Avid Bioservices Inc. closed its underwritten public offering of 10,294,445 common shares at $2.25 apiece with gross proceeds of $23.2 million.

The offering included 1,294,445 shares sold pursuant to the underwriters' exercise of their option to buy additional shares.

Avid plans to use the net proceeds for the expansion of its contract manufacturing business and general corporate purposes.

Wells Fargo Securities acted as sole book-running manager. H.C. Wainwright & Co. and Roth Capital Partners acted as co-managers.