TUSTIN, CA--(Marketwire - December 13, 2012) - Avid Bioservices, Inc, a contract manufacturing organization (CMO) focused on the process development and manufacturing of monoclonal antibodies, proteins and enzymes, today announced that its demand for services has reached an all-time high, while projected revenue for its current fiscal year ending April 2013 is expected to surpass $18 million, a 20% increase from the previous fiscal year.
"We have seen tremendous growth in the demand for services at Avid, based on both the success of our clients and the continued commitment to excellence by our dedicated team," said Steven W. King, president of Avid Bioservices. "We are strategically reinvesting some of these financial resources back into the business to further increase manufacturing throughput, reduce manufacturing risks and ensure continued reliability with redundant systems."
Strategic investments in the manufacturing infrastructure and systems are geared toward meeting the anticipated needs of Avid's clients and Peregrine's advancing pipeline, including the potential commercialization of bavituximab and Cotara. Within the last quarter, Avid has enhanced its Reverse Osmosis Deionized (RODI) and Water for Injection (WFI) systems which resulted in a 450% increase in water capacity, allowing for generation of sufficient water to support the anticipated increase in production.
"This rollout of recent facility enhancements, as well as the plans for the next phases, requires timely, accurate and strategic execution across the organization. In completing this first phase ahead of schedule, teams from across the company worked together in unison to seamlessly implement these upgrades, while concurrently maintaining scheduled production, a reflection on the expertise and teamwork that we continually provide our clients," said Jeff Masten, vice president of quality for Avid Bioservices. "The level of detail, planning and dedication to 'right first time' execution was required to meet the aggressive milestones. The team continues to drive improvement projects like this to completion, for our clients and we pride ourselves on being a CMO that clients can rely on for high quality GMP compliant material for the patients they serve. Our manufacturing expertise and commitment to quality enables our clients to achieve their program goals, on time, every time."
In addition, during the last quarter, Avid secured a contract with Advanced BioScience Laboratories, Inc. (ABL) to provide development and large-scale manufacturing services to support cGMP production of an HIV envelope protein, as a component of a preventive vaccine against HIV infection. Avid is providing services from process verification and assay development, through to development of a robust and compliant process for large-scale manufacturing, in order to support cGMP production of the gp145 HIV envelope protein.
About Avid Bioservices
Avid Bioservices provides a comprehensive range of high quality cGMP manufacturing services for the biotechnology and biopharmaceutical industries to support manufacturing of cGMP commercial and clinical products. With over 10 years of experience producing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid's services include stability testing, clinical and commercial product manufacturing, purification, bulk packaging, final product filling and regulatory strategy, submission and support. The company also provides a variety of process development activities, including cell line optimization, analytical methods development and product characterization. For more information about Avid, please visit www.avidbio.com.
Safe Harbor Statement: 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 Avid's revenue growth may slow or decline, the risk that Avid may experience technical difficulties in processing customer orders which could delay delivery of products to customers and receipt of payment, and the risk that one or more existing Avid customers, including those with committed manufacturing or representing its backlog, terminates its contract prior to completion. It is important to note that the Avid's actual results could differ materially from those in any such forward-looking statements. Avid's business could be affected by a number of factors, including the risk factors listed from time to time in the Peregrine Pharmaceuticals, Inc.'s SEC reports including, but not limited to, its annual report on Form 10-K for the fiscal year ended April 30, 2012 and quarterly report on Form 10-Q for the quarter ended October 31, 2012. Avid cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Avid disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.