 TUSTIN, Calif., Dec. 14, 2020 GLOBE NEWSWIRE -- Avid Bioservices, Inc. NASDAQ:CDMO NASDAQ:CDMOP, a dedicated biologics contract development and manufacturing organization CDMO working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced the closing of its previously announced underwritten public offering of 3,833,335 shares of its common stock, including 500,000 shares sold pursuant to the underwriters exercise of their option to purchase additional shares. The offering price was 9.00 per share, and the gross proceeds from the offering were approximately 34.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. Avid Bioservices, Inc. intends to use the net proceeds from the offering primarily for the expansion of its manufacturing capabilities and any remainder for general corporate purposes. 