Avid Bioservices (NASDAQ: CDMO), a contract development and manufacturing organization, recently announced that it has successfully closed an underwritten public offering of 10,294,445 shares of its common stock, which includes the sale of 1,294,445 shares pursuant to the partial exercise of the over-allotment option granted to the underwriters. The shares were sold at a price of $2.25 per share, resulting in gross proceeds of $23,162,501, before deducting underwriting discounts and commissions and estimated offering expenses payable by Avid Bioservices. The company plans to use the proceeds from the offering for the expansion of its contract manufacturing business and general corporate purposes.
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About Avid Bioservices, Inc.
Avid Bioservices is a contract development and manufacturing organization (CDMO) focused on development and manufacturing of biopharmaceutical products derived from mammalian cell culture. The company provides process development, clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. For more information, visit the company’s website at www.avidbio.com.
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