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Peregrine Pharmaceuticals Reports Financial Results for the First Quarter of Fiscal Year 2009
Date:9/9/2008

ment of viral hemorrhagic fever infections. We are excited about this program, which is already well underway and which is providing us with an important source of non-dilutive cash to fund activities that we expect to be beneficial to all of our bavituximab programs."

Mr. King added, "Our Avid manufacturing subsidiary continued to expand its client base and achieved the distinction of being named the first U.S. preferred vendor for a proprietary cell line that provides important benefits to customers. Our Avid revenues this quarter were in-line with expectations, and based on our client backlog and preferred vendor status, we expect robust revenue growth from Avid over the remainder of the fiscal year."

Recent Highlights

Bavituximab Anti-Cancer Program

All three initial Phase II trials in the bavituximab cancer program are now underway:

-- Reported positive early results from the first cohort of patients enrolled in a Phase II trial of bavituximab in combination with docetaxel in advanced breast cancer patients. Bavituximab achieved the pre-specified primary endpoint in stage 1 of this trial. Of 14 evaluable patients, at that time seven had achieved partial tumor responses by the first eight week evaluation time point and seven had stable disease at week eight according to RECIST criteria. None of the patients showed tumor progression during this period. Since these data were reported, another two patients have achieved partial tumor responses, for a total of nine patients. The regimen was well tolerated, with adverse events similar to those expected from chemotherapy alone.

-- Initiated patient dosing in a Phase II trial of bavituximab in combination with carboplatin and paclitaxel in patients with advanced breast cancer.

-- Initiated patient dosing in a Phase II trial of bavituximab in combination with carboplatin and paclitaxel in patients with non-small cell lung cancer.

-- Presented positive data from a c
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SOURCE Peregrine Pharmaceuticals, Inc.
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