Loofman is out makin' Jugs!
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Yeah, let's all sell 10% of our shares at once Friday and see what happens! It's a perfect plan and I know the shorts will be there to help us tank the share price. It's sure to bring attention to Peregrine management and will knock the crap out of the market cap and the remaining 90% of our holdings! That will surely get everyone feeling like they made a serious statement. It's going to be exciting to be a part of mass panic! Why didn't we all think of this before? We could have driven the share price down weeks ago! Why heck... Why not sell 50%? That would really get things moving! That's the ticket!
Also, so that we all get this shareholder revolt going in a transparent way, let's vote for one of the anonymous message board posters we trust to take all of or personal information and share count. Once he has all that data, he can share it with us all so that we can know exactly what we're dealing with and who we are. That ought to act as a catalyst for the short players to help drive the price down even further into the single digits and really make a statement on how serious we are! This will be GREAT!!! There's nothing like leveraging ourselves by banding together to create a revolt! Hear this PPHM? We're really serious and mad!
LET'S ROLL!
Jmo
Loofman
E C GUY...well said, good thoughts and best of luck. Hope our luck changes.
Loofman
I don't agree with this. Too risky. We don't know each other well enough to share such personal information. And I think it is possible to have moles infiltrate such groups.
Class action is the other option that won't work. It disrupts what is left of the ongoing company and if there is any success winning a suit, the lawyers get rich and we get pennies on the dollar.
So, that leaves sell, take massive losses and move on...or, hang in there and hope a catalyst changes our luck somehow some way. If the company continues on the same path, we don't win. If the company figures out something, we lose less and if the company gets it together, we might make some sort of a profit.
No space type vehicle rides fer Loofman anytime soon, IMO. Maybe I'll git lucky and git shot out of one of them circus type cannons and bust through the top of the tent.
Jmo
Loofman
I fully believe there are some who are close to Peregrine who read this board often. I know quite a few long term shareholders who seem to have access to management on occasion. So with that, I feel objective voices, objective opinions and our sentiment posted here is a start. I also hope that there are some good intentioned experts who read his board who might lend their professional opinions as to how to expand our concerns closer to managements ear. I would hope having a rational group of shareholders breathing down the necks of management might at least open up more transparency and conversation.
Jmo
Loofman
i care about every honest good soul here who invested their hard earned money into this stock. I believe there are quite a few of us here. I don't know how many shares that represents, but I do believe it is in the multi-millions. I have $6 figures invested in PPHM. I am not sure how to make sure we have a voice as co- owners in this company but my ears are open to good ideas. I don't know where Mr. Dart stands with his position or if he cares, but put his shares with ours and do we have a voice? All conjecture, but worth discussion in this forum where we have at least some voice.
I am not sure where some of the contrary voices of so many years are coming from, but I'd love to know more about their history and relationship with PPHM as an investment. Are they disgruntled former investors, former employees, short players??? Realist, frustrated, volgoat, carboat and others. They have actually been more right than wrong in their opinions, and I have been one to steer away from such opinion not knowing anything about their qualified pasts and relationships with Peregrine. If any of the folks really wanted to contribute to the common good of all, it would be helpful to have some transparency from you in terms of your experiences.
Enough rambling. I appreciate so many of you after all these years and hope betters days of investment fortunes will fall upon us sooner than later.
Jmo
Loofman
To be honest...I can't see why anyone here can paint a positive spin on Peregrine no matter how you look at the situation. IMO, the management team has failed to produce results for their shareholders. Their decisions have been their own as to how to conduct business, trials, partnerships, collaborations and financing in all these years. And now, after all this time and all the shareholder money invested the company has spent, the stock value is .40 cents. Let me repeat...FORTY-CENTS!!
How does management get a free pass, hefty compensation and job security after such performance?
Why are we as shareholders continuing to let things remain status quo and why are so many still trying to paint a rosy future here on a non-objective message board?
I think Peregrine management owes it's long loyal shareholders strong responses, strong actions, open transparency and sweeping changes. ASAP!
Jmo
Loofman
Peregrine...sell the company and intellectual rights now! IMO, by trying to hang on and trying to come up with a plan B is futile. You have a fiduciary responsibility to your shareholders and that doesn't mean keeping all the employees employed, paying yourselves high salaries and options while the company's value dwindles at your shareholders/owners expense. You have a serious responsibility to make Sweeping mission statement changes based on your failures in your prior efforts. It is seriously time to save what value is left in this company, and that does not include keeping the current leadership/board in place. Your track record says it all over the past Twenty years. You have failed miserably at increasing shareholders value in all these years. Our CEO has repeatly stated in conference calls this was his aim. He has failed on multiple attempts to achieve this. Time for a change. It seems very clear.
Jmo
Loofman
Are you sure it's concrete...
and not asphalt?
Jmo
Loofman
Paul, I doubt it.
Unless you have 1 mil shares or more, been to at least 2 ASM's, and bought the board 4 rounds of licker, I don't think you have a chance.
Maybe if you have have done half of the above and you repeat sending your inquiry every single day, maybe you'll get a response.
I'm concidering hiring out 'Ol Butch Gussards 1928 Bi-Wing down the road fer a spell and gittin' er up yonder with one of them fancy banner flags that I seen him pull behind the vehicle with a message that says,
PEREGRINE PEOPLE! THIS AIN'T YER MOMMA...ANSWER YER MESSAGES! LOVE LOOFMAN
GORMBUS - all 4 of my thumbs up!
Mixing is good! And we could alternately use my slogan, "Nobody Gives the Bird like Peregrine!"
Until we figure how to do that, drink mass quantities of your favoright licker!
God Bless back at ya!
Loofman
To all serious shareholders who have feelings about Peregrine...
We have a right to be pissed off. A lot of stuff has gone down in the past 4 years that have greatly affected long term shareholders confidence and net worth because of Peregrine's actions and inactions. As of right now we have been left hanging out to dry while management tries to figure out their act. I really do pray that an intervention will take place. I cannot believe they do not see the writing is on the wall. I honestly think they do, or I have high hopes. I'm still very invested in this company. I see potentials that are still yet to come to fruition. But, I wonder at what cost? It's a pity we have so little voice in our investments not only in this company, but in the vast majority. So, I continue to vent here, without the support of good Korn licker. Somehow I wish our collective voices could be heard here.
Jmo
Loofman
L-O-L! I'm getting in the cue line now! While we wait they can play these tunes while we are on hold:
(Reach Up for the) Sunrise - Duran Duran
Heart of the Sunrise - Yes
Laguna Sunrise - Black Sabbath
Last Sunrise - Aiden
Slumville Sunrise - Jake Bugg
Sunrise - Rascal Flatts
Sunrise - Pulp
Sunrise - Simply Red
Sunrise, Sunset - Bright Eyes
Sunrise, Sunset - Cast of Fiddler on the Roof
Temecula Sunrise - Dirty Projectors
Tequila Sunrise - Eagles
Jmo
Loofman
I'll take an enchilada and...
