Avid Bioservices Announces Further Expansion Of Process Development Capacity For Mammalian Cell Business

• New Laboratories Have Potential to Support an Additional $20M in Annual Process Development Revenue, Doubling Current Mammalian Cell Process Development Capacity
• Expansion to Cost Approximately $6M with Completion Anticipated by End of Calendar 2022

Avid Bioservices, Inc. 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 $20M in annual process development revenue, doubling the company’s current process development capacity. The company estimates that this expansion will cost approximately $6M 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. For more information, visit www.avidbio.com.