Avid Names Richard Hancock Interim President & CEO

Avid Bioservices, a biologics contract development and manufacturing organization (CDMO), has named Richard Hancock as interim president and chief executive officer, effective immediately. Mr. Hancock will also continue to serve on Avid’s board of directors. He succeeds Roger Lias, who has resigned from the company and its board of directors. In the meantime, the company is commencing a search for a permanent chief executive.
 
Mr. Hancock has worked in the biotechnology industry for more than 30 years in various operational and executive roles and possesses significant experience in cGMP manufacturing, regulatory affairs, scale up, operational protocols and team management. Throughout his career, he is credited with building teams and companies dedicated to bringing innovative biologics including therapeutics and vaccines to patient populations through innovative process development, production and manufacturing services.
 
"We would like to thank Roger for his key contributions to the continued successful evolution of Avid," said Joseph Carleone, chairman, Avid. "Under his leadership, Avid completed its transition to dedicated CDMO and began the process of growing revenue while building a more diversified client portfolio. Roger is a talented and highly regarded CDMO executive and we wish him the best in all of his future endeavors.    
 
"Avid’s board is happy to welcome Rick as interim president and CEO. He is a highly respected industry executive whose career has been marked by operational and executive leadership of various successful life science companies spanning contract manufacturing and drug development. In particular, his track record of successfully driving significant business growth at Althea Technologies, a widely regarded CDMO, positions him as an excellent addition to the Avid management team at this critical time in the company’s evolution."
 
Mr. Hancock most recently served as president and chief executive officer of Althea Technologies, a large molecule CDMO producing a wide range of biologics, vaccines and parenteral products, until the company’s acquisition by Ajinomoto. During his time with Althea, which spanned more than 15 years and included additional senior level positions, he was responsible for establishing the company’s contract manufacturing services and growing the business to a profitable, global CDMO with greater than $50 million in annual revenue.

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