Tustin-based contract manufacturer of pharmaceutical products Avid Bioservices Inc. (Nasdaq: CDMO) appointed Dr. Catherine Mackey as an independent member of the board of directors.
“Dr. Mackey is a widely respected leader with board experience in pharmaceutical research,” interim Chief Executive Rick Hancock said in a statement. “We look forward to the contributions that Dr. Mackey will make to further strengthen the company.”
Mackey comes to Avid with over 30 years of experience in pharmaceuticals, biotechnology, and agricultural industries.
She previously served as senior vice president of Pfizer global research and development. She was also the director of Pfizer’s 1 million-square-foot La Jolla campus that she turned into Pfizer’s main research facility. She led 1,000 employees and a $300 million annual budget to build a robust drug pipeline.
Additionally, Mackey serves as chairman of the board for Cour Pharmaceutical Development Corp. She also has board seats with GW Pharmaceuticals, Poseida, Rady Children’s Hospital, and the Rady Children’s Institute of Genomic Medicine.
More Change
Avid has had an interesting year, to say the least. In the week after Roger Lias unexpectedly departed as chief executive in May, the company’s shares fell 24% to a 52-week low of $3.37.
They rebounded 40% in one day, June 28, after releasing its fourth-quarter results showing its change into pure contract manufacturing was gaining traction.
Revenue guidance for the fiscal year 2020 is set at a range between $64 million and $67 million, which implies a 22% midpoint annual sales increase from $53.6 million in fiscal 2019.
“Through strategic planning and diligent execution, Avid is now in the strongest position in its history and we look forward to the contributions that Dr. Mackey will make to further strengthen the company,” Hancock said in the statement.
Last week, it had a $369 million market cap.
