Avid Bioservices (CDMO) Announces Proposed Public Offering of Common Stock

Avid Bioservices, Inc. (NASDAQ: CDMO) (NASDAQ: CDMOP), 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 it has commenced an underwritten public offering of its common stock. Avid Bioservices, Inc. also intends to grant the underwriters a 30-day option to purchase from it up to an additional 15% of the shares of common stock offered in the public offering. Avid Bioservices, Inc. intends to use the net proceeds from the offering primarily for the expansion of its manufacturing capabilities and any remainder for general corporate purposes.

RBC Capital Markets is acting as sole book-running manager for the proposed offering. Craig-Hallum Capital Group and Stephens Inc. are acting as co-managers for the proposed offering.

The shares described above are being offered by Avid Bioservices, Inc. pursuant to a shelf registration statement on Form S-3 previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”).

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