Avid Bioservices Reaffirms Fiscal 2019 Guidance and Announces Upcoming Conference Participation
May 09 2019 - 8:05AM
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 reaffirmed its earnings guidance
for the fiscal year ended April 30, 2019. As stated in Avid’s
Q3 earnings release dated March 11, 2019, the company expects to
end the fiscal year within the lower half of its revenue guidance
of $51 million - $55 million.
Avid also announced today that company
management will participate in the following May and June
conferences:
- UBS Global Healthcare ConferenceDates:
May 20 – 22, 2019Location: Grand Hyatt, New York, NY
- 2019 BIO International ConventionDates:
June 3 – 6, 2019Location: Pennsylvania Convention Center,
Philadelphia, PA
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
Forward-Looking
StatementsStatements in this press release, which are not
purely historical, including statements regarding Avid Bioservices'
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. The forward-looking
statements involve risks and uncertainties including, but not
limited to, the risk the company may not achieve cash flow or
EBITDA positive, the risk the company may experience delays in
engaging new clients, the risk that the company may not be
successful in executing client projects, the risk that the company
may experience technical difficulties in completing client projects
which could delay delivery of products to customers, revenue
recognition and receipt of payment or the loss of the customer, the
risk that one or more existing customers terminates its contract
prior to completion or reduces or delays its demand for development
or manufacturing services, and the risk that the company may need
to use the majority of its cash to fund operations, thereby
delaying the in-process upgrades to its process development
capabilities and contemplated expansion plans. 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,
2018, 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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