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Peregrine Pharmaceuticals Reports Financial Results for Fiscal Year 2009
Date:7/14/2009


Avid Bioservices

  • Avid management gave scientific presentations at a number of industry meetings, including the 2009 BIO International Convention, highlighting the company's distinctive capabilities and experience.
  • Avid expanded its biomanufacturing capabilities with the installation of two Thermo Scientific HyClone Single-Use Bioreactors, which further enhance Avid's ability to meet the growing demand for its cell culture production services.
  • Signed a manufacturing supply agreement with Catalyst Biosciences to produce clinical-grade material for their candidate for the treatment of acute bleeding in hemophilia patients.

Other Developments

  • Peregrine settled a lawsuit with Cancer Therapeutics Laboratories (CTL). Under the terms of the agreement, CTL is transferring shares in Medibiotech Co., Inc. to Peregrine, giving Peregrine close to a 5% ownership stake in Medibiotech. Medibiotech is a Chinese company that has the exclusive rights in the People's Republic of China to develop and market a version of Peregrine's radiolabeled tumor necrosis therapy (TNT) technology for the treatment of cancer. Peregrine will also make certain cash payments to CTL.
  • In March 2009, Peregrine announced an agreement with Wm Smith & Co. to raise a target of $7.5 million from its existing shelf registration by selling new equity in an "At the Market" offering as defined in Rule 415 of the Securities Act. The stock was sold at market prices between April and early June by Wm Smith & Co. to reach the targeted $7.5 million in new capital.
  • Entered into a loan agreement for up to $10 million to finance ongoing clinical development efforts. Peregrine received an initial $5 million tranche and later declined an option for a second $5 million tranche.
  • Received a letter fr
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SOURCE Peregrine Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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