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Defense Threat Reduction Agency Halts Contract Negotiations With Peregrine Pharmaceuticals as It Suffers $100 Million Cut in FY 2008 Budget for Its Transformational Medical Technologies Initiative (TMTI) Program
Date:12/14/2007

catastrophic impact on our troops.

The program embodies the principles in the recently signed Homeland

Security Presidential Directive-18, which directs Federal agencies to

undertake efforts to combat biological threats for which we do not

currently have countermeasures. Funding of the program at the requested

level for FY 2008 is required to maintain execution of the FY 2006 and

FY 2007 innovations and to address capability gaps. A reduction of $100

million would continue to underfund this effort and dramatically reduce

the potential to develop and deliver products for transition to advanced

development by the end of FY 2010."

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus (HCV) infection. The company is pursuing three separate clinical programs in cancer and HCV infection with its lead product candidates bavituximab and Cotara(R). Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc. (http://www.avidbio.com), which provides development and bio-manufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at http://www.peregrineinc.com.

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceuticals' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the ris
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SOURCE Peregrine Pharmaceuticals, Inc.
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