Sunstar, the only meaningful conclusion from the Sunrise trial is there will be no FDA Bavi approval any time soon. Peregrine management needs to react in a shareholder friendly way. Failing that holding PPHM shares is way too risky for me.

GLTA,Paul

Hypothetically, every week we get no guidance from management how they plan to go forward in a way that respects shareholder interests, we sell 10% or our holdings.

Either Friday or Monday morning.

Maybe Tustin notices and acts or not. In any case we will free ourselves from a company that disregards our interests.

What do you think?

GLTA, Paul

TOG, I don't know that there is any practical way for us to influence Peregrine management short of selling our shares.

If Peregrine management doesn't act, and soon, in a manner showing they feel a fiduciary responsibility to us, we should dump our shares. I know I will. Better to take a big loss than a total loss.

We know Avid has value, and we still have hope that Bavi has some value. However, if Peregrine management does not manage this post-Sunrise crisis in shareholder friendly way, we should sell.

GLTA, Paul

Tustin, give us a reason. Just one reason why owning your shares is a good idea. You know a reason to expect they will be worth more later this year than they are now.

Spare us the Bavi research. We have seen promising Bavi research for years, and we are a whole lot poorer today than we were when we bought your shares.

Give us a one reason. Make a profit for a few quarters, even if it means the executive staff takes a 50% pay cut, layoff half the non-Avid staff, cancel attendance at forums, eliminate the travel budget. You know the things serious businesses do in tough times.

Ink a deal for a BP to pay the lion share of Bavi development costs.

Give shareholders a reason not to dump what's left of our PPHM shares.

GLTA, Paul

I've already said the executive staff should take pay cuts. Peregrine management needs to show some sense of solidarity with their financially disemboweled shareholders.

GLTA, Paul

I wonder if Peregrine management will have the good sense to present its shareholders with a post-Sunrise business plan in the next few days to weeks.

Any plan built on a reverse split will crater what little investor confidence Peregrine shareholders have left. I fervently hope they can do better.

GLTA, Paul

Tustin, I don't know if you monitor this board. If so, you will probably note that since the failure of the Sunrise trial, the number of posters have decreased markedly. Note I said posters, not posts. Some posters just post a lot.

My point is this is an indicator how little retail demand there is for PPHM shares under the current conditions. Why buy a company with a failed phase III trial, no significant BP support, de-listing/reverse split on the near horizon, need I go on?

Not beating you up for fun, Tustin. Just pointing out the new reality you and we shareholders face.

Find a way to restore shareholder confidence/interest. Cut the burn rate to zero, i.e. show a profit. Get significant financial BP support, i.e. ink a deal. Or come up with something else.

No time to analyze. Time to act.

GLTA, Paul

TOG, maybe Peregrine management will surprise us. I'm not expecting it, but I like to think they are smart enough in Tustin to know the ATM phase is over. No one will buy shares staring down a reverse split with two plus years of additional dilution.

They need a new plan, if they want to continue to develop Bavi.

GLTA, Paul

You may be right, Bungler. However, at the miserable SP, it probably wouldn't take much to boost it a few pennies for a few days.

Maybe Peregrine will surprise us by acknowledging the new reality, i.e. no Bavi commercialization for years. Along with this acknowledgement, I fervently hope they announce plans to restore investor confidence by turning a profit or inking a deal to finance Bavi development.

We'll see.

Paul

A look at Peregrine's open positions shows Avid is doing most of the hiring. I like that. Maybe they can make enough money to support Peregrine without running the ATM machine at pennies a share.

If Peregrine could show a profit for two quarters, maybe they could get the share price back over a dollar. Try it, Tustin.

GLTA, Paul

geo, don't recall ever seeing an employee count for Avid. If the Tustin parking lot is filling up with Avid employees, I'm all for it.

Employees meant to support a Bavi commercial launch must be laid off. Such a launch is years away in my disappointed opinion.

GLTA, Paul

TOG, prior to the Sunrise halting, Peregrine had no reason to worry about the company's future. That is no longer the case. Now they need to take bold, probably painful, action. And, they need to do it yesterday.

I gave them a month or two to figure it out, not that it took us that long.

Now, times up. Cut costs. Starting with the executive staff. The current payroll was suitable for a company soon to launch a commercial product. Not happening. Not for years.

Get serious, Tustin. The gravy train has derailed. Start acting like adults and match your expenses to your Avid revenue, or get a partner capable of taking Bavi to the next stage.

