TUSTIN, Calif., Feb. 20, 2018 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP) today announced the
closing of its previously announced underwritten public offering of 10,294,445 shares of its common stock, including 1,294,445
shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares. The offering price was
$2.25 per share, and the gross proceeds from the offering were $23,162,501, before deducting underwriting discounts and commissions
and estimated offering expenses payable by Avid Bioservices. Avid Bioservices intends to use the net proceeds from the
offering for the expansion of its contract manufacturing business and general corporate purposes.
Wells Fargo Securities acted as sole book-running manager. H.C. Wainwright & Co. and Roth Capital Partners
acted as co-managers.
The shares described above were offered pursuant to a shelf registration statement on Form S-3 previously filed
with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A final prospectus supplement
relating to the offering has also been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies
of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by email at
cmclientsupport@wellsfargo.com, or by telephone at (800) 326-5897.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the
securities described herein, nor shall there be any offer, sale or solicitation of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful.
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.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding Avid Bioservices'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 include
statements regarding the intended use of the net proceeds from the offering, and involve risks and uncertainties. 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, 2017 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