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Peregrine Pharmaceuticals Reports Financial Results for the Third Quarter of Fiscal Year 2008
Date:3/11/2008

. At January 31, 2008, the company had $20,063,000 in cash and cash equivalents compared to $16,044,000 at fiscal year end April 30, 2007.

"The past quarter was highlighted by a major milestone in our oncology program, as we dosed the first patients in a Phase II trial evaluating bavituximab in combination with chemotherapy in patients with breast cancer," said Steven W. King, president and CEO of Peregrine. "We also received regulatory approval to initiate two additional bavituximab Phase II cancer trials -- a second breast cancer study and a trial in patients with non-small cell lung cancer, a leading cause of cancer deaths worldwide. Planning for these trials is well underway and we anticipate initiating both studies next month. We also made progress in our Cotara clinical program in patients with glioblastoma multiforme (GBM), today announcing promising data from the ongoing dosimetry and Phase II trials showing that several patients are already surviving longer than the expected six-month median survival time for this patient population, with the longest surviving patient now at 15 months post-treatment. Patients who are continuing in the trials are being monitored for safety and overall survival, and we look forward to providing further updates on these trials going forward. We have also recently expanded the number of clinical sites in the Phase Il study to eight and also added a distinguished brain cancer center and experienced Cotara clinical study site -- the Barrow Neurological Institute -- to our dosimetry study in the U.S."

Mr. King added, "Our initiative to raise awareness for the bavituximab and Cotara programs in the scientific and medical communities scored gains, including an oral presentation covering the clinical experience to date in the bavituximab Phase I cancer program at Angio 2008, an oral presentation of clinical data from our Phase I bavituximab trial in hepatitis C patients at the prestigious 2007 Liver Meeting(R), a recent
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SOURCE Peregrine Pharmaceuticals, Inc.
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