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Wednesday, Jun 29, 2022

Avid Names Ex-Exec as COO

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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.

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