Avid Bioservices Enters into Contract Manufacturing Agreements with New and Existing Customers
July 08 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 announced that it has signed two
new contract manufacturing service agreements to support the
development of novel drug candidates. The agreements include
the addition of one the world’s top ten pharmaceutical companies by
revenue to Avid’s growing list of customers, as well as the
expansion of the relationship with one of the company’s existing
biotechnology customers.
Under terms of the first agreement, Avid will
provide process transfer and clinical manufacturing services to the
large pharmaceutical company to support development of a novel
therapeutic candidate. Avid and its client will immediately
commence process transfer of cell line and bench scale information
for the program, followed by initiation of 2000 liter CGMP clinical
manufacture of the compound.
Additionally, Avid has signed a new agreement
with an existing biotechnology customer to provide process
development and clinical manufacturing services to support
development of a novel drug candidate. This represents the
fourth separate compound for which Avid has been awarded the
contract manufacturing business by this existing biotechnology
client. This project will commence immediately with process
development activities which will support the initiation of 200
liter CGMP clinical manufacture of the compound.
“These two new manufacturing contracts represent
key business development successes which serve to maintain the
momentum we have established at Avid toward our dual goals of
revenue growth and customer base diversification. Importantly, we
have established a high-value relationship with one of the world’s
largest pharmaceutical companies, while continuing the expansion of
one of our key existing client relationships,” said Rick Hancock,
interim president and chief executive officer of Avid. “Taken
together, the signing of these agreements highlights the ability of
Avid to leverage our CDMO expertise and track record of success to
meet the varying needs of drug developers of all types and
sizes. We are pleased to be trusted with the responsibility
of delivering exceptional contract manufacturing services to these
clients and look forward to long, productive relationships with
both companies.”
In winning these projects, Avid was selected
from a competitive field of internationally recognized contract
development and manufacturing organizations.
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
Partners415-675-7401sdiaz@vidasp.com |
Tim Brons (Media)Vida Strategic
Partners415-675-7402tbrons@vidasp.com |
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