Gentle Wolf, after the Sunrise massacre, i.e. share price plunge of 50% in a few minutes, IMO the only trading in PPHM is by losers like me dumping our shares and day traders making a few bucks.

Maybe some day Peregrine management will give us a reason to buy and sell their shares more energetically. Maybe not.

GLTA, Paul

cheynew, up to 43 cents! It's hard to laugh through the tears. Up indeed. Maybe we should use our new profits to buy yachts and sail the Caribbean.

GLTA, Paul

asmarterwookie, I hope we are back over a dollar by Friday. At this point I don't see any powerful news capable of moving us up like that.

Maybe Peregrine management is negotiating a real partnership. You know the kind with up front cash, milestone payments, royalty sharing agreements, etc.

I'll believe that when I see it.

Meanwhile today's move could be just the usual day trader games.

GLTA, Paul

vp, I sure hope something is brewing. Since the Sunrise shut down, we have had nothing to indicate there is anything powerful enough to reverse our crushing slide to zero land.

GTLA, Paul

OK, Tustin, why would anyone want to buy your stock after the Sunrise failure? I'm listening, not that I can afford to throw any more money into this financial black hole.

Tustin, if you can't sell anti-PS to any of the BPs of the world, why would you double down on it with shareholder money? Be persuasive.

Gentle readers let's listen to Peregrine management whenever they finally talk to us. If they can't answer the two preceding questions convincingly, IMO do what you can to save yourselves from a management that does not have your interests at heart. I do not suggest they wish you harm. However, I don't see any evidence they care if you lose your entire investment as long as they can continue the anti-PS quest for fame and fortune.

GLTA, Paul

asmarterwookie, Bavi did not perform as well the market, Peregrine management or I hoped it would. I hoped it would show a clear, unequivocal, glaringly obvious improvement over the SOC as represented by the control arm. Let's just stare the ugly fact face on, demand Peregrine management choose the way forward in a way that respects shareholder legitimate concerns.

Sorry my statements sound definitive. I like to think it is because they are carefully thought out.

GLTA, Paul

asmarterwookie, I can't see how any optimist

Blaming the control arm for the Sunrise failure is like blaming a victim for the crime. This is sad. Peregrine designed the trial patient selection. Peregrine designed the trial look-in points. Peregrine could have continued the trial despite the IDMC if they wanted. They didn't.

I am not blaming Peregrine for the trial design. Bavi just didn't work as well as we hoped. Simple. Expensive, but simple. Management has to swallow the bitter pill. The question is how to proceed. Sunny assessments of a failed trial get us nowhere.

Sometimes a nail is just a nail. The right tool for a nail is a hammer. Peregrine needs to hammer their cost structure to build a development program reflecting its limited resources or get a partner willing to spend their resources on Bavi-immunotherapy.

Blaming the trial arm is a waste of precious time.

GLTA, Paul

The Sunrise failure to move Bavi to FDA approval and commercialization is not fiction. The share price collapse to sub 40 Cents is not a story either.

The story we need to hear is how Peregrine management intends to restore the share price without damaging shareholder interests by another reverse split.

I have not sold any of my shares yet, but I feel like a sucker. I will continue to feel like a sucker until Peregrine management acts in a financial responsible way to restore shareholder confidence. They know what kind of steps might work. They just have to make the painful decisions to lay off non-essential, i.e. non-Avid, employees. Sooner would save more money than later.

GLTA, Paul

I don't care whether Peregrine management thinks inside or outside the bun. I want them to think of how they can restore the share price over a dollar without a reverse split.

The only ways I can see other than white knights with a poor sense of risk-reward is using Avid to turn a profit for a few quarters or finding a partner with money to fund Bavi development.

We know selling shares for pennies and reverse splits will not restore shareholder confidence or attract serious investors.

GLTA, Paul

Stoneroad, $5 by ASM? Can't see any event between now and then to make such a happy thing happen. Of course we could have a 12 for 1 reverse split. Sadly this is very likely.

Peregrine management is quiet, because they don't have anything to say we would like to hear IMO. I suppose that's better than telling us they will dilute our already crushed shares on a moon shot Bavi-immunotherapy project.

