Peregrine Pharmaceuticals (PPHM) Up 27% on Financing, Corporate Update
Shares of Peregrine Pharmaceuticals (NASDAQ: PPHM) are on the move (+27%) after providing an update financing activities, its contract manufacturing business and upcoming potential clinical milestones.
Since September 27, 2012, the company has raised $14.3 million in gross proceeds in order to replace the initial funding it repaid under an earlier loan facility. The funds were raised under an At Market Sales Issuance Agreement with McNicoll, Lewis & Vlak LLC at an average price per share of $0.93.
The company also said Avid Bioservices continues to be an integral part of its corporate strategy and is on track for a record revenue year with projections in excess of $15 million for fiscal year 2013.
On the pipeline, the company notes there are currently seven ongoing clinical trials for our lead oncology product bavituximab, including two randomized Phase II clinical trials sponsored by Peregrine and five independent Investigator-Sponsored Trials (or ISTs).
The ongoing ISTs include:
Since September 27, 2012, the company has raised $14.3 million in gross proceeds in order to replace the initial funding it repaid under an earlier loan facility. The funds were raised under an At Market Sales Issuance Agreement with McNicoll, Lewis & Vlak LLC at an average price per share of $0.93.
The company also said Avid Bioservices continues to be an integral part of its corporate strategy and is on track for a record revenue year with projections in excess of $15 million for fiscal year 2013.
On the pipeline, the company notes there are currently seven ongoing clinical trials for our lead oncology product bavituximab, including two randomized Phase II clinical trials sponsored by Peregrine and five independent Investigator-Sponsored Trials (or ISTs).
The ongoing ISTs include:
- The Phase II portion of a Phase I/II IST investigating bavituximab in combination with sorafenib in up to 48 patients with advanced hepatocellular carcinoma (liver cancer).
- A Phase I/II IST evaluating bavituximab in combination with cabazitaxel in up to 31 patients with second-line castration-resistant prostate cancer.
- A Phase Ib IST evaluating bavituximab in combination with carboplatin and pemetrexed in up to 21 patients with previously untreated Stage IV NSCLC.
- A Phase I IST evaluating bavituximab in combination with paclitaxel in up to 14 patients with HER2-negative metastatic breast cancer.
- A Phase I IST evaluating bavituximab in combination with capecitabine and radiation therapy in up to 18 patients with Stage II or III rectal adenocarcinoma.