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 (TMT...(k that the Company will not haveanother ...)

Date:12/14/2007

k that the Company will not have another opportunity to apply for a DTRA or other federal contract or the risk that, if able to apply, the Company may not be successful in negotiating a contract. It is important to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties associated with completing preclinical and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended April 30, 2007 and the quarterly report on Form 10-Q for the quarter ended October 31, 2007. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Peregrine Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

Contacts:

GendeLLindheim BioCom Partners

Investors

info@peregrineinc.com

(800) 987-8256

Media

Barbara Lindheim

(212) 918-4650

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SOURCE Peregrine Pharmaceuticals, Inc. Copyright©2007 PR Newswire. All rights reserved

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