Peregrine Pharmaceuticals Awarded DTRA Contract Worth up to $44.4 Million to Develop Bavituximab for Viral Hemorrha...( - Five-Year Defense Threat Reduc...)

- Five-Year Defense Threat Reduction Agency Contract Will Support

Development of Bavituximab and Fully Human Equivalent as Potential

Broad-Spectrum Anti-Viral Agents -

TUSTIN, Calif., July 1 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a clinical stage biopharmaceutical company developing monoclonal antibodies for the treatment of cancer and hepatitis C virus (HCV) infection, today announced it has entered into a five-year contract worth up to $44.4 million to test and develop bavituximab and an equivalent fully human antibody as potential broad-spectrum treatments for viral hemorrhagic fever infections. The initial contract was awarded through the Transformational Medical Technologies Initiative (TMTI) of the U.S. Department of Defense's Defense Threat Reduction Agency (DTRA).

Bavituximab is Peregrine's lead anti-phosphatidylserine (anti-PS) monoclonal antibody and is currently in clinical trials for the treatment of HCV infections and cancer. In preclinical animal models, bavituximab has demonstrated encouraging anti-viral activity as a potential treatment for viral hemorrhagic fevers. Peregrine's fully human anti-PS antibody, which will also be assessed under this contract, is currently in preclinical development.

Under the terms of the contact, DTRA funds are available to cover testing and development efforts totaling up to $22.3 million over a 24-month base period, with $5 million appropriated immediately for the current federal fiscal year ending September 30, 2008. The remainder of the $22.3 million in funding is expected to be appropriated over the remainder of the two-year base period ending June 29, 2010. The contract can be extended beyond the base
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