Peregrine Pharmaceuticals Remains on Track to Advance its Three Lead Clinical Progra...( -Five New Clinical Trial Sites Re...)

-Five New Clinical Trial Sites Recently Initiated To Support Ongoing

Trials- -Clinical Data Expected in 2008 from Seven Ongoing or Planned Clinical

Trials, Including Four Phase II Trials in Major Disease Indications- -Revenues Plus Cash On-Hand Expected to Provide Sufficient Resources to

Advance Programs as Planned-

TUSTIN, Calif., Dec. 20 /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 confirmed that its plans for advancing all three of its lead clinical programs in 2008 remain on track. The combination of revenues expected to be generated by Avid, the company's contract manufacturing subsidiary, plus the more than $26 million in cash on- hand reported as of October 31, 2007, should provide sufficient resources to advance these programs. To enhance enrollment rates and accelerate the generation of clinical data, Peregrine recently added additional clinical trial sites to all three of the core clinical programs.

"We believe data from our lead clinical programs will be the key value drivers for Peregrine in 2008, and I am pleased to report that our ambitious clinical plans for advancing all three anti-cancer and antiviral clinical programs in calendar year 2008 are proceeding as planned," said Peregrine president and CEO Steven W. King. "With at least seven clinical studies, including four Phase II trials, slated for 2008, we anticipate that the coming year will provide us with many opportunities to share clinical data with the medical community, potential partners and investors." <
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