Avid Bioservices Announces Proposed Public Offering of Common Stock
December 09 2020 - 4:45PM
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 commenced an
underwritten public offering of its common stock. Avid Bioservices,
Inc. also intends to grant the underwriters a 30-day option to
purchase from it up to an additional 15% of the shares of common
stock offered in the public offering. Avid Bioservices, Inc.
intends to use the net proceeds from the offering primarily for the
expansion of its manufacturing capabilities and any remainder for
general corporate purposes.
RBC Capital Markets is acting as sole
book-running manager for the proposed offering. Craig-Hallum
Capital Group and Stephens Inc. are acting as co-managers for the
proposed offering.
The shares described above are being offered by
Avid Bioservices, Inc. 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 RBC Capital Markets, LLC, Attn: Equity Capital
Markets, 200 Vesey Street, New York, NY 10281, by telephone at
877-822-4089 or by email at equityprospectus@rbccm.com,
Craig-Hallum Capital Group LLC, Attn: Equity Capital Markets, 222
South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone
at (612) 334-6300 or by e-mail at prospectus@chlm.com or from
Stephens Inc., Attn: Equity Syndicate, 111 Center Street Little
Rock, AR 72201, by telephone at (501) 377-2000 or by email at
prospectus@stephens.com.
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, Inc. is a dedicated contract
development and manufacturing organization (CDMO) focused on
development and CGMP manufacturing of biopharmaceutical drug
substances derived from mammalian cell culture. The company
provides a comprehensive range of process development, CGMP
clinical and commercial manufacturing services for the
biotechnology and biopharmaceutical industries. With 27 years of
experience producing monoclonal antibodies and recombinant
proteins, Avid Bioservices, Inc.'s services include CGMP clinical
and commercial drug substance manufacturing, bulk packaging,
release and stability testing and regulatory submissions support.
For early-stage programs the company provides a variety of process
development activities, including upstream and downstream
development and optimization, analytical methods development,
testing and characterization. The scope of our services ranges from
standalone process development projects to full development and
manufacturing programs through commercialization.
www.avidbio.com.
Forward-Looking
StatementsStatements in this press release which are not
purely historical, including statements regarding Avid Bioservices,
Inc.'s 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 proposed 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, 2020 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
Avid Bioservices (NASDAQ:CDMO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Avid Bioservices (NASDAQ:CDMO)
Historical Stock Chart
From Sep 2023 to Sep 2024