Series E Preferred Stock").
The quarterly dividend on the Series E Preferred
Stock is payable on April 2, 2018 to holders of record at the close
of business on March 19, 2018.
The quarterly dividend payment on the Series E
Preferred Stock will be $0.65625 per share, which is equivalent to
an annualized 10.50% per share, based on the $25.00 per share
stated liquidation preference, accruing from January 1, 2018
through March 31, 2018. The Series E Preferred Stock is listed on
the NASDAQ Capital Market and trades under the ticker symbol
"CDMOP".
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.
www.avidbio.com
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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