Past Bavi clinical trials have not been completely hopeless but on balance they do not give a solid basis for optimism. I hate to see management bet our remaining investment on such an iffy
project.

I know I should sell, but I keep hoping Peregrine management is smart enough to find a sensible way forward. Silly me.

GLTA, Paul

OK, Tustin. Ten years plus into the anti-PS program you have achieved no commercial success. Not suggesting the effort was ill chosen. However, at this point commercial success has gone from somewhat likely to less than likely IMO. If this is wrong, Peregrine should have attractive partnering prospects. Right?

Given this reality, is it prudent to risk the company's future on the anti-PS project? I think the answer is clear. Continuing the project within a very restricted budget makes sense. Continuing the project more energetically with a partner carrying the majority of the load makes sense.

Selling millions of shares for pennies to continue funding as in the past makes no sense to me. I hope it makes no sense to you. Please let your shareholders know your decision on this matter as soon as possible.

GLTA, Paul

cheynew, the silence out of Tustin is troubling. Of course, so is the share price collapse and impending delisting forced reverse split.

Tustin has taken shareholder and NASDAQ support for granted for a long time. I like to think they understand that support has been forfeited by company performance. It can only be regained by company performance.

If Tustin wants to retain its current shareholders and draw in new ones, they need to tell us how they plan to go forward not just in clinical terms but in financial terms that will reassure badly shaken investor.

Pretty obvious, don't you think? If that isn't very near the top of their agenda, they will not be running this company for long.

GLTA, Paul

jj1223, I have way too many shares not to hope you are correct.

Peregrine management knows they need a lot more money to fund Bavi in connection with the new immunotherapies. With Peregrine's history, including recent history, of drug development failure, I don't see retail investors giving Peregrine another chance. By the way there is a very big assumption here that Peregrine's paid researchers come back with positive reports.

If they do find promising results, going forward with Bavi makes some sense. If Peregrine can't attract a financially significant BP partnership, not to be confused with what we have been told about the AstraZeneca deal, I don't believe proceeding with Bavi is a wise course. Too much risk(wiping out shareholders) for a very uncertain reward.

Better to resign ourselves to owning a growing bio manufacturing company(Avid) than a bankrupt drug investigating company.

GLTA, Paul

eb0783, if the partnership is limited to AstraZeneca providing its drug for a clinical trial, it is not much of a partnership.

Face it. The Sunrise failure has crushed our share price and Peregrine's reputation in the stock market.

Staying positive under these circumstances is more than a stretch.

Peregrine management needs to get serious about taking care of its destroyed shareholder confidence.

GLTA, Paul

Biopharm, perhaps I should be more specific.

A partner is one who has executed a partnership agreement.

Peregrine has not executed such an agreement with AstraZeneca. AstraZeneca has merely offered to provide its drug for a trial. This is a long way from funding development through the various clinical phases, FDA approval, marketing, a royalty agreement, etc, etc, etc.

Calling this a partnership is a stretch. No point in pretending it is more than it is.

Last I heard this Bavi-Durvalumab trial was not in progress, i.e. treating patients. Am I wrong?

Peregrine management does not have the money for Bavi-immunotherapy development without MAJOR FINANCIAL PARTNER help far beyond the current AstraZeneca collaboration without another massive round of dilution.

In the absence of a clinic-to-marketing partnership with a BP, shareholder frustration is just getting started.

GTLA, Paul

This sounds nice, but we are talking pre-clinical based work Brekken did. With Bavi pre-clinical work has not translated well into clinical trials.

How about finding a BP partner to pony up the money to fund this development? If BPs don't find it promising enough to partner, why should we buy or hold your stock Tustin?

We have kept the faith with Peregrine. When is Peregrine management going to give us the respect we have earned at great expense?

GLTA, Paul

Threes, there may be a sensible middle path for Peregrine. Don't dump the anti-PS play completely, just move it to the back burner. Spend a modest amount to try it in collaboration with BPs. If it works, fine.

Meanwhile focus the majority of the company's limited resources on expanding Avid. The more Avid makes, the more Peregrine can invest in Bavi. If Bavi fails to show more promise with immunotherapies than it did with chemo, pull the plug.