$2.95 a share. I'll give all of management a personally embroidered sombrero to boot!
Jmo
Loofman
Is it somehow more empowering to think I have come to some sort of reality about Peregrine? And yes, I think it is possible to make some of this crap up. Lots of fuzzy math and commentary on this board.
I suggest going after the people at PPHM that matter rather than your average investors . IMO, it doesn't help anyone, and is clearly agenda driven.
Jmo
Loofman
Yes, that's how all billionaires invest. Not caring if they lose their money. Throwing $20+ million down the toilet here and there is the key to remaining a billionaire.
And yes, I totally agree, he "may" be out or he "may" still be in. He "may" have shorted against or he "may" have not. You "may" be right or you "may" be wrong. I hope all who read your "may" opinions read them for what they "may" be worth!
IMO, I think they "may" be worth exactly whatever they "may" be worth!
Just may opinion,
Loofman
TOG...
I understand and I too have never received a response from Peregrine in 8+ years. It does make me wonder how some shareholders get access and some don't. I would hope there are no disclosure concerns. I've read a ton of emails in all these years from shareholders who have "communicated directly" with management and have shared many times, glowing and very enthusiastic reports from such communication. I've kept hundreds of those emails for reference. Unfortunately, none of the glow and enthusiasm turned out to be of positive outcome for us shareholders.
At this juncture, I'm further convinced that it is time for a change of leadership at the CEO level and would support any sincere and serious attempt to make such a change for the betterment of the company and its shareholders. I have no ill will towards our current CEO, but I believe the results of his role over these many years say all there needs to be said...
failed Sunrise trial
No financial partnerships
No product to market after all these years
Deleted pipeline
200,000,000 very diluted shares
A very weak plan b going forward
Poor marketing and investment promotion
Dwindling market cap
Looming delisting
I must say IMO, how many NASDAQ listed companies would allow for their CEO's or their boards for that matter to continue on down the road Peregrine has taken under such leadership?
Jmo
Loofman
Considering what happened and the loss of around $140,000,000 of market cap, I'd think the company would be prudent in being as transparent as possible with it's shareholders. At this point in time, I'd think an update would have been a required courtesy to the remaining shareholders looking for SOME direction. Especially as many good people are suddenly down 5, 6 to 7 figures on their investments.
Do we think Dart is being left out in the dark as well? I can't imagine that investor is just sitting there waiting patiently for answers.
Jmo
Loofman
46 days since Sunrise trial was stopped. 46 days to disseminate trial information. 46 days to discuss stategy as a "Pharmaceutical" company going forward, 46 days to cultivate strategic partnerships...and it's been 46 days of total silence to the shareholders of the company. Maybe they don't realize there are any shareholders left? Or maybe it's just too expensive to PR an update to me and the 46 loyal shareholders that are left?
Jmo
Loofman
The PPHM Blues...
My dog was howling this awhile ago and I thought I'd share:
Loofman ain't too happy no more...
Cause there ain't no mo meaty bones in store.
PPHM has taken him to places I've not ever seen...
He's down $80k and is acting a smite mean.
The Korn kicker done dried up and turned into vapor
My flees have increased as I'm now sleepin' with my neighbor.
Tessi may is long gone and the shack is a heap
Poor Loofman can't even get love from old sheep.
The outlook is poor as them Peregrine boys snore,
Dreaming of new trials galore, dreaming of new trials like never before.
And what money is left feeds the boys in the black who done knew this day was
a comin' when 8 shares could buy you a Big Mac.
Oh, whoa is me as I sit here and plea...
Git Loofman back on his feet once again so I can eats
Once again from the palm of his hand.
By Millie
Loofman's Dog
Maybe there is an outside chance for PPHM.
Found this article today which could possibly relate to Peregrine's current state of affairs.
How Three Companies Have Been Resurrected from Failed Clinical Trials: George Zavoico of JonesTrading
http://news360.com/article/344583905
Concerning PPHM today...
Has anyone here said anything of velavence that I need to know about that might interest me/us? Haven't been able to keep up with the hundreds of post that stream by. I'm too busy trying to pull nails out of the boards in the leftover boards from the old shack, makin' more Korn licker and buyin' more shares.
Hope you all had a meaningful Easter
Loofman
Well I start rebuildin' the shack this weekend thanks to PPHM. Im'a pickin' up the pieces, and Tessi May is supervisin' while looking mighty fine. She's a good motivator. Hope the goat finds it's way home. Pullin' nails with my teeth ain't none too fun. Thank goodness I still gots 11 jugs of Old Loofman's Pure Kentucky Korn Licker left to help ease the pains.
Happy Easter!
Loofman
You deserve a huge return on your investment for all that you have contributed to the dd and grounded data gathering. Thank you my friend.
Loofman
Yes or financial partnership with Big pharma for $100,000,000 upfront and milestone payments going forward.
Board restructure and management changes as well.
Jmo
Loofman
I had an order in before market open, all or none. Was not sure if the size would fill but it did.
Been playing the market long enough to see certain signs and patterns. Hopefully there is more to come.
Jmo
Loofman
I haven't done this for a few years, but I sold a large number of shares at .585 the other day and then used the proceeds to buy back at .40 yesterday. That increased my position by a few thousand shares. I'm hoping this isn't going to be the only way I might have a chance to recover on this investment. I still see a glimmer of hope after listening to various sources and knowing we still have assets.
I know about the wash sale rule and with that kind of spread I got, I don't care. It just increases my cost basis until I sell them.
Best weekend to all.
Loofman
Firstly, I want thank everyone for responding to my 3 part question concerning Peregrine's CEO. I really appreciate your respectful responses. I would love to hear from others as well.
Patientlywaiting, I appreciate your comments but I am concerned we won't be in very good shape by the time the ASM arrives. I believe a financial partner and a management makeover should be seriously considered before then. Of course, I would love to hear solid reasoning why I am wrong in my opinion.
Jmo
Loofman
All long time Peregrine shareholders...
Please share with me why Steven King should continue in the CEO position or why he should not.
I'd appreciate civil and respectful comments.
I think it's clear what my sentiment is, but to the point:
1. Two huge failures in the running of the trials for lead candidate drug Bavimaxitub in 3 years, costing TENS of millions of shareholder's money.
2. Failure to financially partner the efforts to further Bavimaxitub's platform.
3. As of today, no Plan B for going forward as a Pharmaceutical company.
Jmo
Loofman
145 mil shares have been issued...
and diluted since I first became a shareholder in 2008.
Using a guestimated average price of $1.50 a share for this period of time that comes to $217,500,000 sold off by the company during those 8 years.
Well after all that, we have Avid and some "interesting" science experiments sitting on the shelf.
Better git that Avid cranked up and running 24/7 365 days a year. If we're lucky and if Avid returns $24 mil in earnings a year after expenses; in 9 years we'll have covered the cost of those shares.
