Peregrine has been informed by its contacts at the DTRA that they worked very hard to find alternative sources of funding for this project, but were unable to do so in the required timeframe. Peregrine has been encouraged to re-apply when new funding initiatives become available.
"While we are very disappointed by this sudden turn of events regarding
the potential DTRA contract, it has no impact on our continuing clinical
efforts including the development of bavituximab for the treatment of HCV
infection and cancer," said Steven W. King, president and CEO of Peregrine.
"We appreciate the continued interest expressed from the DTRA in our
bavituximab program for viral hemorrhagic fevers and hope to be able to
pursue other government funding opportunities when they become available.
Based on recent data from our collaborators, we are more enthusiastic than
ever about the potential of our anti-PS technology platform for the
treatment of viral infections, and we see many potential applications in
* In an October 2, 2007 statement to the Senate on the funding priorities
reflected in the Department of Defense Appropriations Act, 2008
(H.R. 3222), the Office of Management and Budget of the Executive Office
of the President wrote: "The Administration strongly opposes the $100
million reduction to the Transformational Medical Technology Initiative
(TMTI). TMTI represents an essential element of our efforts to develop
countermeasures against new biological threats, such as those that would
be engineered in a laboratory or naturally occurring agents, such as
pandemic viruses, that could have a
|SOURCE Peregrine Pharmaceuticals, Inc.|
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