Nothing wrong with being a profitable growing manufacturer of biologicals. Much better than just another dead bio wannabe.

GLTA, Paul

Peregrine management leaving its shareholders in the dark. Apparently, we will have to wait for the next CC to get any information from Peregrine management how they plan to operate the company financially in the post Sunrise failure reality.

If they can't tell us how they will do so without sacrificing shareholder interests, I will take my huge loss and move on. Why wait for years enduring constant dilution on the uncertain likelihood of Bavi-immunotherapy success. Tried that with Bavi-chemo. Very expensive.

GLTA, Paul

Peregrine going no where until Peregrine management gives investors a reason to expect something other than research they can't afford to conduct without running the ATM and reverse splits.

I am not saying Bavi is worthless. It may be valuable, but we won't know for many months. Many months is too long for a company burning through cash with recent history of a high profile failure. Sadly, Sunrise was a high profile failure to everyone except a few diehard Bavi fans.

Come one, Tustin. Show us a way forward without sacrificing your already crushed shareholders.

GLTA, Paul

Peregrine the manufacturing company is successful. Peregrine the drug development company is a failure.

Gambling on the anti-PS platform looks promising in the lab. Hasn't done well enough in the clinics to get us to the FDA or to a good partnering deal.

I don't say Peregrine should cease drug development. However, it seems reasonable to put in on the back burner while Avid generates enough revenue to produce a few profitable quarters.

Before the torrent of protests, consider this. If the anti-PS platform has value, Peregrine won't lose much if another company takes it through the clinics and on to the FDA. Peregrine has locked up the patent rights to anti-PS every which way. Just read the patents.

Alternatively, once Peregrine has restored its reputation with profitable quarters, it will be in a better position to re-start development.

We know one thing that has not worked for shareholders. That is, running the ATM machine from one RS to the next.

GLTA, Paul

CP, we have a concept here in the US called humor. Although it is difficult to maintain a sense of humor when your portfolio is tanking due to the PPHM share price collapse, my reference to a Peregrine HQ razor wire fence or the soon to be constructed moat filled with alligators was meant in jest.

Nothing funny about management's failure to inform us of the path forward that respects shareholders legitimate concerns. The primary among those concerns is value of our shares, which has fallen like a rock. That price will only fall farther if Peregrine can't avoid a RS. The last RS simply led to more price erosion.

GLTA, Paul

You're probably right, horse. After the way things have gone for Peregrine, they've probably installed a 12 foot fence with razor wire on top to protect themselves from their shareholders.

GLTA, Paul

Agreed, threes. Those who turn up their noses at $2 a share for their 33 cent PPHM share don't have basic math skills.

I wish Sunrise had succeeded famously, but it didn't.

I hope Bavi-other immunotherapies succeed famously, but they are no where near completion. Not sure if they have started.

If anyone cares to buy my 80K shares for $2 a share, I would love to make the deal. Oh, yeah that's right. They can just get them for 33 cents on NASDAQ.

Meanwhile our Tustin management has not told us how they plan to save their shareholders from further damage. Soon would be nice.

GLTA, Paul

ku, maybe you're wrong about one thing. Maybe we are not a biotech. Maybe we are a manufacturing company. Whatever. If Peregrine management was smart enough to wring a profit out of Avid for a quarter or two, maybe investors would bid the share price back over a dollar sparing us from the RS.

Probably not. But probably more likely than a partnering deal from AZ before a RS is inflicted on us.

GLTA, Paul

Jeff4iam4, the question is not accepting defeat. It is acknowledgng the reality of Peregrine's situation. You suggest Bavi development be continued with a "money partnership". That sounds good, but who is the partner who will provide the money? What if there is no partner willing to take on the challenge?

If no partner comes forward soon, I'd rather own shares in a profitable Avid that can stay on NASDAQ than a capital loss on my Schedule D for the next 30 years, because the anti-PS science can't show clinical value in patients.

GLTA, Paul

north40000, I am frustrated by those on this board who discuss Peregrine issues while ignoring the 600 pound gorilla in the room.

