Files Definitive Proxy Statement and Mails Letter to StockholdersTUSTIN, Calif., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or 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 commenced mailing definitive proxy materials and a letter to stockholders in ...

Financial Performance - Revenues for the second fiscal quarter ended October 31, 2024, were $33.5 million, an increase of 32% or $8.1 million compared to the same period in the prior year[119] - Revenues for the six months ended October 31, 2024, were $73.7 million, an increase of approximately $10.5 million, or 17%, compared to $63.1 million for the same period in 2023[142] - Gross loss for the three months ended October 31, 2024, was $2.0 million, improving from a gross loss of $4.7 million in the same period last year[134] - Gross profit for the six months ended October 31, 2024, was $3.7 million, representing a 5% gross margin, compared to a gross loss of $0.6 million (negative 1% gross margin) for the same period in the prior year[143] - Operating loss for the three months ended October 31, 2024, was $12.6 million, compared to an operating loss of $11.2 million in the same period last year[136] - Operating loss for the six months ended October 31, 2024, was $15.1 million, an increase of $1.7 million compared to a loss of $13.4 million in the same period in 2023[146] - Interest expense increased to $3.3 million for the three months ended October 31, 2024, up approximately $2.4 million from the prior year[137] - Interest expense rose to $5.7 million for the six months ended October 31, 2024, compared to $1.7 million for the same period in the prior year, reflecting an increase of approximately $4.1 million[147] - Other income (expense), net, was an expense of $1.5 million for the three months ended October 31, 2024, compared to income of $0.1 million in the same period last year[138] - Other income (expense), net, was an expense of $2.1 million for the six months ended October 31, 2024, compared to income of $0.4 million for the same period in the prior year, a decrease of $2.5 million[148] - The company recorded no income tax benefit for the three months ended October 31, 2024, compared to a tax benefit of $2.4 million in the same prior year period[139] Backlog and Future Revenue - The company ended the quarter with a backlog of approximately $220 million, up from approximately $199 million at the end of the same quarter in fiscal 2024[119] - As of October 31, 2024, the company's backlog was approximately $220 million, an increase from approximately $193 million as of April 30, 2024[171] - The company anticipates a significant portion of its backlog will be recognized as revenue over the next five fiscal quarters, but it is subject to risks such as customer cancellations and supply chain delays[171] Expenses and Costs - Selling, general and administrative (SG&A) expenses increased to $10.6 million, a rise of 61% or $4.0 million compared to the prior year[135] - SG&A expenses increased to $18.8 million for the six months ended October 31, 2024, up $5.9 million, or 46%, from $12.8 million in the prior year[144] Cash and Capital Expenditures - As of October 31, 2024, the company had cash and cash equivalents of $33.4 million, which is expected to be sufficient to fund operations for at least the next 12 months[151] - Net cash provided by operating activities for the six months ended October 31, 2024, was $314,000, a decrease of $5.7 million compared to $6.0 million for the same period in 2023[154] - The company anticipates capital expenditures of approximately $5 million to $7 million during fiscal 2025[164] Merger Agreement - The company entered into a Merger Agreement on November 6, 2024, with Space Finco, Inc., which will result in the company becoming a wholly owned subsidiary[120] - On November 6, 2024, the company entered into a Merger Agreement, which includes customary covenants regarding the conduct of its business prior to the closing of the Merger[165] - The company may terminate the Merger Agreement if the Merger is not consummated by May 6, 2025, with a possible extension to November 6, 2025[167] Accounting Policies and Market Risks - There were no significant changes in the company's critical accounting policies during the six months ended October 31, 2024[168] - The company has made estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses based on historical experience[168] - There were no material changes in the market risks described in the company's Annual Report on Form 10-K during the six months ended October 31, 2024[172] Growth Strategy - The company aims to increase its operating profit margin to best-in-class within the industry as part of its growth strategy[117]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Title of each Class Trading Symbol Name of each exchange on which registered Common Stock, $0.001 par value per share CDMO The NASDAQ Stock Market LLC FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 10, 2024 AVID BIOSERVICES, INC. (Exact name of registrant as specified in its charter) Delaware 001-32839 95-3698422 (State of other juri ...

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Dublin, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The "Semi-Solid Dosage CDMO Market Size, Share & Trends Analysis by Route of Administration (Topical, Transdermal, Others), Product, Service, End-use, and Country, 2024-2030" report has been added to ResearchAndMarkets.com's offering.The global semi-solid Dosage CDMO market is expected to reach USD 67.4 billion by 2030, and anticipated to grow at a CAGR of 11.80% from 2024 to 2030. The global semi-solid dosage CDMO market size is being driven by the growing trend t ...

NEW YORK, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Avid Bioservices, Inc. (NASDAQ: CDMO), relating to its proposed acquisition by GHO Capital Partners and Ampersand Capital Partners. Under the terms of the agreement, GHO and Ampersand wou ...

NEW YORK, Nov. 7, 2024 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Avid Bioservices, Inc. (NASDAQ: CDMO) and its board of directors concerning the proposed acquisition of the company by GHO Capital Partners LLP and Ampersand Capital Partners. Stockholders will receive $12.50 for each share of Avid Bioservices stock that they hold. The transaction is valued at approximately $1.1 billion and is expected to close in the first quarter of 2025.If you are a stockholder ...

MONSEY, New York, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Avid Bioservices (Nasdaq: CDMO) (“Avid”) to GHO Capital Partners (“GHO”) and Ampersand Capital Partners (“Ampersand”) for $12.50 per share in cash. The sale price is below the price target for Avid of $14.00 per share of Wall Street analyst Paul Knight of KeyBanc (source: TipRanks). If you remain an Avid shareholder and question the fairness of the price, you may cont ...

JERUSALEM, Oct. 31, 2024 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI), a biopharmaceutical company specializing in inflammation and immunology (I&I) biological products and providing CDMO services through its Scinai Bioservices unit, today announced that it will be showcasing its innovative I&I product pipeline in partnership meetings and exhibiting its CDMO services at the BIO-Europe 2024 conference, taking place November 4-6 in Stockholm, Sweden.Scinai's CEO, Mr. Amir Reichman, and CTO, D ...

TUSTIN, Calif., Sept. 12, 2024 (GLOBE NEWSWIRE) -- 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 that the company will participate in the upcoming Craig-Hallum Bioprocessing Conference. Nick Green, president and chief executive officer, and Pramthesh Patel, Ph.D., vice preside ...