Peregrine Q1 Revenues Increases By 345%

Peregrine Pharmaceuticals has reported an increase in revenues by 345% to $6.7m for the first quarter of fiscal year 2010 ended July 31, 2009, compared to $1.5m for the comparable prior year quarter.

The company has reported an operating loss of 2.2m for the first quarter ended July 31,2009, a decrease when compared to $5.2m for the first quarter ended July 31,2008.

The company has reported a decrease in consolidated net loss by 52% to $2.4m or $0.01 per basic and diluted share for the first quarter of FY 2010, compared to the consolidated net loss of $5m, or $0.02 per basic and diluted share for the same prior year period.

Steven King, president and CEO of Peregrine, said: “I am pleased to report that the momentum we achieved in all elements of our business in the last fiscal year has continued into fiscal year 2010. We have continued to successfully advance the bavituximab and Cotara cancer clinical trials that are the key value drivers for Peregrine. Since the start of the new fiscal year, we completed patient enrollment in two bavituximab clinical trials and presented positive interim data from both studies at ASCO, in addition to reporting positive clinical data from our ongoing Cotara clinical studies at the Society of Nuclear Medicine 2009 Annual Meeting.

“We also continued to make excellent progress in our work under our TMTI government research contract worth up to $44.4m to develop bavituximab for the treatment of viral hemorrhagic fevers (VHF), while our collaborators at UT Southwestern Medical Center were awarded a significant grant from the National Institute for Allergies and Infectious Diseases (NIAID) for an expanded study of additional PS-targeting antibodies as potential treatments for VHF. The awarding of the new NIAID contract is another important outside validation of the broad-spectrum anti-viral potential of our PS-targeting technology platform.

“In all three of our bavituximab cancer Phase II trials, bavituximab in combination with chemotherapy has demonstrated encouraging signs of anti-tumor activity in patients with advanced breast and lung cancers. During the first quarter, we completed an agreement with Affitech A/S, sublicensing them certain rights to develop the selective anti-VEGF antibodies produced in an earlier collaboration.”