The reverse split is almost inevitable in my view. If Peregrine management has any sense of fiduciary responsibility to its shareholders besides keeping the lights on in Tustin, they should be protecting us from another crushing reverse split.

Having been through the last reverse split and the subsequent share price re-collapse, I desperately don't want to go through another.

I am not looking for certainty. I am looking for evidence that Peregrine management knows business as usual via reverse splits and ATM sales is simply not in the interests of their shareholders.

I want to hear management come forward with a realistic plan showing respect for the legitimate concerns of their shareholders. I don't like the "We are a research institute funded by people who don't care if we ever make a profit" vibe from Peregrine management.

Paul

cloaked, you are missing my point. The past is gone, the future uncertain. Let's focus on the now.

To me the critically important first question is how Peregrine can move from its current position of a de-listing forced reverse split in the next months.

How can they restore investor confidence before the reverse split is inevitable?

If Peregrine cannot achieve this, I believe my considerable investment in Peregrine will be reduced even further. I want Peregrine management to do something now to prevent this.

Tell me how Peregrine management can turn this boat around in the very few months available. I don't see how happy talk PRs about preclinical research or early stage clinical trials will have a meaningful impact on our share price.


GLTA, Paul

cloaked,

Sunrise was halted, and is almost universally viewed as a failure.

The share price has collapsed.

The de-listing deadline is coming in months.

Preventing de-listing will almost certainly require yet another reverse split.

Conclusion, Peregrine is in deep trouble. Its shareholders are in even deeper trouble. You don't have to be a weatherman to know which way the wind blows.

Any analysis that does not recognize the existential danger Peregrine faces is not worth the pixels.

Tell me how Peregrine avoids de-listing without another reverse split.

GLTA, Paul

cheynew, Peregrine management IMO has done OK until the Sunrise failure.

Now, they have to show they can make the hard choices to keep Peregrine moving forward. How can they do that when retail investors have no confidence in Peregrine's prospects?

Quite simply they have to change retail investors perception of Peregrine's prospects. Two courses are obvious. First, sign a solid partnering deal with a BP committed to moving the anti-PS program forward. We are in no position to evaluate the chances of this. No reason to believe such a deal is happening.

The second obvious way to improve retail investor confidence is for Peregrine to use Avid revenue to generate profitable quarters before the del-listing deadline. Very painful pay cuts and non-Avid layoffs would be required. While this path is entirely within Peregrine management's power, we have no reason to believe management has the guts or foresight to do it.

What is crystal clear to me is Peregrine needs to execute one course or the other in the next few weeks. I don't see a credible third way.

GLTA, Paul

Cloaked, let me explain something to you. The proposed trial with Bavi and the AZ product is not happening now. Will it happen in the near future? I hope so. I hope it is a huge success. However, as of this moment there is no such trial.

As of this moment, general investor confidence in Bavi and Peregrine as measured by the 60+ percent post-Sunrise drop in share price is shattered. As you may recall investors had taken the share price consistently down well before the Sunrise failure. Let's not mince words. A trial that is stopped like Sunrise was is a failure in the most important sense. It will not lead directly to an FDA approval. Maybe some day, but not any time soon.

Peregrine management has given us no reason to expect a turn around any time soon. When they do, I'll change my tune. Until then, things do not look good to me.

GLTA, Paul

geocappy1, you may be correct that Peregrine management will try to continue developing Bavi on the "go it alone" path. I don't see funding for that from retail investors. After the Sunrise failure the share price dropped to 40 cents and hasn't bounced.

Sunrise was the low hanging fruit for Bavi. Turns out Bavi couldn't even reach it.

Will Bavi-immunotherapy combos work better? Maybe, but we won't know for years. Will BBs be any better? Maybe, but we won't know for even more years.

How many retail investors will buy into more maybes some years from now? The current share price activity does not suggest there will be many.

Meanwhile, if Peregrine used Avid to turn profitable, I believe more investors would be willing to take a chance on the above maybes. Otherwise, how much dilution from pipe-style financing are you prepared to endure?

GLTA, Paul

TOG, we have had our differences in the past, but we are in agreement about Peregrine's grave situation. I agree management and the BOD must respond to the seriousness of the company's situation for which they must accept responsibility.