Boy that's a lot of money! It's good to know I've helped keep food on the table for a bunch of good folks in California.
Jmo
Loofman
Q3 2016 Earnings Conference Call TRANSCRIPT
March 9, 2016 11:30 AM ET
Executives
Tim Brons - IR, Vida Strategic Partners
Steven King - President and Chief Executive Officer
Joseph Shan - VP of Clinical and Regulatory Affairs
Stephen Worsley - VP of Business Development
Paul Lytle - Chief Financial Officer
Analysts
Joe Pantginis - Roth Capital Partners
Thomas Yip - FBR and Company
George Zavoico - Jones Trading
Rahul Jasuja - Noble Life Science Partners
Presentation
Operator
Good day, ladies and gentlemen and welcome to the Peregrine Pharmaceuticals’ Third Quarter Fiscal Year 2016 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.
I would now like to hand the conference over to Tim Brons of Peregrine’s Investor Relations Group. Please go ahead.
Tim Brons
Thank you. Good morning and thank you for joining us. On today’s call, we have Steve King, President and Chief Executive Officer; Paul Lytle, Chief Financial Officer; Joe Shan, Vice President of Clinical and Regulatory Affairs; and Steve Worsley, Vice President of Business Development.
Today, our team will be providing an overview of the Company’s operations and progress, spanning clinical, pre-clinical, corporate, as well as Avid Bioservices’ contract manufacturing business. After our prepared remarks, we will welcome your questions.
Before we begin, I’d like to caution that comments made during this conference call today, March 9, 2016 will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, concerning the current belief of the Company, which involves a number of assumptions, risks and uncertainties. Actual results could differ from these statements and the Company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the Company’s filings with the Securities and Exchange Commission concerning these and other matters.
With that, I will turn the call over to Steve King.
Steven King
Thanks, Tim, and thanks to all of you who have dialed in, and to all of you who are participating via webcast today.
It is certainly been an interesting time at Peregrine since our last regularly scheduled conference call. On the downside was the recent announced discontinuation of our Phase III SUNRISE trial.
On the upside was the announcement that we had completed formal commissioning of our new biomanufacturing facility and that the manufacturing in the facility was well underway giving us a great new revenue source from which to continue growing the business, which this fiscal year will easily reach an all-time revenue high.
So, where do we go from here? First, we continue growing our thriving manufacturing business where we see the opportunity to grow even beyond the new manufacturing facility.
Demand for services is at an all-time high and importantly, we are seeing significant opportunities for late-stage clinical and commercial production that can yield a solid base for future growth.
So on this side of our business; it is business as usual supporting our clients with their developments and commercial production needs. On the development side, it is a transition time for our bavituximab program. While the results of the interim analysis from the SUNRISE study are unfortunate, and it is a setback for our chemotherapy combinations with bavituximab, it is by no means the end of the program.
For starters, we have not yet completed patient follow-up in the SUNRISE study with the goal of learning as much as we possibly can from the trial. Importance to note is that patients that enrolled in the study and are still active are continuing to receive chemotherapy and those patients that were on the bavituximab arm have the option to continue receiving bavituximab and some have already expressed an interest in doing so and we will be continuing follow-up on these patients as well as survival follow-up of patients that have already exited the study.
At this point, our goal for the study is to obtain data from the trial that can potentially be critical in how we move the chemotherapy combination program forward and even information that can help guide the overall program, which patients to particularly well know study, what were their characteristics, these are just a couple of examples of the many types of questions that we want to attempt to address as we wind down the SUNRISE trial. So that we can tailor patient selection in future studies.
As we generate this data, we will be able to share it at the appropriate time in the future. After advancing the program, we are as excited and confident as ever about the immuno oncology combination potential of bavituximab.
As you may recall, this was already the counterpart to the chemotherapy combinations based on a completely different mechanistic synergy namely to start an immune response in patients lacking a good immune response and then prolong the immune response by blocking the PD-1 PD-L1 pathway that can counteract a strong immune response in patients.
This combination hypothesis is still completely intact. We have generated a significant amount of translational and pre-clinical data demonstrating that bavituximab has the potential to enhance the activity of checkpoint inhibitors and our goal for the coming year is to bring many of these concepts into the clinic and to demonstrate the potential of bavi in this important area of cancer therapy.
With our I-O combination program having been underway for sometime, long before the SUNRISE results, we have formed collaborations with some of the leading I-O players in the world.
A collaboration with AstraZeneca to study bavi with their PD-L1 inhibitor durvalumab, a collaboration with researchers at Memorial Sloan Kettering Cancer Center to study novel combination of bavituximab with I-O agents, a collaboration with National Comprehensive Cancer Network or NCCN to run multiple clinical studies focused on I-O combinations, and at some of the 26 leading cancer centers in the US that are part of the network with significant involvements, as part of the program from key opinion leaders at those institutions all in addition to our long time collaborations at the University of Texas Southwestern Medical Center that will continue to be active in pushing forward I-O combinations.
The main difference with the SUNRISE results in hand is that the I-O combination program has become our major area of clinical focus and as such, we are working with all of our collaborators to redefine the program in order to have a cohesive and comprehensive strategy that ties together the efforts of all of our collaborators that will allow us to rapidly advance the program.
The strategy will involve study designed to answer specific questions about particular patient populations where we already have evidence that bavi may have the biggest impact allowing us to more quickly generate data that we can build on as we advance the program.
These timely efforts are well underway as we speak, and we will look forward to updating you as they are implemented into the clinic.
I will now turn the call over to Joe Shan, Vice President, Clinical and Regulatory. Joe?
Joseph Shan
Thanks, Steve. I’d like to start by speaking about our Phase III SUNRISE trial, which we discontinued in late February. The decision to stop the trial was based on the recommendation on the study’s Independent Data Monitoring Committee or IDMC following a pre-specified interim analysis.
While the interim analysis show that the bavituximab combination group was performing as expected according to the originally filed assumptions in terms of overall survival, it also demonstrated that the docetaxel group had dramatically outperformed overall survival expectations based on the original trial assumption and as compared to recently published studies.
Nevertheless, enrollment has been stopped and we are now in the process of winding down the trial. As part of this process, patients who are still receiving study treatment are given the option completing their chemotherapy and for those patients assigned to the bavituximab arm, they continue to receive bavituximab if the investigator beliefs this is in the patient’s best interest.
Because I-O agents can elicit delayed responses and prolonged survival, we are continuing to follow such verification to evaluate their outcomes. Such information will certainly be valuable in helping for future decisions for the company.
As we continue to collect and clean the remaining data, we are also conducting a thorough evaluation of the already available clinical data. While we perform these analyses, we’ve put a hold on the trial that combine bavituximab with chemotherapy until we have a clear understanding of SUNRISE study results.
Specifically, we have put our recently initiated phase II/III breast cancer trial on hold, as well as the start-up activities for a Phase II early-stage breast cancer trial. It is our plan to publish our findings from SUNRISE when it is completed and we will provide an update on this process next quarter.
