Avid Bioservices Declares Quarterly Dividend on Its Series E Convertible Preferred Stock
June 03 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
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 1, 2020 to holders of record at the close
of business on June 15, 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 April 1, 2020 through
June 30, 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 over 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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