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

ur Phase II trial testing bavituximab and docetaxel in advanced breast cancer patients. Our anti-viral program received global attention with a publication in the leading journal Nature Medicine highlighting the broad anti-viral potential of bavituximab and other anti-PS antibodies, and we were also awarded a broad U.S. patent covering anti-viral applications of antibodies that directly target PS. These developments, following a major government contract award last quarter to study bavituximab in viral hemorrhagic fever infections, have established our PS-targeting anti-viral platform as an approach that could represent a completely new class of drugs for the treatment of life-threatening viral infections. We look forward to reporting continued progress in our anti-PS programs in the coming months, as well as providing an update on progress in our Cotara(R) clinical program."

Mr. King continued, "Our Avid manufacturing subsidiary continued to expand its client base during the quarter and increased its manufacturing capacity with the addition of an innovative single-use bioreactor system, which should allow Avid to meet the growing demand for its cell culture production services using state-of-the-art, cost-effective technology. Avid revenues recorded this quarter were lower than last year's as a result of the timing of shipments of finished product to customers, but based on product now being readied for shipping and our backlog of orders in hand, we expect robust revenue growth from Avid over the remainder of the fiscal year, with revenues in the third quarter of FY 2009 estimated at upwards of $5 million."

Mr. King concluded, "Despite the turmoil in the global financial markets, we have never been more optimistic about the potential of our lead drug candidates. The encouraging progress in our clinical programs to date and increasing scientific recognition of the promise of our innovative technology have already
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SOURCE Peregrine Pharmaceuticals, Inc.
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