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Avid Bioservices unveils plans to raise US$20mln

The cash injection will help Avid to expand its core contract drug manufacturing business

drug manufacturing plant
Avid bulk manufactures drug substances for some of the world’s leading biopharmas

Avid Bioservices Inc (NASDAQ:CDMO) has unveiled plans to raise just over US$20mln as it looks to expand its contract drug manufacturing business.

The Tustin, California-based company - which bulk produces approved drugs for some of the world’s leading biopharmas - is selling 9mln new shares at US$2.25 each, which should bring in US$20.25mln before expenses.

Avid said it expects to have wrapped up the offering by February 20.

The stock dipped 27.6% to US$2.35 in after-hours trading, reflecting the discount at which the new shares are being issued.

Quick facts: Avid Bioservices Inc

Price: 5.79 USD

NASDAQ:CDMO
Market: NASDAQ
Market Cap: $325.62 m
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