Looking ahead, our priority is to generate clinical evidence of bavituximab’s ability to improve patient outcomes when combined with immunooncology agents. To this end, AstraZeneca and we are currently evaluating a trial design for the two previously announced clinical trial combining bavituximab with AZ’s PD-L1 inhibitor durvalumab.
In light of the recent development in the SUNRISE trial, our companies are currently working together to identify the optimal path forward for demonstrating potential mechanistic synergies between bavituximab and durvalumab in different patient populations.
We are particularly interested in combing bavituximab with checkpoint inhibitors because it has been observed that checkpoint inhibitors are most effective when there is a pre-existing T-Cell response in tumors.
Importantly, we have pre-clinical evidence that bavituximab like antibodies triggers CD-positive T-Cell responses which can be prolonged by the addition of PD-1 checkpoint inhibitors.
Another important observation we’ve recently made is that our PS signaling pathway inhibitor demonstrate multiple signs of immune activation and low our negative PD-L1 expressing tumors. We believe that this holds great potential to increase the number of patients able to respond to checkpoint therapies.
Based on these observations, we believe that by combining these two projects the potential exists for a more complete and lasting anti-tumor immune response.
Lastly, I’d like to comment on our newest collaboration with the NCCN. The goal of this partnership is to build upon the company’s clinical development program of bavituximab in combination with I-O agent for the treatment of a range of tumors. NCCN is a not-for-profit, alliance of 26 of the world’s leading cancer centers dedicated to improving the quality effectiveness and efficiency of cancer care.
Through this collaboration, Peregrine will have an opportunity to fund multiple investigator initiated clinical and correlated studies with bavituximab in a range of cancers at the NCCN member institution and their affiliate community hospitals.
We believe this relationship will prove to be highly valuable as it will allow Peregrine to expand and augment our bavituximab clinical development program through experienced investigators and world-class institutions. It will be impossible for a company of our size and stage to gain access to incredible institutions and clinical thought leaders otherwise. This collaboration remains quite new, but we look forward to reporting our progress in the not too distant future.
This concludes my comments today. I will now turn the call over to Steve Worsley to give an overview of the business development and manufacturing activities. Steve?
Stephen Worsley
Thanks, Joe. As Joe provided an update on our collaborations with AstraZeneca and the NCCN, I’d like to provide an update on Peregrine’s other I-O-focused collaborations with the Memorial Sloan Kettering Cancer Center.
The goal of this partnership is to evaluate combinations of bavituximab with other checkpoint inhibitors and immune stimulatory agents for the purpose of developing new and increasingly effective anti-cancer treatments.
This work is advancing well. To-date, we have seen initial signs of activity with new combinations with bavituximab and other treatment modalities such as checkpoint blockers, T-Cell agonists, and radiation. Our plan is to spend the next tier investigating these possible combination potentials. We are also renewing the contract for next year as we’ve seen exciting results thus far.
I’d now like to discuss our biomanufacturing business as we announced earlier this week our new state-of-the-art commercial biomanufacturing suite which we call the Myford facility has been formally commissioned. As part of the commissioning process, all relevant regulatory agencies have been notified and GMP production is currently underway.
The new facility, which is being operated by Avid Bioservices will more than double the company’s prior manufacturing capacity. The 40,000 square foot biomanufacturing facility which is located adjacent to the company’s current campus in Orange County, California is outfitted with cutting-edge, single-use equipment to accommodate a fully disposable biomanufacturing process for late Phase III clinical and commercial production of biologics.
Despite its world-class design, the Myford facility was completed for a fraction of the cost of building comparable facilities something of which we are quite proud. The suite is capable of operating reactors as large as 2000 liters in volume. GMP material produced in new facility can be used either in clinical trials or for commercial sales once Peregrine or its partners make the appropriate regulatory filings.
Demand for this new production capacity is high and we already have locked commitments extending well into 2017. As this demand continues to grow, it leads us to consider options for potentially adding more production capacity in the near future. We are currently evaluating a number of opportunities to meet this demand and are extremely optimistic about the growth of this business.
We believe that the Avid business will continue to be a tremendous source of new business for Peregrine and it is our goal to pursue every opportunity to build demand and expand capacity.
That concludes my comments. I will now turn the call over to Paul Lytle, Chief Financial Officer who will discuss the company’s financial performance including additional details regarding our Avid Bioservices business. Paul?
Paul Lytle
Thanks, Steve. We are pleased to report that we continue to see significant growth in our contract manufacturing business. Last quarter, we raised our fiscal year revenue guidance from $30 million to $35 million to a range of $35 million to $40 million and today, we believe we can exceed this guidance and top $40 million in contract manufacturing revenues for the full fiscal year 2016.
This represents revenue growth of approximately 50% over the prior fiscal year in addition to the continued growth we’ve seen over the last several years. I would also like to point out that our manufacturing revenue for the full fiscal year 2016 will be solely derived from our existing manufacturing facilities and our newly commissioned facility has the potential to drain an additional $40 million in manufacturing revenue.
Now turning to the current quarter, we generated contract manufacturing revenue of $6.6 million representing an 18% increase in manufacturing revenue compared to the same prior year quarter and year-to-date, we recorded manufacturing revenue of $25.6 million or a 40% - 47% increase compared to the same prior year period.
Our outlook for this business remains very positive with our customers continuing to book available production capacity. Our revenue backlog has grown from $49 million reported in the last quarter to over $58 million as of February 1, 2016, the beginning of our fourth quarter.
Looking ahead, we expect Avid Bioservices to continue to play a critical role in our business Avid continues to generate non-diluted income that significantly reduces the amount of capital we need to raise by other means. For this reason, growing the Avid business will remain a high priority for the company.
Now turning to expenses, R&D expenses for the quarter increased primarily due to the increased manufacturing cost associated with bavituximab combined with increased cost associated with the previously planned Phase II trials in breast cancer and lung cancer, while G&A expenses remained relatively flat quarter-over-quarter.
A more detailed analysis of our statement of operations is included in our Form 10-Q that will be filed later today.
This concludes my financial overview and I will now turn the call back over to Steve to discuss some important upcoming milestones. Steve?
Steven King
Thanks, Paul. As you’ve heard from our team today, Peregrine remains a strong company with a valuable clinical asset and a rapidly growing biomanufacturing business. The important work of developing bavituximab as an anti-cancer therapeutic continues.
We believe our relationships with AstraZeneca, Memorial Sloan Kettering, UT Southwestern, and with the NCCN will be invaluable as we establish and execute our overall strategy for advancing the bavituximab I-O combination plans in a range of cancers and our Avid Bioservices business continues to outpace our initial projections providing a steady growing revenue stream.
The Avid business grew 20% in fiscal year 2015 to $26.7 million in revenue, and is expected to grow to exceed $40 million in revenue in fiscal year 2016, with our new facility now online to help drive further revenue growth in fiscal year 2017.