Peregrine had reason to believe they were heading for near term Bavi FDA approval. No more.

Now, Peregrine management must face either dropping the anti-PS development program entirely or supporting it with Avid profits. I see no reason to believe a partner will fund Bavi at this time. Maybe never.

This is a sad situation for all concerned, but we can't wish it away. The only sure short term cure is to trim expenses to match income. If the contracted researchers come up with great news, Peregrine will still have to find a partner. Nobody in their right mind will buy PPHM shares with this history of futility.

GLTA, Paul

geocappy1, I am not sure that Peregrine management has any choice other than "go it alone." The Sunrise failure is devastating. Not just to our share price, but to the whole idea of Bavi.

I don't think partnering is very likely, unless the contracted researchers come up with amazing data. If they don't, Peregrine better be prepared to dump the anti-PS idea as interesting science without any therapeutic usefulness.

If this happens, Peregrine needs to pivot onto its only sound leg, Avid. I expect we will know in about a year. Until then, shareholders will continue to take a beating unless Peregrine starts looking like a winner with a near zero burn rate IMO.

GLTA, Paul

geocappy1, I'll stop harping on slashing payrolls when Peregrine does something to restore shareholder confidence.

In my countless years as a shareholder it is increasingly clear that the only way to stop the free fall in our share value is financial results that anyone can immediately understand. For instance, reducing the burn rate to near zero. Any idea how to this without slashing the non-Avid payroll? I'm all ears.

Maybe the company is not in immediate danger, but IMO our pitifully reduced share value is. I want financially meaningful action from Tustin. Without swift action we will be at 20 cents a share before you can say "Let's wait for the next CC."

I'm panicking, because it is the only logical response to our pathetic situation - bad and getting worse, fast.

GLTA, Paul

Jeff4iam4, I don't think we are exaggerating the damage shareholders will suffer if Peregrine management does not act quickly to shore up the company finances. Will the company survive without immediate action? Peregrine does have some cash in the bank and Avid does generate more.

However, shareholders have already been hammered hard, and unless Peregrine management acts quickly, there is every reason to believe the hammering will continue. Why buy or hold shares of a company facing de-listing and a reverse split in months?

Peregrine is probably in no danger of immediate collapse. So, the folks in Tustin will continue to get paychecks for some time. Shareholders will not be so fortunate unless Tustin acts to support its shareholders by slashing the burn rate and/or inking a good partnering deal. No reason to expect either alternative at this time.

Prove me wrong, Tustin.

GLTA, Paul

Threes, you are essentially correct. Peregrine does not have the ability to raise any more drug development money at reasonable cost, especially in view of the de-listing, reverse split box they are in.

Partnering would permit Bavi-antiPS development, if the partner will carry the bulk of the cost.

Business as usual is an insult to shareholders. If Peregrine doesn't communicate with us, taking our beating now is better than taking a complete loss later IMO.

GLTA, Paul

Oh, Tustin. In case you have been too busy analyzing the failed Sunrise Trial results, your(our) company is in serious trouble.

Your share price has cratered. You are doubtless planning a 100 for one reverse split, which will probably be followed by another share price collapse.

Your payroll meant to support a Bavi commercial launch must be brutally slashed. No commercial launch for at least two years.

Every day you don't slash the payroll is another day draining the checking account. How much money can you raise selling ATM shares for pennies?

Is the situation hopeless? It won't look hopeful unless you act to restore shareholder confidence in your business sense. Slash the burn rate. Now.

GLTA, Paul

Very well said, DrRocker. I think you are speaking for all the remaining stockholders who have any objectivity regarding Peregrine.

Tustin, needs to show us there is any reason to retain our shares before they dilute us to zero. Peregrine management might not want to see the rest of us sell. If we do, they will be looking at a such a big reverse split the company will never regain shareholder confidence IMO.

GLTA, Paul

bidrite, I wish these optimists were right. Just seems wildly improbable. Not my idea of a basis for investing.

I fully expected Sunrise to succeed. A terrible shock when it was halted.

Denial of the obvious may be comforting, but acceptance of reality usually works better.

GLTA, Paul