GLTA, Paul

Sunstar, I can't enjoy this preclinical stuff anymore. Sadly, the share price is also unmoved.

If Peregrine can't turn this into a Bavi development funding partnership, we are still in the delisting-reverse split box.

Come on Peregrine, act like a business and slash the burn rate to zero.

I want to see the share price back above a dollar. Won't happen based on preclinical news.

GLTA, Paul

The full parking lot implies a full payroll. A full payroll requires money. If there is no new source of funds, you can deduce the checkbook balance is falling. So, where are the new funds coming from? Not me. Not anyone else who is staring at a de-listing, reverse split near future.

I'd rather see empty parking spaces.

GLTA, Paul

If Peregrine was so attractive, we wouldn't be where we are now. Management needs to make a more compelling case for buying their shares.

No rocket science here. Slash the burn rate. Ink a solid money deal. I welcome other ideas.

After many years here, I can confidently say that preclinical data and attendance at the financial fora will not get much of a move.

The path forward will entail painful layoffs and management pay cuts. I don't wish them on anyone, but here we are.

GLTA, Paul

biopharm, Sunrise failed in the only important sense. It did not take Bavi to the FDA for approval. Any suggestion otherwise is wishful thinking. Ain't gonna happen. I say this with zero pleasure. I still hold the maximum number of PPHM shares I've ever had.

Not only does the Sunrise failure delay, perhaps end, Bavi's commercialization, it puts the company in the delisting, reverse split box. A very bad place to be.

My faint hope is management goes into crisis mode, like it did after the Fargo Fiasco. If it faces the new reality, it might just find a way out of the delisting, reverse split box. Otherwise, we have much more pain coming.

GLTA, Paul

TekNuLoof, I tried to make my voice heard by using the "Contact Us" feature on Peregrine's website.

After entering my respectful request that management update us on their plans, the screen responded saying they would get back to me shortly. No response in five days.

I don't know if I was heard or not.

GLTA, Paul

vanessapu, unless Peregrine management starts running the company like a business, i.e. operating at a profit, or with partner support, they can kiss those salaries good bye. I suppose they could drain the checkbook and raise more cash from a few brave souls for a a year or two until bankruptcy. However, I hope they have a better fate in mind for the company.

Why risk the company's future by giving in to the 'easy path' of a reverse split. It might be easy for Peregrine management, but it would be a dead end for existing shareholders IMO.

GLTA, Paul

CP, I 'believe' in Bavituximab to the extent that it improves patient outcomes. Not enough proof here to get us to the FDA or net us a partnership we'd like.

I don't have to believe our share price is crushed. It is.

Peregrine management owes it to themselves and us to get investors back on board before another reverse split. I don't care how they do it, but I want them to tell us how they plan to do so.

My advice slash burn rate, ink a partnership with resources to fund Bavi development. Do it now.

GLTA, Paul

eb0783, are you suggesting that the share price collapse does not reflect lack of investor confidence? Of course, it does.

Fear of de-listing leads to fear of a reverse split, which will further erode investor confidence. The actual reverse split will lead to more erosion. This would be very expensive for shareholders, and Peregrine management would find it even harder to raise money.

As they say this is not rocket science. Clearly, Peregrine management must act to restore investor confidence, and they must do it soon.

I don't like this any more than you do.

GLTA, Paul

With the failure of Sunrise, investor interest in Peregrine as measured by activity on this board is clearly much reduced. No surprise.

I only point this out in the faint hope Peregrine management notices this drop in interest and draws the inevitable conclusion. Peregrine's prospects to attract investors and stay on NASDAQ are greatly reduced.

Peregrine management must find a way to restore investor confidence. IMO attending scientific and financial conferences will not do it. More meaningful action is needed. Get a partner, slash the burn rate.

It's now or never, Tustin. Do something.

GLTA, Paul

Sadly, the share price is going nowhere until Peregrine management shows us their plans to move forward without a shareholder crushing reverse split followed by years of dilution via the ATM. Why would anyone buy into that scenario?

No pleasure saying this as I own xx thousand shares all purchased for over a dollar.

Come on Tustin. Show us you know how to run a business, not just spend money on Bavi development.

GLTA, Paul

geocappy1, I fully expected Sunrise to succeed. It didn't. No point in pretending otherwise.

Let's move on to the new reality. Bavi now faces back to early phase trials, assuming the researchers Peregrine hired give the positive reports we'd like to see.

