Peregrine has established the wholly foreign-owned enterprise in Beijing and is one of the latest pharmaceutical companies to tap into the expanding Chinese market.
“China therefore represents an important strategic market opportunity for Peregrine, and our new wholly owned subsidiary will give us the opportunity to leverage our products and technology in this market,” said Steven King, president and CEO of Peregrine.
Separately, Peregrine has filed a lawsuit alleging breach of contract against its licensee Cancer Therapeutics Laboratories, a California corporation that has licensed certain rights under the company’s Tumor Necrosis Therapy (TNT) technology platform for development and commercialization in China.
The lawsuit alleges various breaches of contract. This includes failure to provide substantive clinical data to Peregrine from a sublicensing arrangement in China regarding the TNT agent, failure to account for a purported current sublicense agreement with Shanghai Medipharm Biotech and also failure to provide an accounting of any revenue, equity and substantive data.