Avid Bioservices Announces Termination of Stockholder Rights Plan
23 September 2019 - 10:05PM
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
services to biotechnology and pharmaceutical companies, today
announced that its Board of Directors has voted to accelerate the
expiration of the Company's Stockholder Rights Plan (often referred
to as a “poison pill”). Stockholders do not have to take any action
as a result of this expiration.
Joseph Carleone, Ph.D., Avid’s Chairman of the
Board said, “Since its reconstitution in November 2017, the Board
has been continuously seeking to enhance our corporate governance
practices and improve long-term stockholder value. In connection
with these efforts, the Board recently evaluated the effectiveness
of, and the need for, a stockholder rights plan, sometimes called a
‘poison pill,’ and has determined that the rights plan is
unnecessary at this time. This action aligns us more closely with
the governance guidelines offered by ISS and Glass Lewis.”
The action of the Board of Directors accelerated
the expiration date of the Company’s current Stockholder Rights
Plan to September 23, 2019. The rights plan had been originally due
to expire on March 16, 2021. In taking this action, the Board
reserved the right to take any future action that it determines in
the exercise of its fiduciary duties to be necessary or advisable
in order to protect the interests of stockholders.
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
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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