Peregrine Pharmaceuticals Announces Appointment of Patrick Walsh to Board of Directors of Peregrine and Avid Bioservices
24 October 2017 - 11:05PM
Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) (NASDAQ:PPHMP), a
company focused on helping improve patient lives by providing high
quality biologics manufacturing services to biotechnology and
pharmaceutical companies, today announced the appointment of
Patrick Walsh as an independent member of the board of directors of
both Peregrine and Avid Bioservices, the company’s wholly-owned
contract development and manufacturing organization (CDMO)
subsidiary. Mr. Walsh’s record of leading successful,
high-growth CDMOs is well-documented in the industry and he has
also led complex laboratory and pharmaceutical manufacturing
operations including parenteral and active pharmaceutical
ingredients (API) on a global scale.
“We are thrilled to add an individual with
Patrick’s industry expertise and impressive track record of success
to the Peregrine and Avid boards. The industry insight and
knowledge that he has accumulated throughout his years of serving
on the senior management teams of successful CDMOs, will prove
invaluable as we continue to expand and enhance our CDMO business,”
said Steven W. King, president and chief executive officer of
Peregrine. “Since early September, we have made great progress in
our stated goal of hiring a dedicated president focused on the CDMO
business and expanding our board of directors with individuals with
high quality CDMO industry experience. We believe that these
key appointments strongly position our CDMO business to continue
its growth and capture a more significant portion of the rapidly
expanding business opportunities in this industry.”
Mr. Walsh currently serves as chief executive
officer of Avista Pharma Solutions, a high-growth CDMO with over
220,000 square feet of facility space that provides pharmaceutical
clients with a full suite of service offerings including
analytical, microbiology, API, formulation, drug substance &
drug product manufacturing expertise and capabilities. Prior
to joining Avista Pharma, he was chief executive officer of
AAIPharma Services, a private-equity backed CDMO at which he led a
successful growth strategy culminating in the company’s sale for
more than 4.5 times return on invested capital. Mr. Walsh
also held the positions of president and chief operating officer of
Gensia-Sicor, during which time he led the company’s commercial
growth strategy, culminating in the eventual sale to Teva for $3.4
billion. Prior to Gensia, he spent 10 years in a global
pharmaceutical company culminating in leading the U.S. and
international business of a leading Japanese pharma company. Mr.
Walsh has served on pharma boards as chairman, non-executive
chairman and company director, as well as an executive advisor to
private equity and venture capital firms. He currently serves
on the board of Avista Pharma, which is backed by private-equity
firm Ampersand Capital Partners.
“This is an advantageous time for CDMOs with the
appropriate combination of leadership, technical capabilities, and
scale to capitalize on the dramatically increasing demand within
the industry. With it’s single-use, fully disposable
manufacturing technologies and proven regulatory track record, Avid
is well positioned to seize this opportunity,” said Mr. Walsh. “I
am pleased to serve the company in its goal to capitalize on this
dynamic and growing market opportunity.”
Avid Bioservices was established out of
Peregrine’s internal biologics manufacturing and development
capabilities and began formal operations in January 2002. The
company has grown from an internal support operation to a full
service CDMO that manufactures bulk drug substance for products
that are approved and marketed in over 18 countries by leading
biopharma companies. Avid was recently recognized as a leading CDMO
by Life Science Leader as a recipient of multiple 2017 Contract
Manufacturing Leadership Awards for Quality, Reliability,
Capabilities, Expertise and Compatibility. The company has an
outstanding regulatory inspection history and state-of-the-art cGMP
manufacturing facilities.
About Peregrine Pharmaceuticals,
Inc.Peregrine Pharmaceuticals, Inc. is a company
transitioning from an R&D focused business to a pure play
contract development and manufacturing organization (CDMO).
Peregrine's in-house CDMO services, including cGMP manufacturing
and development capabilities, are provided through its wholly-owned
subsidiary Avid Bioservices, Inc. (www.avidbio.com).
The company is pursuing to license or sell its
proprietary R&D assets, including its lead immunotherapy
candidate, bavituximab, which is currently being evaluated in
clinical trials in combination with immune stimulating therapies
for the treatment of various cancers. For more information,
please visit www.peregrineinc.com.
About Avid Bioservices,
Inc.Avid Bioservices, a wholly owned subsidiary of
Peregrine Pharmaceuticals, provides a comprehensive range of
process development, high quality cGMP clinical and commercial
manufacturing services for the biotechnology and biopharmaceutical
industries. With over 20 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. For more information about Avid, please
visit www.avidbio.com.
Important Additional
Information Peregrine intends to file a proxy statement
with the Securities and Exchange Commission (SEC) in connection
with the solicitation of proxies for Peregrine's 2017 Annual
Meeting (Proxy Statement) with an associated WHITE proxy card.
Peregrine, its directors and certain of its executive officers will
be participants in the solicitation of proxies from stockholders in
respect of the 2017 Annual Meeting. Information regarding the names
of Peregrine's directors and executive officers and their
respective interests in Peregrine by security holdings or otherwise
is set forth in the Annual Report on Form 10-K of Peregrine, for
the fiscal year ended April 30, 2017, filed with the SEC on July
14, 2017, and Peregrine's proxy statement for the 2016 Annual
Meeting, filed with the SEC on August 26, 2016. To the extent
holdings of such participants in Peregrine's securities are not
reported, or have changed since the amounts described, in the 2016
proxy statement, such changes have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 filed with the SEC. Details
concerning the nominees of Peregrine's Board of Directors for
election at the 2017 Annual Meeting will be included in the Proxy
Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT
DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE
COMPANY'S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
stockholders will be able to obtain a copy of the definitive proxy
statement and other documents filed by Peregrine free of charge
from the SEC's website, www.sec.gov. Peregrine's stockholders will
also be able to obtain, without charge, a copy of the definitive
Proxy Statement and other relevant filed documents by directing a
request by mail to Peregrine, Corporate Secretary's Office, 14282
Franklin Avenue, Tustin, CA 92780, by calling Peregrine's proxy
solicitor, MacKenzie Partners, Inc., toll-free at (800) 322-2885,
or from Peregrine's website at www.Peregrine.com.
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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