Avid Bioservices Inc. (Nasdaq: CDMO) is moving on. It’s bid farewell to its days as immuno-oncology drug developer, including divesting its lead immune-oncology drug, and is growing its position as a pure-play biologics manufacturing business.
It reported revenue of $57.6 million for the 2017 fiscal year ended April 30, up 29% from a year ago. Shares of the company traded at $3.82 each for about a $204 million market cap.
The Irvine-based manufacturer and contract development provider said this month that it signed agreements with three additional customers. Names weren’t disclosed, but the international drug companies work in the areas of cell therapies, respiratory diseases and conditions, and oncology.
It also upgraded infrastructure and equipment at its Orange County headquarters, increasing available process-development laboratory space from 4,100 square feet to over 6,000 square feet, according to Chief Executive Roger Lias.
In January, Avid changed its name from Peregrine Pharmaceuticals, sold its drug development platform and all related research and development assets to Oncologie Inc. for $8 million in upfront payments, and executed a financing round raising approximately $23 million.
Lias said the company is optimistic—the biologics drug market is projected to increase to about $326 billion annually by 2022 and make up more than half of the top 100 drug sales in the world, he said.
Maternal Wellness
Hoag Memorial Hospital Presbyterian is ramping up its women’s health approach with the launch of a maternal mental health program to help new and expecting mothers overcome mental health challenges associated with hormone changes before, during and after pregnancy.
“Women are told the birth of their babies should be the happiest times of their lives. But for many, hormonal changes lead to a cascade of emotions, including depression and feelings of hopelessness,” said Dr. Patricia De Marco Centeno, medical director of the program. She said one in five women experiences maternal depression, “which makes it the leading complication in pregnancy.”
The program stemmed out of collaboration between the hospital’s women’s health institute and the Pickup Family Neurosciences Institute and is supported by donations.
Centeno said “the physical, emotional and social demands surrounding motherhood can impact a woman’s mood,” and her babies’ health.
Depression and anxiety have been associated with complications, such as premature delivery, low birth weight, higher rates of C-section, and higher levels of stress on the newborn, according to the hospital.
Hoag has campuses in Newport Beach and Irvine; Hoag Orthopedic Institute is also in Irvine.
It announced last month that it will soon start construction at its Irvine campus of an 18,000-square-foot, 12 private-suite maternity unit designed to make women feel at home during childbirth.
Hoag Health Center Irvine-Sand Canyon started offering women’s health services in 2016.
Bits & Pieces
San Clemente-based CareTrust REIT Inc.’s Standard & Poor’s rating was upgraded from BB- to B+. The senior housing real estate investment trust acquired 36 skilled nursing facilities last year. It reported revenue of $36.6 million, up nearly 30% year-over-year. Its real estate portfolio is comprised of 185 locations in 22 states. … MemorialCare Long Beach Medical Center and MemorialCare Miller Children’s & Women’s Hospital Long Beach were among 33 California health organizations to receive Magnet recognition for nursing excellence from the American Nurses Credentialing Center. MemorialCare Health System is in Fountain Valley. … The Leapfrog Group, a Washington D.C.-based organization, released its new Hospital Safety Grade report. St. Joseph Hospital in Orange and UCI Health were in the top 30% of hospitals awarded the highest safety standards grade in the U.S. among approximately 2,500 hospitals.
