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Peregrine Pharmaceuticals Reports Positive Top-Line Results in,Bavituximab Combination Therapy Trial in Advanced Cancer Patients

- 50% of All Evaluable Patients Receiving Combination of Bavituximab Plus
Chemotherapy Achieved Objective Tumor Response or Stable Disease -

- 75% of Patients Receiving Combination of Bavituximab Plus Gemcitabine
Achieved Objective Tumor Response or Stable Disease -

- 50% of Patients Receiving Combination of Bavituximab Plus
Carboplatin/Paclitaxel Achieved Objective Tumor Response -

- Trial Results Support Advancing to Exploratory Phase II Efficacy
Studies Currently Planned for Later This Year -

TUSTIN, Calif., May 31, 2007 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a clinical stage biopharmaceutical company developing monoclonal antibodies for the treatment of cancer and hepatitis C virus (HCV) infection, today reported positive top-line results of its Phase lb open label trial of bavituximab in combination with chemotherapy. This trial was designed to assess the safety and tolerability of bavituximab in combination with common chemotherapy agents in advanced cancer patients with metastatic disease who had failed prior therapy. Patients in the trial were also assessed for tumor response.

In the trial, the safety profile of bavituximab in combination with chemotherapy appeared similar to that seen in advanced cancer patients undergoing chemotherapy alone. The combination of bavituximab and chemotherapy showed positive signs of clinical activity, achieving objective tumor response or stable disease in 50% of the patients who were evaluable for tumor response. Patients receiving bavituximab in combination with gemcitabine demonstrated an even greater response, with 75% achieving an objective tumor response or stable disease, while 50% of patients receiving bavituximab with carboplatin/paclitaxel demonstrated an objective tumor response. Data from this study are be
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