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Peregrine Pharmaceuticals Enters Into a Loan Agreement for up to $10 Million
Date:12/10/2008

of each tranche amount divided by the exercise price. The exercise price is equal to the average closing price of Peregrine's stock for the 20-day period prior to closing. The financing is secured by the general assets of the company.

About MidCap Financial LLC

MidCap Financial is a commercial finance company focused on middle market lending in healthcare and other specialty vertical markets. MidCap specializes in middle market loans in the $10 million to $200 million range. Its principal officers are all veterans of the health care finance industry, having worked together at the Healthcare Finance division of Merrill Lynch Capital until it was sold in early 2008 and at two healthcare finance companies previously. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles.

About BlueCrest Capital Finance, L.P.

BlueCrest Capital Finance, L.P., a U.S. based commercial finance company, provides debt financing solutions to development - growth stage companies in a broad range of industry sectors including IT, Communications, Hardware, Software, Semi-Conductor, Electronics, Energy, Medical Device and Life Sciences. The team, which has been together continuously since 1998, pursues debt transactions in the $1-25 million range and has consummated approximately 950 transactions with total commitments in excess of $2 billion.

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. (

SOURCE Peregrine Pharmaceuticals, Inc.
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