Avid Bioservices Provides Update on Ongoing Expansion of Process Development Capabilities and Laboratory Infrastructure
April 24 2018 - 8:05AM
Enhancements Support New Customer Acquisition
Efforts, Highlighted by Recent Signing of Three New Process
Development and Manufacturing Agreements
Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a
dedicated 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 provided an update on the company’s
ongoing efforts to expand and optimize its process development
capabilities and laboratory space within its CDMO campus in Orange
County, California. Avid has successfully commenced these
efforts which include expanding its total available process
development laboratory space to more than 6,000 square feet,
upgrading the infrastructure and equipment within its existing
process development laboratories, and implementing new
state-of-the-art technologies and equipment designed to facilitate
efficient, high-throughput development of innovative upstream and
downstream manufacturing processes. The company is
strategically conducting this work in phases to avoid disruption to
current customer programs, with the first new laboratories expected
to be operational during the third quarter of calendar 2018.
Process development represents a vital CDMO
function and one through which Avid provides a critical competitive
advantage to customers in both early and late stages of
development. Importantly, the planned improvements are
designed to accelerate the company’s creation and delivery of
cost-effective, robust, scalable and compliant processes and to
drive efficient and rapid “on-boarding” of new customer programs
progressing to manufacturing. Additionally, these
enhancements will directly improve Avid’s cell line development
capabilities, supporting the ongoing evaluation and optimization of
the company’s novel CHO-based expression system, which is expected
to provide further unique benefits to its customers.
Avid is committed to strengthening its position
as one of the CDMO industry’s process development leaders to
further support its new customer acquisition efforts. In
recent weeks, the company has signed new agreements with three
additional undisclosed international drug development companies,
which are focused on Avid providing process development and
manufacturing services to support the rapid advancement of each
company’s novel biologic candidate into clinical development.
The drug candidates involved in these agreements are being
developed for application in certain cell therapy, respiratory and
oncology indications. Avid has already commenced work on each
of these projects. With these recent agreements, the company
has now executed Master Service Agreements with four new clients in
calendar 2018, as compared with four similar agreements during the
entire 2017 calendar year.
“We are proud of our 25-year history of
expertise in developing and manufacturing biologics and remain
committed to continuing to serve as a leader in this space by
developing, implementing and operating state-of-the-art
manufacturing processes. By increasing focus on process
development, we are aligning with market needs and requirements for
clients ranging from emerging biotechs to multinational
pharmaceutical companies and creating a strong pipeline of future
additional manufacturing opportunities,” said Roger Lias, Ph.D.,
Avid’s president and chief executive officer. “These ongoing
enhancements will provide essential additional support for our
business development efforts which continue to operate under the
dual strategy of capturing early-stage customers, which are
immediately revenue generating, as well as larger, late-stage
programs. Calendar year 2018 is off to an excellent start
with regard to growing and diversifying our customer base. In
just a few months, we have already matched the total new client
wins for all of calendar 2017, and we are continuing to work to
convert a strong pipeline of additional opportunities.”
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
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. The forward-looking
statements involve risks and uncertainties including, but not
limited to, the risk the company may experience delays in engaging
new clients, the risk that the company may experience technical
difficulties in processing customer orders which could delay
delivery of products to customers, revenue recognition and receipt
of payment or the loss of the customer, the risk that one or more
existing customers terminates its contract prior to completion or
reduces or delays its demand for development or manufacturing
services, the risk that the company may experience delays in
completing the expansion of its process development capabilities
and laboratory infrastructure. 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) |
Tim Brons (Media) |
Vida Strategic
Partners |
Vida Strategic
Partners |
415-675-7401 |
415-675-7402 |
sdiaz@vidasp.com |
tbrons@vidasp.com |
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