Avid Bioservices Unveils Completed Mammalian Cell Facilities Expansion Providing Significantly Increased Capacity for Existing and Future Customers
04 April 2023 - 2:05PM
Avid Bioservices, Inc. (NASDAQ:CDMO), 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 completion of two expansions within
the company’s mammalian cell facilities. The company expects that
the first customer for the newly expanded CGMP mammalian cell
suites will begin manufacture this month. To celebrate the launch
of the newly expanded facilities, Avid is today hosting an open
house and tour for existing and prospective clients.
“We are proud to unveil our completed expansions
and excited to kick off the first customer project within our
latest, state-of-the-art mammalian cell manufacturing suites. These
build-outs involved great complexity and required exemplary efforts
from our entire team. I would like to acknowledge the tremendous
work from everyone who played a role in completing these
significant projects on schedule,” said Nick Green, president and
chief executive officer of Avid Bioservices. “This launch could not
be timed any better based on the significant demand we continue to
see for our mammalian cell services, highlighted by significant new
business wins and the largest backlog in the history of the
company.”
The newly expanded manufacturing capacity
includes both upstream and downstream CGMP manufacturing suites and
serves as complement to Avid’s existing Myford facility, providing
increased capacity to address the needs of both existing and future
mammalian cell business customers. The addition of the capacity
provided by the new manufacturing suites within the Myford facility
has the potential to generate approximately an additional $100
million in annual revenue.
In addition to the launch of the newly expanded
Myford facility, Avid also announced the completion of its
mammalian cell process development expansion, which has doubled the
company’s total process development capacity. Now operational,
these new capabilities have the potential to support up to an
additional $25 million in annual process development
revenue.
With the completion of these mammalian cell
capacity expansion projects, Avid’s sole ongoing expansion effort
involves the build-out of its new cell and gene therapy facility
(CGT Facility), which will support early-stage development through
commercial manufacturing. The company has already launched
analytical and process development capabilities at this viral
vector facility and remains on track to launch the CGMP
manufacturing suites by the end of the third quarter of calendar
2023.
Upon completion of the CGT Facility, we estimate
that our combined facilities will have the potential to bring our
total revenue generating capacity to up to approximately $400
million annually.
About Avid Bioservices, Inc.
Avid Bioservices (NASDAQ:CDMO), an S&P
SmallCap 600 company, is a dedicated contract development and
manufacturing organization (CDMO) focused on development and CGMP
manufacturing of biologics. The company provides a comprehensive
range of process development, CGMP clinical and commercial
manufacturing services for the biotechnology and biopharmaceutical
industries. With 30 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
Forward-Looking Statements
Statements 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 that the company may be unable to utilize the
full additional revenue generating capacity of the Myford South
facility and/or the process development laboratory expansions and
the risk that the completion of the cell and gene
therapy facility may be delayed. 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, 2022,
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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