Meanwhile, Peregrine cannot spend money like they have for the last few years, when they expected FDA approval of Bavi in 2017.

If they can't get a Bavi partner, Bavi development will either be funded by two years of punishing dilution or it will be slowly advanced by whatever profits Avid can generate.

I don't like it, but these tea leaves aren't that hard to read.

GLTA, Paul

Discussion of Peregrine submitting the Sunrise results for FDA approval amazes me. The IDMC halted the trial for a reason. This trial was crafted by Garnick and company with a modest goal of increasing median overall survival 30% or so. It didn't work.

I lost a bunch of money on the trial results, but I don't blame anybody. Many drugs work in the labs but don't work in the clinic. It just happens. I blame myself for wagering so much money on a revolutionary drug attempt.

Now, I look at Peregrine's prospects for restoring the share price. I look for evidence that Peregrine management is taking the steps to do this. So far, haven't seen much. Really hope to see something soon.

GLTA, Paul

The Sunrise failure was a crushing blow to Peregrine's prospects.

Peregrine is facing yet another reverse split.

Very few speculators will buy their shares for anything more than day trading.

This could be the beginning of the end for Peregrine, unless management can show amazing progress, and soon.

We know what they need to do. Partner Bavi or put it in the slow cooker. Expand Avid.

Talk of astronomical value and evil cabals holding them back are kind of sad.

We few longs dumb enough to hang onto our shares will soon be wiped out unless management shows more business sense than they have in the past. This is not panic. This is where we are.

GLTA, Paul

eb0783, Sunrise has put fear into me. Sadly, I am not alone or we wouldn't be here sub 50cents per share.

To repeat the obvious if Bavi is so promising, Peregrine should be able to get a favorable partnering deal. If they can't, very likely we amateurs are wrong about Bavi.

If Peregrine can't partner and continues spending millions on Bavi development, the dilution will reduce the value of our already crushed investment.

I'd rather see them lay off the entire development staff and make a profitable future from Avid.

Not what I want. Just looks like common sense.

GLTA, Paul

eb0783, I don't know how big Avid might get, but I do know it makes millions in profits per quarter. If Peregrine management could take the hard steps to cut the non-Avid staff, it could reduce the burn rate to near zero.

I know, I know. We'll never get rich unless Bavi hits the big time. I still have hope for Bavi. However, if Bavi can't attract a partner, how likely is Bavi to make us rich? Not very.

So, Peregrine, get a partner for Bavi. If not, face facts. Wouldn't it be better to be a growing biologics manufacturer than just another failed biotech development company with hundreds maybe thousands of unhappy shareholders?

GTLA, Paul

Does Peregrine have a future without Bavituximab? I suspect it could under competent management.

Obviously, this would not be the future we longs hoped for. No yachts. No lengthy stays at the Four Seasons.

However, if Peregrine prudently operated the company, Avid could provide a growing, profitable business. Maybe even grow the share price and pay dividends to its shareholders.

I still have hopes Bavi is worth something. However, if it's not, wouldn't competent management plan for the contingency? Would failure to plan be grounds for tying the executive staff up in court for the next decade.

GLTA, we'll need it, Paul

We cannot afford to care about the Sunrise interim results. We know more than enough about them. We know they resulted in a halt to the trial with catastrophic results to our shares.

Peregrine management needs to show us they have a company with a promising future. IMO they do this first by slashing the burn rate to zero. If they can develop Bavi with internal resources or a solid partnership, our share prices may recover. Anything else will do nothing for us.

GLTA, Paul

Until Peregrine management shows they have a plan to restore shareholder confidence, the share price will just sit here until in evaporates due to lack of interest.

Slash the burn rate, make something happen in the clinics. Tough combo, but that's why we've paid your salaries for the last ten years.

Management needs to act decisively and publicly. Let's see if they really have what it takes in Tustin. Surprise me!

GLTA, Paul

hope, at least Avid is worth something. The market won't know it, unless Peregrine cuts costs enough to reduce the burn rate to zero, or less.

If Peregrine plans to continue going to the ATM, it will be years before current or new shareholders will see a profit, if ever. The "we just need to do one more reverse split" policy sounds like "I just need one more drink from an alcoholic". Nobody believes it.

Peregrine needs to prove to us and the other brave souls who consider buying their stock that they get it. No more easy money. Make the hard choices or dust off the resumes.

GLTA, Paul

The Sunrise failure presents Peregrine management with a crisis.
Unless they want the crisis to deepen, they owe us an explanation of their plans.

