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DJ Peregrine Pharm To Raise Authorized Shrs To 200M Vs 175M

08/18/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)



(MORE) Dow Jones Newswires

08-18-03 1813ET

DJ Peregrine Pharma -2: Additional Shrs Needed To Raise Cap



WASHINGTON (Dow Jones)--Peregrine Pharmaceuticals Inc. (PPHM) is seeking shareholder approval to increase its authorized common stock to 200 million shares from 175 million, according to a preliminary proxy statement released by the Securities and Exchange Commission Monday.

The company said the additional shares will facilitate its efforts to raise additional capital to fund primarily its research and development and the expansion of unit Avid Bioservices Inc.'s contract manufacturing operations.

The company currently has about 163 million common shares outstanding or reserved for issuance under convertible debentures and option and warrant agreements, the proxy said.

Shareholders will vote on the proposal Oct. 14 in Irvine, Calif.

Tustin, Calif.-based Peregrine Pharmaceuticals is a research and development biotechnology company.

-Dan Lowrey; Dow Jones Newswires; 202-862-1345; [e-mail]