Send the following to the company:
My Dearest PPHM Management
Pursuant to your request for approval of various items in the 2015 Preliminary Proxy Statement dated August 18, 2015, I am requesting that you amend the Proxy so as to include at least one additional independent director with qualifications commensurate with other top biotech companies. The current Board of Directors, both in number and experience in the biotech industry, are lacking when compared to publicly traded biotech companies. As an example, of 110 US publicly traded biotech companies with market caps ranging from$1.7 billion to $109 million, the average number of board members was 7.54.
Institutional Shareholder Services has given Peregrine a ranking of 10 which is the lowest score available for corporate governance. Other than index related funds, Peregrine does not have much institutional interest. Peregrine has continued to finance the company by selling shares on the open market at prices far below additional paid in capital, primarily to retail shareholders. In essence, the company is trapped in a dilution cycle that will be difficult to break unless institutional investors start investing. That will be a difficult challenge when one of the industry leaders for institutional investment decisions has raised so many red flags with Peregrine. The solutions are readily available and one would think that additional expertise in such a challenging biotech field would be welcome.
Therefore, all I am asking is that Peregrine management address the problem by adding at least one additional independent qualified board member in return for a yes vote. In the event more board seats are needed in the future, current directors should be willing to step down so as to improve the overall quality of the board.
Thank You
