Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock
March 04 2020 - 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
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 1, 2020 to holders of record at the close
of business on March 16, 2020.
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, 2020
through March 31, 2020. 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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