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Peregrine Pharmaceuticals Announces Implementation of 1:5 Reverse Stock Split to Take Effect October 19, 2009
Date:10/16/2009

rm 10-Q to approximately 47.4 million. It will also affect all issued and outstanding shares of the Company's common stock, and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split. Each shareholder's new share count will be rounded up to the nearest whole share if the number of shares is not evenly divisible by the ratio of the reverse split. The reverse stock split will not negatively affect any of the rights that accrue to holders of Peregrine common stock and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split.

"Peregrine is achieving significant progress in every aspect of our business--from the growing body of promising Phase II data reported in our bavituximab and Cotara® cancer studies, to the increasing interest and activity in our PS-targeting anti-viral program, to the growing revenues we are seeing from both our government R&D contract and our Avid Bioservices contract manufacturing subsidiary," said Steven W. King, president and CEO of Peregrine. "We believe implementing this reverse stock split at such a positive time in the company's history will enhance our efforts to build long-term shareholder value by creating a capital structure that is more attractive to a range of investors, including major institutional investors."

When the reverse split takes effect, shareholders holding certificated shares or shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split on the effective date.

For more information on Peregrine's reverse stock split, see the Reverse Stock Split FAQs at www.peregrineinc.com.

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical c
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SOURCE Peregrine Pharmaceuticals, Inc.
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