Peregrine Pharmaceuticals announced that it is changing its name to Avid Bioservices as part of its transition to a contract development and manufacturing organization (CDMO). 

The company is still focused on development and cGMP manufacturing of biopharmaceutical products derived from mammalian cell culture.

“As our organization transitions to a pure play CDMO, we believe it is appropriate to take advantage of the brand recognition that has been built within this highly specialized marketplace and to change the company’s name and conduct all future operations as Avid Bioservices,” said Roger Lias, Ph.D., president and chief executive officer. 

Effective at market open on Monday, January 8, 2018, trading for Avid Bioservices will begin under the symbol “CDMO”. The corporate name change to Avid Bioservices does not affect the rights of the company’s stockholders and no action is required by stockholders with respect to the name change.