It is fair to say that Avid has experienced significant success and we are evaluating a number of opportunities to continue to expand this important business.
This concludes our prepared remarks and we would now like to open the line for questions.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions] And our first question is from the line of Joe Pantginis with Roth Capital Partners. Please go ahead.
Joe Pantginis
Hey guys, good afternoon. Thanks for taking the question. Couple questions, so bear with me if you don’t mind. First, with regard to the overall operations of Peregrine, you are obviously looking at increased revenue from Avid, so with that in mind, how are you looking to fund the company going forward with regard to the Avid revenues, your outstanding ATM and is there a potential for restructuring following the SUNRISE news?
Steven King
That’s a good question, Joe. Let me just say that, we are very committed to maintaining a solid cash position to run our business. We’ve always said in the past that our goal is to maintain a balanced financial approach that we like to complement our cash position with the revenues that are coming in for Avid.
We can utilize potential offerings through the equity markets if we need to and then obviously looking at other opportunities, I think, different collaborations, different revenue streams and growing the Avid business I think will be imperative for the company as we advance that business. So, again we are looking at maintaining and sustaining a very operational business here and to support our customers.
Joe Pantginis
And with regard to the size of the business and any potential restructuring?
Steven King
Currently, we have no restructuring in terms of the size of the business. Our goal is to continue to grow that business and we have planned to do that.
Joe Pantginis
Okay, and switching to the I-O combination program, Steve, you made a comment about how the program is going to be redefined now, can you talk about, maybe a little more about what that means specifically you could start with – I know you had some certain views about what the AZ protocols might have looked like. Have those changed and what are your discussions with – what have your discussions been with AstraZeneca since the SUNRISE news?
Steven King
Sure, yes, I think that, just a little follow-up on your first question, I think, one of the things we’ve done which is prudent is, based on the SUNRISE data and the fact that we really need to understand what happened in that study, why did the control arm way outperformed what we expected going into it. As Joe mentioned in his remarks, we had have put on hold a couple of the clinical studies that would have been starting otherwise.
There are two things, one it gives us a chance to give more data from the SUNRISE trial and to make sense out of it, the second is of course that it also controls expenditures in those areas and those were a couple of significant expenditures for the coming year.
In addition, our overall strategy I think, asnd this kind of pertains to both questions, is really to focus our clinical development efforts on studies that can yield, number one, quick data or as quick as possible, but also smaller studies that really allow us to build on early successes and then to grow our knowledge base as we expand into larger trials.
But, it’s a huge benefit to be able to do that based on the tail if you will, of good clinical data. So, yes, I think we are – we’ve entered into discussions with AstraZeneca, with – we are having discussions with NCCN, with or other collaborators at Sloan Kettering, UT Southwestern about how do we put together a cohesive program, because we don’t want a bunch of individual activities that don’t fit well together, what we want is a program that allows us to answer critical questions in multiple indications simultaneously and again, then to build on solid clinical data, looking at patient populations such as PD-L1 negative.
We have already shown in some of our translational work and pre-clinical studies that that maybe where we can have a big impact, so we’ll be able to look at that in a clinical setting. But I think, taken overall it also helps to control the burn rate until we can generate good clinical data that’s positive and then that of course should help both on the partnering as well as the funding front. So, I think we are taking this for really very step-wise and then again, continuing to grow the Avid business just makes good sense, because that again, really helps cover the overall business operations.
Joe Pantginis
Now that’s helpful. Thank you. And then, just a quick follow-up on that, would you say that there has been no change to the tenor of your discussions with AstraZeneca?
Steven King
Yes, I mean, what I would say is that the tenor of discussions has changed just because, what now makes the most sense, because the rationale for running the Phase II study in non-small cell lung cancer was little bit different. It was really meant to augment a positive clinical study in chemo combination, and so that it didn’t had coverage for both the I-O combination as well as the chemotherapy combination.
I think now the goal has changed somewhat and I think for both of those into having now build on good clinical data and find those patient populations that are most likely to respond. So, yes, I think, it’s part of a lot of a new conversation all which I think is very positive and I think also which will allow us to not just run studies with AZ, but also to incorporate what we are doing with NCCN, Sloan Kettering, UT Southwestern into that overall plan which benefits both Peregrine and AstraZeneca and everyone involved.
Joe Pantginis
Okay, and then my last question, if you don’t mind, it’s a quick one. You mentioned regarding SUNRISE that patients will be able to – if they request remain on bavi – excuse me - do you have a sense of how many patients that might be? And the potential cost associated with it?
Steven King
Yes, I think the potential cost will be relatively minimal just because, obviously, it’s going to be a portion of the patients that would be going forward with that, but it was already captured in the initial intent of running the study. But I think the benefit is, for outlays and the expenditures associated with those infusions, because number one we only have the drug, number two, it allows patients to stay and again as the data matures, our goal is still to get as much data from this study as possible, which includes which patient populations maybe doing better, is there a survival tale?
There is just a lot of questions we still want to answer and the more we are able to keep patients on study, keep them going through, I think the more likely we are to be able to get some really nice data that we can again, really employ as we continue to advance the program.
Joe Pantginis
Okay, thanks guys.
Steven King
Thanks, Joe.
Operator
Thank you. And our next question is from the line of Thomas Yip with FBR and Company. Please go ahead.
Thomas Yip
Hey guys, good morning. Thank you for taking my questions. Just one – two final more specifically about your ongoing discussion with AstraZeneca. You mentioned that, it involves finalizing a design of two trials. I am just wondering whether it’s still a Phase II trial for non-small cell lung cancer and then another trial for solid tumors and if so, which one is the higher priority trial at this point?
Steven King
Sure, yes, I think that, so, just to remind you once, so the original collaboration – we had actually two separate collaborations, the first one we entered into was for a critical basket type study in which we are looking multiple solid tumor indications. The idea in that study was to combine bavituximab with durvalumab plus chemotherapy.
Then the second study was as part of our Phase II study, non-small cell lung cancer to combine bavi with durvalumab versus durvalumab alone. And I think the – again, as I just said in the last question, basically I think what we want to do now is take a step back, we’ve got data from SUNRISE, what is that telling is, obviously it’s giving us a good reason to consider the trial design for the basket study.
Doing at this point once to just simplify it and have it just simply be a bavituximab plus durvalumab study, those are the kind of discussions that are ongoing. Then the second is to, on the Phase II study in non-small cell lung cancer and what I would say is, we are just taking a look at both of those studies and determining what is the right studies to run.
Again, my goal for the clinical program is, run studies in which we can quickly answer questions, ask questions and answer questions and use that the guide deal for our programs. So I think that what we want to do is, make it the most efficient program. I think AstraZeneca really sees the value in that and again, also to tie them with what we are doing with NCCN again with UT Southwestern, Sloan Kettering, so that, we get the value of a global program not just of couple of clinical studies which will answer some questions but maybe leave others unanswered.
