Peregrine Pharmaceuticals Reports Financial Results for Fiscal...( - Achieves Record Revenues While Ad...)

- Achieves Record Revenues While Advancing Three Major Clinical Programs and Securing 5-Year Contract With U.S. Defense Threat Reduction Agency

Worth Up to $44.4 Million -

TUSTIN, Calif., July 14 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), today announced financial results for fiscal year (FY) 2008 ended April 30, 2008. Total revenues for FY 2008 increased 64% to $6,093,000, primarily reflecting increased sales by Avid Bioservices, the company's wholly owned contract manufacturing subsidiary.

Total costs and expenses in FY 2008 increased to $30,233,000 from $25,618,000 in FY 2007. Increased costs of contract manufacturing directly related to the increase in Avid's revenues accounted for almost one-third of the increase in total expenses. Most of the remainder of the increase was due to the company's increased investment in research and development associated with the advancement of its three clinical programs for bavituximab and Cotara(R) for the treatment of solid tumors and hepatitis C virus (HCV) infection. These programs include seven clinical trials: Three bavituximab Phase II studies in combination with chemotherapy for the treatment of advanced breast cancer and non-small cell lung cancer (NSCLC), a bavituximab Phase I cancer study, a bavituximab Phase I study in HCV patients co-infected with HIV, and two Cotara studies for the treatment of glioblastoma multiforme (GBM), a deadly form of brain cancer.

The company reported a consolidated net loss of $23,176,000, or $0.10 per basic and diluted share in FY 2008, compared to a consolidated net loss of $20,796,000, or $0.11 per basic and diluted share for FY 2007.

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