Avid Bioservices Announces Completion of Facility Upgrades in

Avid Bioservices Announces Completion of Facility Upgrades in
Response to Increased Demand for Its Contract Manufacturing Services 
Company Expects 20% Growth in Contract Manufacturing Revenue to Over
$18 Million for Current Fiscal Year; Back-Log for Future
Manufacturing Services Currently Exceeds $30 Million Covering
Services to Be Delivered Through Fiscal Year 2014; High Purity Water
Systems Upgrades Significantly Increase Production to Support Growth
in Manufacturing Demand 
TUSTIN, CA -- (Marketwire) -- 12/13/12 --  Avid Bioservices, Inc, a
contract manufacturing organization (CMO) focused on the process
development and manufacturing of monoclonal antibodies, proteins and
enzymes, today announced that its demand for services has reached an
all-time high, while projected revenue for its current fiscal year
ending April 2013 is expected to surpass $18 million, a 20% increase
from the previous fiscal year. 
"We have seen tremendous growth in the demand for services at Avid,
based on both the success of our clients and the continued commitment
to excellence by our dedicated team," said Steven W. King, president
of Avid Bioservices. "We are strategically reinvesting some of these
financial resources back into the business to further increase
manufacturing throughput, reduce manufacturing risks and ensure
continued reliability with redundant systems." 
Strategic investments in the manufacturing infrastructure and systems
are geared toward meeting the anticipated needs of Avid's clients and
Peregrine's advancing pipeline, including the potential
commercialization of bavituximab and Cotara. Within the last quarter,
Avid has enhanced its Reverse Osmosis Deionized (RODI) and Water for
Injection (WFI) systems which resulted in a 450% increase in water
capacity, allowing for generation of sufficient water to support the
anticipated increase in production. 
"This rollout of recent facility enhancements, as well as the plans
for the next phases, requires timely, accurate and strategic
execution across the organization. In completing this first phase
ahead of schedule, teams from across the company worked together in
unison to seamlessly implement these upgrades, while concurrently
maintaining scheduled production, a reflection on the expertise and
teamwork that we continually pro
vide our clients," said Jeff Masten,
vice president of quality for Avid Bioservices. "The level of detail,
planning and dedication to 'right first time' execution was required
to meet the aggressive milestones. The team continues to drive
improvement projects like this to completion, for our clients and we
pride ourselves on being a CMO that clients can rely on for high
quality GMP compliant material for the patients they serve. Our
manufacturing expertise and commitment to quality enables our clients
to achieve their program goals, on time, every time."  
In addition, during the last quarter, Avid secured a contract with
Advanced BioScience Laboratories, Inc. (ABL) to provide development
and large-scale manufacturing services to support cGMP production of
an HIV envelope protein, as a component of a preventive vaccine
against HIV infection. Avid is providing services from process
verification and assay development, through to development of a
robust and compliant process for large-scale manufacturing, in order
to support cGMP production of the gp145 HIV envelope protein. 
About Avid Bioservices
 Avid Bioservices provides a comprehensive
range of high quality cGMP manufacturing services for the
biotechnology and biopharmaceutical industries to support
manufacturing of cGMP commercial and clinical products. With over 10
years of experience producing monoclonal antibodies and recombinant
proteins in batch, fed-batch and perfusion modes, Avid's services
include stability testing, clinical and commercial product
manufacturing, purification, bulk packaging, final product filling
and regulatory strategy, submission and support. The company also
provides a variety of process development activities, including cell
line optimization, analytical methods development and product
characterization. For more information about Avid, please visit
Safe Harbor Statement: Statements in this press release which are not
purely historical, including statements regarding Avid Bioservices'
intentions, hopes, beliefs, expectations, representations,
projections, plans or predictions of the future are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks and
uncertainties including, but not limited to, the risk that Avid's
revenue growth may slow or decline, the risk that Avid may experience
technical difficulties in processing customer orders which could
delay delivery of products to customers and receipt of payment, and
the risk that one or more existing Avid customers, including those
with committed manufacturing or representing its backlog, terminates
its contract prior to completion. It is important to note that the
Avid's actual results could differ materially from those in any such
forward-looking statements. Avid's business could be affected by a
number of factors, including the risk factors listed from time to
time in the Peregrine Pharmaceuticals, Inc.'s SEC reports including,
but not limited to, its annual report on Form 10-K for the fiscal
year ended April 30, 2012 and quarterly report on Form 10-Q for the
quarter ended October 31, 2012. Avid cautions investors not to place
undue reliance on the forward-looking statements contained in this
press release. Avid disclaims any obligation, and does not undertake
to update or revise any forward-looking statements in this press
Chris Keenan or Kelly Pisarev Lord
(800) 987-8256
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