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Peregrine Pharmaceuticals, Inc. (PPHM) Setting the Stage for Significant Value Driving Events in the Coming Months
Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The company’s lead immunotherapy candidate, bavituximab, has been granted fast track designation by the U.S. Food and Drug Administration for the treatment of second-line non-small lung cancer and is currently in phase III development for this indication. Bavituximab is also being evaluated for several solid tumor indications, including non-small cell lung cancer, rectal cancer and advanced melanoma.
“These new trials represent large market opportunities for the bavituximab clinical program that can add significant value,” Steven King, president and chief executive officer of Peregrine, stated in a news release. “[W]e believe we are setting the stage for many significant value driving events through 2015 and into 2016.”
Through its wholly-owned subsidiary, Avid Bioservices, Peregrine differentiates itself from competitors by offering in-house cGMP manufacturing capabilities, allowing the company to provide development and biomanufacturing services to support the needs of its clinical trials, as well as those of outside customers. In December, the company announced a substantial expansion to Avid’s current manufacturing capacity through the construction of a state-of-the-art 40,000 square foot biotechnology facility located adjacent to the company’s current campus. With this new facility, which is anticipated to be ready for cGMP production of biotechnology products next month, the company will be better equipped to meet the growing needs of Avid’s existing and future clients, as well as the expected commercialization of bavituximab.
“We are very pleased with the rapid progress by which this expansion is advancing as this is a key component to further demonstrating Avid as a leading provider of high quality biotechnology contract manufacturing services,” continued King. “The design and the features that we have employed in this expansion will truly be an integral part to the future growth of this unique part of our business.”
Moving forward, Peregrine will look to complete enrollment of its 600 patient phase III clinical trial of bavituximab, which is designed to evaluate the safety, tolerability and efficacy of the candidate as a second-line treatment in patients with non-squamous, non-small cell lung cancer. Look for the company to continue making strides toward the planned commercialization of bavituximab in the years to come, providing significant opportunity for sustainable shareholder returns along the way.
For more information, visit www.peregrineinc.com