So, I think that, we are having very good discussions with AstraZeneca and we just want to come out with the best program overall that really allows us again to rapidly generate data and to rapidly move.
Thomas Yip
Sure, that makes sense. I guess, in turn about, can you tell us more detail about your NCCN collaboration? Just wondering, specifically, what is the selection process of potential immuno oncology combinations?
Steven King
Yes, so the – kind of the process with NCCN which is, is pretty much kicking off, is that the NCCN is responsible for reviewing, putting together a proposal and working with us to try to answer questions that are of interest to us, but at the end of the day, they are running the program.
And I think what’s important is, NCCN is some of the leading cancer institutions in the US, in addition, it’s really keeping in leaders at those institutions who will be involved in our particular program and so, we couldn’t be in better hands than working with the key thought leaders to select and run clinical studies that will add the most value to our I-O combinations.
So they are responsible for it. I mean, we provide them with all the information we have to-date, where we see the gaps in the program and then they basically take and run with it. And so, operationally, it’s great for us. It’s great to be again be involved with these leading institutions. So, it’s really a – just a win-win for us and for the investigators to be able to run these studies.
Thomas Yip
Sounds good. One last question, this one is about Avid, about the $58 million in manufacturing backlog. So, just want to make sure that this manufacturing is committed for the last fiscal quarter or 2016 and also over the four quarters in fiscal year 2017 and is that correct?
Paul Lytle
Yes, Thomas, this is Paul, that is correct, that will be – revenue to be reported in Q4 of this fiscal year and into fiscal year 2017.
Thomas Yip
Great. Thank you again for taking my questions and looking forward to hearing more progress with bavituximab.
Steven King
Thanks. Thomas.
Paul Lytle
Yes, thanks, Thomas.
Operator
And our next question is from the line of George Zavoico with Jones Trading. Please go ahead.
George Zavoico
Hi, everyone. Hi, Steve, Joe, Steve and Paul.
Steven King
Hi, George.
George Zavoico
Sorry about the SUNRISE. I was quite as surprised and the better than expected behavior of the control of docetaxel, I mean, that’s killed a bunch of Phase III trials already in the last several months, very unsettling patterns. But, anyway, and we then see how it plays out with the patients that you are still treating as well though however.
So, eventually, couple of really quick questions, on the NCCN program, you mentioned in the press release that you are committing $2 million of research expense through the program. Can you give us an idea of the scope of what that can cover in terms of how many collaborations, how large the trial, how many trials you might be able to do and also what the cost sharing aspect of it is? How much of it are you paying and how much of it if any is the NCCN contributing?
Steven King
Yes, so, I think overall, George, the funding we are committing is really is our commitment to the program, obviously is providing bavituximab as part of that will be other piece of the commitment, but, clearly that’s not an issue, because we manufactured here.
I think the beauty of the NCCN again, as I mentioned earlier is that, number one we’ve got really key opinion leaders involved in it, leading institutions who can help guide the program. The idea is that, they will put out request for proposals. We expect the funding will fund three, four, five different clinical studies; it’s going to depend on the scope of the studies and the proposals that come through.
But basically, for us it’s great, because, they are operationalizing and running the studies. They obviously are picking size that have a good track record in quick patient enrollment, good patient enrollment and really adhering to what they’ve proposed in their proposals and so, I mean, for us it’s really a way to run multiple studies all under one umbrella at the same time to really again involve some of the key people that we want to be excited about the program as we go forward.
George Zavoico
Okay I presume that, because of the ongoing SUNRISE or the SUNRISE job that was ongoing, I suspect you probably don’t have to make any more about bavituximab for a while, does that cost is pretty much covered already for these programs?
Steven King
Yes, absolutely, we already have adequate stocks of bavituximab to support, I mean, all these studies we are talking about. We don’t expect any of them to be huge studies to start with, but certainly more than adequate supplies on hand.
George Zavoico
And I imagine that the $2 million is just a start, if things go pretty well, I am sure that $2 million was not the ceiling here, right?
Steven King
No, I think we can always adjust it. I mean, I think that’s what the original agreement is for and so that covers all the initial scope of what we are trying to do with them. But, certainly, again, I think if things goes we expect and we generate data we think that will help drive the program forward, we want to continue to work with NCCN and our other collaborators. Joe?
Joseph Shan
Yes, hey, George, this is basically, it’s a research contract, research agreement for $2 million, I think over a course of two years. So, maybe that gives you a sense of time and as Steve mentioned that, I think, typically, it ends up being four to six investigator initiated trial. So, these are smaller studies, but I think the key is that, like Steve mentioned, it’s in our strategy of smaller quick studies that we can get.
George Zavoico
Yes, absolutely, you are tapping into an existing infrastructure at minimal comps, that’s…
Joseph Shan
Correct.
George Zavoico
Given where you are now, that’s probably the best strategy to take. What about – in terms of timing, you said you are going to be entertaining RFPs. When do you think you might get the first trials underway?
Joseph Shan
I don’t think we have total clarity on that. I mean, we are starting that process of developing that RFP with the NCCN. Again, this is a program that they administer. They oversee and that two year period, I think, basics start pretty soon as soon as the RFP is developed they’ll put it out and they are under contract to delivering study results and publications in a two year timeframe, so.
George Zavoico
Now, with regard to MSKCC, you mentioned a couple of standardizing – you made a bunch of standardizing comments about you are already seeing some interesting data. Can you comment, maybe it’s too early, on whether any aspects of it submitted for the AACR Meeting perhaps to ASCO or later on in the fall? Why don’t we start seeing some of the MSKCC data in other words?
Steven King
Yes, I think that, I think we have – it’s obviously an ongoing collaboration in a number of different areas and I think that so far we have been very happy with the way it’s progressing. I think some of the data is coming through on that. I can’t comment on what they’ve submitted at this point.
But, certainly, I think the goal of both of our groups is to generate data that we can – not only go out and present at major conferences like AACR but also to publish and really help guide a clinical program and I think along those lines, it’s important to note that, Memorial Sloan Kettering is one of the institutions within the NCCN.
So, obviously that’s another nice fit of kind of how we are putting everything together from a cohesiveness point. So, clearly we like nothing better than to see some of the great ideas from our collaborators end up in clinical studies and driving the program forward.
George Zavoico
Okay. And finally regarding Avid, you are working with certain margins on your existing facilities, or pre-existing facility without the disposables. The disposables are – enable much less expensive manufacturing. So, and therefore, it might be able to spin-off some more revenue from those contracts into the bavi program. Can you speak a little bit, Paul, about how you might expect the margins to change with the new facility?
Paul Lytle
Yes, just in terms of our manufacturing contracts, the manufacturing fees are fairly consistent, whether it’s in stainless steel or it’s in single-use bioreactors. So we expect the revenue to be very similar and in terms of the cost structure, a significant portion of the cost structure is really built into labor and whether you are doing it with our traditional facility or with the single-use, the cost structure is fairly similar from a human resource standpoint.
