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

to meet its financial obligations beyond fiscal year 2009 without access to additional cash and cash equivalents. Nasdaq Marketplace Rule 4350(b)(1)(B) requires Nasdaq-listed companies to publicly announce through the news media the receipt of an audit opinion containing a "going concern" qualification. The company's Annual Report on Form 10-K will be filed later today and will be available at the SEC's website at http://www.sec.gov, or through the investor portion of Peregrine's website at http://www.peregrineinc.com.

Paul Lytle, chief financial officer of Peregrine, noted, "Based on a combination of projected cash inflows from the anticipated funding from the government DTRA contract and our projected FY 2009 revenues from Avid, which we project to be in excess of $10 million based on current signed contracts from third-party customers, we believe the company has sufficient financial resources to meet its obligations through at least FY 2009. While we feel confident about our likely cash inflows from these contracts over the next 12 months, there are potential uncertainties associated with these financial projections that required the company's independent registered public accounting firm to include a going concern qualification in its audit opinion. We remain confident that should we need to raise additional funds, these funds could be raised through a debt financing or equity offering, with the possibility that future market conditions could be significantly better. We therefore expect this qualified opinion that was required from our auditors will have minimal effect on the company as we advance our programs and continue to service our Avid customers."

Corporate Highlights Since the Start of Fiscal Year 2008

-- In July 2008, Peregrine reported positive early results from the first cohort of patients enrolled in its Phase II trial of bavi
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SOURCE Peregrine Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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