How can they go forward without near term Bavi approval?

Isn't reducing their overhead critical to conserving cash and rebuilding shareholder confidence?

Can they stay on NASDAQ without a reverse split?

Why would anyone buy their shares facing a reverse split?

Why would anyone buy their shares after a reverse split?

They need to act decisively and to communicate simply. It would be human nature to pretend everything is OK, but it is not OK.

GLTA, Paul

How soon can we expect to hear from Peregrine management how they plan to go forward without near term Bavi approval?

How do they plan to reduce their overhead

cheynew, I have some valuable information for Peregrine management. Sunrise's failure means your cost structure must be reduced.

If management wants to continue the great Bavi experiment, it must do so with internal funding- Avid or partner support. Additional ATM use and a reverse split will push many of us to finally dump our shares. If that happens, better dust off those resumes.

GLTA, Paul

Revenge, no need to personalize the Sunrise failure. Given what King and company knew and had reason to expect, I think they were making good decisions. Reality by way of the clinic intruded on what looked like a promising plan. Sh*t happens.

The only important question now is how does Peregrine proceed. I would like to see management recognition of how serious the situation has become. I would like to see them act accordingly. By which I mean slash the burn rate as close to zero as possible, preferably use Avid to turn a profit.

Bavi-immunotherapy combo trials may be worth pursuing, but only if they can find more money from Avid or a partner. Management has some responsibility to the shareholders who have supported their efforts. The owe us better than another round of ATM selling at these depressed levels.

GLTA, Paul

Geo, as a true long, I do know some of the truth about Peregrine. The sad part of the truth is that Bavi-chemo, bavi-imaging, bavi-antiviral have yet to show any commercial value.

I do not blame Peregrine management or any assortment of villains. These bavi efforts just have not performed in the clinics or in the greedy heads of any potential BP partners.

Peregrine has two things going for it, along with a host of things against it. First it has Avid. A division that is expanding and making a profit. Second, it has one last shot at Bavi-immunotherapy combos. They might work, they might not.

I'm not sure we need to go through the negatives. Too many past failures and a current cost structure are big ones. Can't do anything about the past. However, the cost structure presents an opportunity for management to manage. We'll see.

GLTA, Paul

How profitable is Avid? How profitable would Avid be at $60 million gross? $90 million gross?

Maybe the Bavi optimists don't find this an interesting topic. After the Sunrise failure, I find it much more interesting than I used to.

Don't existing shareholders deserve something for our loyalty in the face of years of dilution. Maybe Peregrine should spin off Avid as a separate entity giving ownership to existing stockholders.

Any shares sold after a reverse split would not have a claim on Avid.

If bavi-immunotherapy combos take a header like bavi-chemo, at least we would be left with something.

Sorry to be skeptical about bavi-immunotherapy combos, but any shareholder who has been beat up like we have has to be skeptical.

GLTA, Paul

eb0783, Peregrine cannot develop new Bavi combo treatments without money.

Unless Peregrine can get a solid partner, they will run low on funds with the existing burn rate sooner than I can stomach.

Face it. Noone in their sensible mind will give money to Peregrine after the Sunrise failure with a reverse split staring them in the face.

To me this means, Peregrine must fund Bavi development with internally generated funds or a partnership.

Peregrine adjusts to this new reality or it disappears along with our investments. I don't want this to happen. I want them to change to a mean, lean, but viable approach going forward.

GLTA, Paul

CP, my assumption is a solid partnership would cover enough development cost to spare Peregrine additional dilution from the ATM sales.

My point is no scientific information will restore investor confidence. Certainly nothing about the Sunrise control arm.

If Peregrine can move forward without ATM, pipe or other dilution, maybe we can get back above a dollar. The threat of a reverse split must be removed by management financial action. A zero burn rate or solid partnering deal might do it.

PRs about how great Bavi could be or how weird the Sunrise control arm data was will not prevent the need for a reverse split. The last one for five split just led to even lower share prices.

GLTA, Paul

Another positive. Peregrine was sitting on a $50-60 million when the Sunrise didn't. This gives them enough time to continue Avid expansion, while continuing early phase Bavi-immunotherapy development.

What Peregrine management must do is regain investor confidence. Without that we will see another shareholder punishing reverse split.

Management must reduce the burn rate to zero. It can be done, if they have the cojones to do it. No reason to believe they have them, but maybe the Sunrise failure taught them something.

GLTA, Paul