md1225 agree with most of your points with two noteworthy exceptions.
The first look-in has not happened. I am astonished that you could think otherwise. Even Peregrine management has acknowledged that this is material and must be PRed.
Another point. The idea that Memorial Sloan Kettering would supply financing for a Peregrine effort is just weird.
I do agree 1000% that Peregrine management gets very poor marks for informing shareholders. If I didn't have such strong expectations for Bavi success, I would have dumped their stock a long time ago.