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Peregrine Pharmaceuticals Reports Financial Results for the Second Quarter of Fiscal Year 2009
Date:12/10/2008

- Three Bavituximab Phase II Cancer Trials and the Company's Other Clinical Programs All Advanced During the Quarter -

- Significant Validation Achieved for Bavituximab and Peregrine's Anti-PS Anti-Viral Platform in Nature Medicine Publication -

- Company Enters into Loan Agreement for Up to $10 Million in Funding -

TUSTIN, Calif., Dec. 10 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today announced financial results for the second quarter of fiscal year (FY) 2009 ended October 31, 2008. Separately, the company also announced today that it has entered into a loan agreement for up to $10 million in funding to help finance its ongoing clinical development programs for the treatment of cancer and serious viral infections.

Peregrine reported a consolidated net loss of $4,497,000, or $0.02 per basic and diluted share, compared to a consolidated net loss of $6,207,000, or $0.03 per basic and diluted share for the same prior year period, a decrease of 28%. The net loss decline of $1,710,000 reflects decreased costs in many areas of Peregrine's business, including research and development and selling, general and administrative expenses.

Total revenues for the current quarter were $1,941,000 compared to $1,892,000 for the comparable quarter last year. Revenues were generated from contract manufacturing services provided by Avid Bioservices and from Peregrine's contract with the U.S. Defense Threat Reduction Agency (DTRA) to evaluate bavituximab for the treatment of viral hemorrhagic fever infections. Contract manufacturing revenues generated by Avid were $983,000 for the current quarter compared to $1,863,000 for the comparable prior year quarter. This decrease in Avid revenues is primarily due to the timing of product shipments to customers,
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SOURCE Peregrine Pharmaceuticals, Inc.
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