Avid Bioservices Announces Official Opening of Second Downstream Processing Suite Within Myford North Facility
11 January 2022 - 12:05AM
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 official opening of the second
downstream processing suite within the company’s existing Myford
North facility. This new downstream processing suite was
constructed as the first phase of the company’s two-part Myford
facility expansion. Avid has completed its validation of equipment
and is now actively scheduling new business into the suite.
“We are pleased to announce the official opening
of our recently constructed second downstream processing suite
within our state-of-the-art Myford facility. With this milestone,
we now have two fully operational downstream processing suites
within Myford North, significantly increasing the facility’s
capacity and revenue-generating capability,” stated Nick Green,
president and chief executive officer of Avid Bioservices. “We’re
excited that we will begin work on our first customer project in
this newly operational suite in the coming month and look forward
to delivering those customers the same reliable, high-quality
services that our customers have come to expect from Avid. At the
same time, we are continuing to make excellent progress on the
second phase of our Myford facility expansion, as well as planning
efforts for the construction of our recently announced viral vector
facility.”
The second phase of Avid’s Myford facility
expansion, for which construction has been initiated, is
designed to further expand capacity through the build out of a
second manufacturing train, including both upstream and downstream
processing suites within Myford South. Combined, the
company estimates that the first and second phases of its
Myford expansion will result in a total
revenue generating capacity of up to approximately $270
million for the mammalian cell business annually. Avid also
recently announced plans for a strategic expansion into the cell
and gene therapy market through the construction of a world-class,
purpose-built 53,000 square foot viral vector development and CGMP
manufacturing facility. It is anticipated that total annual revenue
generating capacity will increase to approximately $350 million
with the addition of the viral vector business.
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 28 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,
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 involve risks and uncertainties including, but not
limited to, the risk that the company may experience delays in the
construction of the second phase of the Myford facility and/or
viral vector facility. 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, 2021 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) |
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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