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Peregrine Pharmaceuticals Reports Financial Results for Fiscal Year 2008
Date:7/14/2008

ant clinical advancements during the coming year. In the bavituximab anti-viral program, we recently received a significant external validation of this program when the DTRA awarded Peregrine a multi-year contract worth up to $44.4 million to develop bavituximab for the treatment and prevention of viral hemorrhagic fevers. We expect this contract will help advance all of our bavituximab anti-viral programs."

Mr. King added, "Similarly, we strengthened the foundation for progress in the Cotara clinical program by initiating additional sites in two ongoing trials of Cotara in patients with GBM. Data was presented at the 2008 ASCO Annual Meeting reinforcing Cotara's safety and its ability to target radiation precisely to the brain tumor while avoiding healthy tissue, further reinforcing its potential as a possible new treatment for GBM. We look forward to generating more data on Cotara's impact on tumor status and patient survival over the course of this fiscal year."

Mr. King concluded, "We believe that the company's future has never looked brighter. With multiple Phase II trials underway or soon to begin, we expect a consistent flow of clinical data throughout the upcoming year. The expected new clinical trial data we are in the process of generating along with anticipated increased contract manufacturing revenues and continued progress in our preclinical anti-viral programs are setting the stage for what we believe will be a positive and productive FY 2009."

At April 30, 2008, Peregrine had $15.1 in cash and cash equivalents compared to $16.0 million at April 30, 2007. The company's FY 2008 Annual Report on Form 10-K to be filed today will include an audit opinion with a "going concern" qualification. The qualification is a statement in the audit opinion of Ernst & Young LLP, the company's independent registered public accounting firm, expressing substantial doubt, based upon Peregrine's current financial resources, as to whether it can continue
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SOURCE Peregrine Pharmaceuticals, Inc.
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