Tustin-based Avid BioServices Inc. (Nasdaq: CDMO), a contract manufacturer of biopharmaceuticals, named Richard Richeiri as its new chief operations officer, effective immediately.
Richeiri has 25 years of industry experience including a prior 15-year stint when the company was called Peregrine Pharmaceuticals and he was president of manufacturing.
“Rich’s extensive history with the company, combined with his more recent experience working with a wide range of innovator companies and international biologics CDMOs, represents a unique, highly specialized skill set that will be extremely valuable to Avid’s growth and development,” interim Chief Executive Rick Hancock said in a statement.
Earlier this week Avid announced the expansion of its facilities and held an open house for tour of the lab and offices.
Shares of Avid fell 2% to $5.20 in midday trading and a $292 million market cap.