The one key thing here is that the changeover time between stainless steel and single-use is much quicker. So, we can shrink the amount of time between manufacturing runs and potentially driving to be a lot more output out of a single-use facility, so.
Steven King
Yes, I think just, follow-up on that George, I think the other nice thing about the Myford facility, is that, it really was built for late-stage clinical and commercial production meant to upgrade in campaign mode which means that you will have multiple reactors going simultaneously for a given product and then have a changeover to the next product.
So actually the throughput of the facility could be even greater than what we have in our existing facility as we get more and more commercial production and I think that’s – as I said in earlier prepared remarks, we’ve seen a lot of interest from late-stage clinical and commercial clients and that’s really going to be, I think, instrumental in building a nice solid base for continuing to grow the business, because, that’s really what you want is to constantly produce materials make as many batches as you need and then switchover, because now the client has what they need from a production standpoint and allows us to move on to the next client and continuing our production lines in a continuous way.
So, I think that’s really a model for how we see the commercial facilities and we’ve also seen a nice – as we want to continue to grow the business, a really big need for additional clinical production as well. So, that’s another area of potential growth for the business as we continue to move forward. So I think we are continuing to respond to the market needs by building on a nice solid base of existing clients that will have long-term need.
George Zavoico
And finally, two just really quick questions about the Avid as well. Are you considering at all expanding into fill and finish? Number one, and number two, can you comment on whether you have increased the number of clients you are actually working with now or will be working with?
Steven King
Yes, no, we definitely have new clients that have come onboard and that’s what’s helping to drive again some of the work we are seeing over in the Myford facility, the nice backlog in business for now building up over there. So that’s been great, because when you build a facility, you are never quite sure what the response was going to be, but it’s been pretty overwhelming right now, which is good.
Yes, on the fill finish side, I think it is something we do have an interest in, I think, particularly to support our clinical plans, for those in clinical stages of developments, because it is a – it will be a big benefit for them and I think another draw for bringing in that early-stage business.
Commercial manufacturing is a different beast altogether. So that’s one that I think as we get experienced until finish and to see that there is a good track record we’ve built out and I think moving in a commercial production might be something down the road. But, right now, quite frankly, we are so busy with the both drugs substance manufacturing and we want to continue to do what we do well and continue to grow that business.
George Zavoico
Okay, great. Good luck going forward. Thank you very much.
Steven King
Yes, thanks, George.
Operator
And our next question is from the line of Rahul Jasuja with Noble Life Science Partners. Please go ahead.
Rahul Jasuja
Hey good morning guys. Couple questions. One on the immuno oncology program and then one on the SUNRISE trial. Let me start with the SUNRISE trial. So, we discussed this a little bit on the last call and today as well. In looking at what you can the remnants of what you can salvage in terms of data here, you talked about looking at the immuno therapy effect in the remaining patients that are on bavi, or just stay on bavi. So, can you discuss in terms of timelines in the immunological metrics that you would be looking for? Are you looking for clearly just, tumor reduction? Are you looking for particular immune metrics in the tumor micro environment that you are collecting as well?
Steven King
Yes, I think it’s a combination of all the above. So, what we have built into the SUNRISE study was a lot of collection of samples and specimens from patients throughout the study that would allow us then of course most blinded, we can do analysis but we wouldn’t really be able to make sense out of it.
Now that the study is unblinded, we can actually do the analysis of those samples and then again, start to put that together with the actual patient outcomes. And I think that this is one of the things again that we can monitor closely with our collaborators, again through NCCN or through certainly our collaborations with Sloan Kettering and UT Southwestern is, what all that we want to learn now and particular focus on those patients that really did well in the study, because the ultimate goal is to be able to select patients for future studies that are more likely to respond to therapy.
And there is every likelihood that within the SUNRISE study, that that information could be available and I think we just want to be very methodical in how we generate that data, the testing we do to make sure that we get the maximum use of those samples that have been collected. So I think it’s a lot of work that’s going on right now as to finalize the plan, then over the coming months, we can complete the analysis and then at that time, we should have a much clear picture.
Number one, we’ll have more patient follow-ups, so we’ll know how more patients did, then to combine that with the data from the analysis we think can yield some really valuable information.
Rahul Jasuja
Okay, that’s very helpful. And then, let me move to my immuno oncology question. So, this is really sort of a – is a question about indications in combination with the bavituximab. So we did see pretty good data with AstraZeneca’s combination with the PD-L1, is the same what you guys are using monoclonal antibody and their own CTLA-4 in mesothelioma and non-small cell lung cancer.
In fact, they actually do have, I think disease status and fast track with the FDA combining a CTLA-4 and a PD-L1 and these are PD-L1 low expressing tumors. So, extending into the rational behind bavituximab also showing efficacy in PD-L1 and PD-L1 low tumors, is there a plan giving out the data you are looking at the PD-L1 approaches and I think that some of the work was done by Scott Antonio who is always advisor to you guys.
Is there plan to move beyond, just non-small cell lung cancer in combination with PD-L1 and in other PD-L1 low expressing tumors?
Steven King
Yes, I think absolutely, I think that’s really part and parcel of what we think we can do again, through all of our collaborators, AstraZeneca, but also through the NCCN and again with Sloan Kettering and UT Southwestern is to look at other indications. We’ve obviously generated some interesting data earlier in liver cancer and other solid tumor types.
So the opportunity to go into some of those indications where there is still clearly a high unmet medical need and patients not responding as well as everyone would like to the immuno therapy. So we see a lot of opportunity in again, multiple indications outside of lung cancer, because we also recognize that lung cancer is becoming a crowded space and as you sort of put more and more drug and drug combinations into the system, whereas that approvable indication.
Now, I think the one benefit we think we will have in a durva or any other PD-1, PD-L1 inhibitor combination with bavi, is potentially on the safety side. And that really I think could pay dividends, because you can keep patients on treatment longer and you maybe able to enhance that activity even further. So I think that’s some of the things that we want to explore.
I think first and foremost, which patients are going to respond to this and then I think is which indications or which tumor types we think in those areas of opportunity. But we want to simultaneously approach those two questions, and again, I think pieces together to small study generate good data and then really expand it out from there and I think that really creates our value opportunity.
Because, the CTLA-4 plus durva results are very good, but as with all of the other CTLA-4 combos of PD-1, PD-L1 inhibitors, there is significant toxicities and we think that’s where there could be an opportunity in the marketplace for, safer combinations that have at least the same or maybe even greater activity.
Rahul Jasuja
And, so my final question here is, I mean, is there – are there discussions in conjunction with AAC or others to address other tumors that are PD-L1 low that dimensional checkpoint and if those don’t work or is this just an paragon driven effort?
