Peregrine Pharmaceuticals (NASDAQ:PPHM) announced a change in its name and ticker symbol, respectively to Avid Bioservices and CDMO, as part of its transition as a contract development and manufacturing organization.
As quoted in the press release:
In addition to the name change, the company is also adopting the new NASDAQ ticker symbol “CDMO” (NASDAQ:CDMO). The name and ticker symbol changes will both be effective as of market open on Monday, January 8, 2018.
“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. “Over the past 15 years, Avid has established a reputation for CDMO excellence built on biologics manufacturing expertise and a track record of consistently meeting and exceeding the needs of its clients. This level of quality is highlighted by Avid’s receipt of multiple 2017 Contract Manufacturing Leadership Awards for Quality, Reliability, Capabilities, Expertise and Compatibility. We look forward to continuing to build the Avid brand as we work to grow and diversify our CDMO business by providing our clients with the most sophisticated and highest-quality development and manufacturing services.”