|Traded as||NASDAQ: CDMO, formerly NASDAQ: PPHM,NASDAQ: PPHMP|
|Industry||Contract manufacturing of biopharmaceuticals|
Avid Bioservices (known as Peregrine Pharmaceuticals, Inc. until January 2018) is a publicly-traded American contract manufacturing organization; it was formerly a biopharmaceutical company with a portfolio of monoclonal antibodies in clinical trials as potential cancer treatments and diagnostic agents. Avid Bioservices had been a subsidiary that generated revenue for parent company's R&D efforts.
History[edit | edit source]
Peregrine was founded in 1981.
In 2002 Peregrine established a wholly owned subsidiary, Avid Bioservices, a contract manufacturing organization that provides cGMP development and biomanufacturing services for both Peregrine and outside customers. In fiscal year 2015 Avid had revenues of about $27 million, about 80% of which came under contract from Halozyme Therapeutics. In the fiscal year 2017 Avid had around $58 million in revenue, with 58% of it from Halozyme.
The company terminated a Phase III trial for its lead candidate, bavituximab in February 2016, after which the shareholders argued over what direction the company should take. People wanting the company to focus on the revenue-generating contract manufacturing business won, and the company appointed a new CEO and chairman, Roger Lias, who had experience in that business, and changed its name to Avid in January 2018.
The company sold its drug assets, bavituximab, 124I-PGN650, and Cotara (131I-chTNT-1/B) to Oncologie Inc. in February 2018.
References[edit | edit source]
- "Press Release Peregrine Pharmaceuticals Announces Name Change to Avid Bioservices as Part of Transition to Dedicated Contract Development and Manufacturing Organization (CDMO)". Peregrine Pharmaceuticals via GlobeNewswire News Room. January 5, 2018.
- "2015 Form 10-K, Peregrine Pharmaceuticals". United States Securities and Exchange Commission.
- Staff, Pharma Live. November 11th, 2011 Global Contract Manufacturing Companies: Pharmaceutical And Biotechnology
- "2017 Form 10-K, Peregrine Pharmaceuticals". United States Securities and Exchange Commission.
- Elvidge, Suzanne (February 13, 2018). "Avid sells off cancer assets, transitioning to CDMO". BioPharma Dive.
- Brennan, Peter J. (December 26, 2017). "Peregrine Names CEO, to Change Name". Orange County Business Journal.
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