Avid Bioservices Announces Further Expansion of Process Development Capacity for Mammalian Cell Business
13 June 2022 - 10:05PM
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 that the company is further expanding
its process development capacity for its mammalian cell business.
As part of these efforts, Avid is expanding its state-of-the-art
laboratories which could support an additional $20 million in
annual process development revenue, doubling the company’s current
process development capacity. The company estimates that this
expansion will cost approximately $6 million and completion is
anticipated by the end of calendar 2022. This expansion follows
previous investments in increased process development capacity made
in fiscal year 2019 and the most recent addition of high throughput
capabilities in both upstream and downstream processing in fiscal
year 2022.
Process development represents a vital CDMO
function and one through which Avid provides a critical advantage
to customers in both early and late stages of development. This
planned expansion further strengthens the company’s capabilities in
the areas of R&D support, process development, process
characterization and validation, and pilot scale production for a
broad range of mammalian cell-based biotechnology products. The new
suites will further enhance Avid’s ability to develop and deliver
cost-effective, robust, scalable and compliant processes and to
drive efficient and rapid on-boarding of new customer programs
progressing to CGMP manufacturing.
“Avid continues to diligently and strategically
expand our capacity across all segments of our CDMO business in
order to ensure that we are always able to meet the needs of
current and future customers. This latest project will generate
additional upstream and downstream process development capacity at
the front-end of our mammalian cell business, which is critical for
the efficient on-boarding of new customer projects,” said Nick
Green, president and chief executive officer of Avid
Bioservices. “With several expansion projects underway across
various facilities and business segments, we feel that we are well
positioned to take advantage of the increasing demand for
high-quality CDMO services and continue to rapidly grow our
revenue.”
About Avid
Bioservices, Inc.
Avid Bioservices 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 new process development laboratories. 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)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
Avid Bioservices (NASDAQ:CDMOP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Avid Bioservices (NASDAQ:CDMOP)
Historical Stock Chart
From Apr 2023 to Apr 2024