Avid Bioservices Announces Closing of Public Offering of Common Stock
14 Dezember 2020 - 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
development and manufacturing services to biotechnology and
pharmaceutical companies, today announced the closing of its
previously announced underwritten public offering of 3,833,335
shares of its common stock, including 500,000 shares sold pursuant
to the underwriters’ exercise of their option to purchase
additional shares. The offering price was $9.00 per share, and the
gross proceeds from the offering were approximately $34.5 million,
before deducting underwriting discounts and commissions and
estimated offering expenses. 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 acted as sole book-running
manager for the offering. Craig-Hallum Capital Group and Stephens
Inc. acted as co-managers for the offering.
The shares described above were 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 final
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 final 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 Statements
Statements 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 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
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