Avid Bioservices Announces Completion of Redemption of Series E Convertible Preferred Stock
April 15 2021 - 4:05PM
Avid Bioservices, Inc. (NASDAQ: CDMO) (the “company”), 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 completed the
redemption of all of the company’s outstanding 10.50% Series E
Convertible Preferred Stock (“Series E Preferred Stock”) as of
April 12, 2021 (the “Redemption Date”).
In a press release dated March 10, 2021, the
company announced its intention to utilize a portion of the
proceeds from its recent offering of exchangeable senior notes to
redeem all of the company’s outstanding Series E Preferred Stock.
Each share of Series E Preferred Stock was redeemed at a redemption
price equal to the liquidation amount of $25.00 per share plus
accrued and unpaid dividends per share up to, but excluding, the
Redemption Date. As a result of the completed redemption, the
Series E Preferred Stock is no longer outstanding nor listed as
CDMOP on the NASDAQ Stock Market.
About Avid Bioservices,
Inc.Avid Bioservices 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 28 years of
experience producing monoclonal antibodies and recombinant
proteins, Avid'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
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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