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TUSTIN, Calif., Nov. 23 /PRNewswire-FirstCall/ -- Peregrine
Pharmaceuticals (Nasdaq: PPHM) announced today that it has signed a definitive
agreement for the offer and sale of 8.0 million shares of common stock to one
institutional investor in exchange for net proceeds of $6,720,000. The shares
are being sold pursuant to the Companys shelf registration statement on Form
S-3 filed with the Securities and Exchange Commission and declared effective
on September 29, 2005. There are no warrants being issued or commissions paid
in conjunction with the transaction.
"This is an exciting time for Peregrine as we pursue Tarvacin(TM) clinical
trials for cancer and hepatitis C, explore its utility in a variety of other
viral indications, including influenza, HIV and CMV and collaborate with an
academic consortium to further assess the safety and efficacy of Cotara(R) to
treat malignant brain cancer," said Steven W. King, Peregrine Pharmaceuticals
president and CEO. "This infusion of capital will enable us to accelerate and
expand these efforts, which we view as critical to realizing the potential of
these important new therapies."
Pursuant to the agreement, the Company is unable to file a registration
statement for a period of 75 calendar days following the date of the
agreement, subject to certain conditions.
About Peregrine
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a
portfolio of innovative product candidates in clinical trials for the
treatment of cancer and viral diseases. The company is pursuing three
separate clinical trials in cancer and anti-viral indications with its lead
product candidates Tarvacin(TM) and Cotara(R). Peregrine also has in-house
manufacturing capabilities through its wholly owned subsidiary Avid
Bioservices, Inc. (http://www.avidbio.com), which provides development and
biomanufacturing services for both Peregrine and outside customers.
Copies of Peregrine Pharmaceuticals press releases, SEC filings, current
price quotes and other valuable information for investors may be found at
http://www.peregrineinc.com.
Investors
Brod & Schaffer
(800) 987-8256
ir@peregrineinc.com
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