Avid Bioservices Announces Pricing of Public Offering of Common Stock
February 15 2018 - 5:00AM
Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP) today announced
the pricing of an underwritten public offering of 9,000,000 shares
of its common stock at a price to the public of $2.25 per share.
The gross proceeds from this offering are expected to be
$20,250,000, before deducting underwriting discounts and
commissions and estimated offering expenses payable by Avid
Bioservices. The offering is expected to close on or about February
20, 2018, subject to customary closing conditions. Avid Bioservices
has also granted the underwriters a 30-day option to purchase up to
1,350,000 additional shares of its common stock at the public
offering price, less the underwriting discounts and commissions.
Avid Bioservices intends to use the net proceeds from the offering
for the expansion of its contract manufacturing business and
general corporate purposes.
Wells Fargo Securities is acting as sole
book-running manager. H.C. Wainwright & Co. and Roth Capital
Partners are acting as co-managers.
The shares described above are being offered by
us pursuant to a shelf registration statement on Form S-3
previously filed with and subsequently declared effective by the
Securities and Exchange Commission (“SEC”). A preliminary
prospectus supplement relating to the offering has also been filed
with the SEC and is available on the SEC’s website at
http://www.sec.gov. Copies of the preliminary prospectus supplement
and accompanying base prospectus relating to this offering may be
obtained from Wells Fargo Securities, LLC, Attention: Equity
Syndicate Department, 375 Park Avenue, New York, New York 10152, or
by email at cmclientsupport@wellsfargo.com, or by telephone at
(800) 326-5897.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any offer, sale or
solicitation of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful.
About Avid Bioservices, Inc.
Avid Bioservices is a contract development and manufacturing
organization (CDMO) focused on development and manufacturing of
biopharmaceutical products derived from mammalian cell culture. The
company provides process development, clinical and commercial
manufacturing services for the biotechnology and biopharmaceutical
industries.
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. These forward-looking
statements include statements regarding the expected closing of the
offering and the intended use of the net proceeds from the
offering, and involve risks and uncertainties. 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, 2017 and subsequent quarterly reports on Form
10-Q, 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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