Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock
June 06 2018 - 4:05PM
Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a dedicated
biologics 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 July 2, 2018 to holders of record at the close
of business on June 18, 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 April 1, 2018 through
June 30, 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 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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