Steven King
No, I think there is definitely the interest, clearly against some of the other tumor types that haven’t historically responded as well to the I-O agents, breast cancer for instance, but there are other examples where we think bavi does have activity and we – say if we can take advantage of that from a priming system if you will to be able to keep that immune response going with the PD-1 PD-L1 inhibitors.
So, yes, that’s definitely a big topic of interest is how do we – not just continue to add on – that on in lung cancer but how do we actually get more and more tumor types to respond and again, we think we can have a good role there and that’s one of the things we want to explore either through the AAC basket study or even through again some of the other collaborations we have ongoing.
Rahul Jasuja
Okay, very good. That’s all I had. Thanks.
Joseph Shan
Thanks, Rahul.
Steven King
Thanks, Rahul.
Operator
And we have a follow-up from the line of Joe Pantginis with Roth Capital Partners. Please go ahead.
Joe Pantginis
Hey guys. Thanks for the follow-up. To George’s question before I just wanted to go back and ask how much bavi you have in your stores right now? And what’s the shelf life?
Steven King
Yes, I don’t think we have any particular public information there. But, we have, again more than enough in supply to basically be able to run all the studies we are talking about through NCCN with our other collaborator AZ. So drug supply will not be an issue, which is good because that offers us more capacities for the clients however in the Myford facility.
So I think that’s all positive at this point. I think the – with regard to the shelf life, I mean, our goal with any commercial product is, kind of multiple years of stability in the bulk stage and then multiple years in the final vial, so, end up with lot of shelf life at the end of the day. And that’s obviously – it’s helpful now, obviously it’s very helpful once you get to the commercial phase.
Joe Pantginis
Now, that’s helpful. Thank you and then there is just a last quick thing. Can you just remind us with regard to the current terms if you will with AstraZeneca, are they supplying durvalumab free of charge?
Steven King
Yes, they are.
Joe Pantginis
Okay, great. Thanks guys.
Steven King
Okay.
Operator
And we have a question from the line of Joseph [Indiscernible]. Please go ahead.
Unidentified Analyst
Yes, hello. Thank you for taking the question. This is a follow-up to Mr. Pantginis’s question. Is there a plan in place to possibly restructure expenses to more closely align with the Avid revenues? Because it would suddenly appear with the stock price at $0.40 that the ATM is no longer a viable option?
Steven King
Yes, so, I think that, as I said earlier, I think – what we are doing is, we are looking at the overall program, right. So, number one, we want to continue to grow revenues on the Avid side of the business.
So that’s good, right, that’s more money that’s coming in. I think on the expense side of things, again, we’ve already put on hold the other chemotherapy combination studies which were planned to be a significant part of our go-forward strategy and still maybe in the future we need just more data from the SUNRISE study and then we can reevaluate.
But I think in the mean time, really, again the concept is we want to be very efficient, obviously the collaboration such as NCCN are very efficient from a cash utilization standpoint.
The types of studies we run with AZ, again, we want to really gear those toward answering specific questions, maybe in a smaller format, which does two things, one it allows us to quickly generate data, but then to grow those studies if you will based on positive results and obviously positive results are going to have an impact on the market perception of the drug and what our value is.
And so, I think we want to really take a step-wise approach, but I think we can generate good positive data without running huge hundreds and hundreds of patient studies, but really go through small studies, build on success and then use that as a springboard to any bigger studies with the idea being that, obviously, at that point, partners can jump in to help us run those studies.
But also, again, I think the market will respond to positive data in showing that we have good potential with the PD-1 PD-L1 inhibitor-class drugs.
Unidentified Analyst
Okay, thank you. Thank you.
Operator
And I am now showing no further questions at this time. I would like to hand the call back over to Mr. Steve King for any closing remarks.
Steven King
Okay, I’d like to thank again all of you for participating in today’s phone call. As always, I want to thank our stockholders for their continued support, and I would like to especially thank patients, their families and the investigators that are participating in our bavituximab clinical trials. With that, we will conclude the call.
Operator
Ladies and gentlemen, thank you for participating in today’s conference. This concludes the program and you may all disconnect. Have a wonderful day everyone.
Read full article
Biopharm I've averaged down for 8+ years and I'm down only 70%. It's really done wonders to my net worth doing so. I'm still evaluating if I should average down again soon so that I don't miss out on the reverse split! And if I'm lucky I can average down again after the split!!
Jmo
Loofman
Jeff, I done sold off the ship fer scrap cash. Need to rebuild the shack so my missus will come back to me. It ain't too sweet snuggling up to the goat under a pile of broken down lumber.
Jmloofman
NH, I'm with you there. I think the timeline for Bavi may be more like 3 years. I think the relationship with AZ is crucial, and I hope they might be interested in taking Bavi off of Peregrine's hands for anything over $500 mil in the next 12 months. I can see selling off Avid for 10 x sales with the right offer, which would equate to $400 - $600 mil. I'm just not sure Peregrine management will give up the ship though. Hopefully the numerous KOL's will help motivate them before other higher powers run the company into the ground.
Jmo
Loofman
Bad link.eom
I'm still here if you need me. Misery loves company.
You never know...sometimes surprise parties are thrown when we least expect them.
Jmo
Loofman
PGG...you may kick me and my favoright nanny goat i'fn it will make you feel a smite bit better. Just a heads up though, she kicks back. I don't mind though...
Jmo
Loofman
Very optimistic.
Too much so, imo. Management and the board have not shown that they have the moxie to put together such an exit strategy. I really think any chance of a share price over $5-6 share is gone for this stage of the game. With all of the competition out there getting into the immunology world and finding their own candidates, Peregrine's time is running out. We have about a year left in cash to make it to the finish line and everyone knows this. I don't see anything at the moment that says we are close. I do believe the company has value though still today, and if management is looking to maximize this value and keep Bavimaxitub in the mainstream, I think they must sell or financially partner now as in ASAP! Those of us who remain invested will get some return. Hopefully it will be be at least $5 share but that is pushing it. I'd really like to be wrong on my opinion.
Jmo
Loofman
I say we will get financial results from the last quarter. I say they will be good because of growth of Avid. I say the company will explain that they are still working to unravel the data they have from the stopped trial. I say they will remind us of the relationship with AZ and the enthusiasm for Bavi in the future. I believe they might also mention other ongoing potential collaborations and partnerships.
Jmo
Loofman
Interesting that the trial was stopped before the upstream response was able to be measured in a drug that had previously demonstrated that it's effect works in later stages of the trial.
Jmo
Loofman
Hi Bungler
Unless you have received information from Peregrine that we have not, I think it's a bit early to throw the towel in and to the wolves. I have very little to go on from what you suggest and continue to look at the facts, pieces and the science we still have. It's still a significant stake for Peregrine. If you were thinking we were going to get $15, $20, $30 and more per share and now maybe only $3-5, then I understand where you are coming from. Selling off the pieces can still be quite lucrative imo. Other unknown jewels may still lie below the surface as well or maybe not. All the cards haven't been played yet from my vantage point.
Jmo
Loofman