Peregrine Pharmaceuticals Reports Financial Results for the First Quarter of Fiscal...( - Advances Achieved in All Clinical ...)

- Advances Achieved in All Clinical Programs, With Three Bavituximab Phase

II Cancer Trials Ongoing - - Updated Initial Data from Bavituximab Plus Docetaxel Phase II Breast Cancer Trial Shows at Least 9 of 14 Evaluable Patients Achieved a Partial

Tumor Response - - Company Begins Work under Contract with Defense Threat Reduction Agency

Potentially Worth Up to $44.4 Million -

TUSTIN, Calif., Sept. 9 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today announced financial results for the first quarter of fiscal year (FY) 2009 ended July 31, 2008. The company reported a consolidated net loss of $5,086,000, or $0.02 per basic and diluted share, compared to a consolidated net loss of $4,656,000 or $0.02 per basic and diluted share for the same prior year period. The increased net loss primarily reflects increased investments in research and development as the company advanced its clinical programs for bavituximab and Cotara(R).

Total revenues for the current quarter were $1,517,000 compared to $1,625,000 for the comparable quarter last year and were primarily generated from services provided by Avid Bioservices, the company's wholly owned contract manufacturing subsidiary. Total revenues for the quarter also include the first government contract revenues generated by Peregrine's contract with the Defense Threat Reduction Agency (DTRA), potentially worth up to $44.4 million over a period of up to five years to evaluate bavituximab for the prevention or treatment of viral hemorrhagic fever infections.

Total costs and expenses increased to $6,677,000 in the first quarter of FY 2009 from $6,513,000 in the same prior year
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