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Data Presented at AACR Meeting Shows Bavituximab Equivalent Plus,Docetaxel Reduces Growth of Both Hormone-Dependent and,Hormone-Independent Prostate Cancer by Up to 94 Percent in,Preclinical Studies

ancer in men, accounting for 30% of all male cancers, and it is second only to lung cancer as a leading cause of cancer deaths in men. Currently, there is no cure for locally advanced or metastatic prostate cancer.

This research, which was conducted under the direction of Dr. Philip Thorpe at the University of Texas Southwest Medical Center at Dallas, was supported in part by a sponsored research agreement with Peregrine Pharmaceuticals and by a grant from the U.S. Department of Defense (DOD PC05031 grant). Preliminary data from this study was first presented at a scientific meeting in December 2006.

Number 3273: Vascular Targeting Antibody Improves Chemotherapy of Prostate Cancer, Yi Yin, Xianming Huang, Jin He, Troy A. Luster, Philip E. Thorpe. UT Southwestern Medical Center, Dallas, TX, Apr 16, 2007, 1:00 PM - 5:00 PM

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus (HCV) infection. The company is pursuing three separate clinical programs for HCV infection and a range of solid cancers in the U.S. and India with its lead product candidates bavituximab and Cotara(R). Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and bio-manufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceuticals' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within
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