Avid Bioservices Inc (CDMO)

[pphmtoolong]

It is different this time.

You have to be aware that the Phase II results for the HCV trial are due in two months.

You have to be aware that the two Phase II NSCLC trials are both fully enrolled and will have results relatively soon - one in about three months, one in about nine months.

You have to be aware that Peregrine has often repeated that it will meet with the FDA before the end of the year in an attempt to negotiate a Phase III program for Cotara.

It is different this time. This does not in any way imply that success in any of these three major efforts is assured. It is clear however that Peregrine will rise or fall based on how they play out. They all fail, our frustrations will be over. They all succeed, our frustrations will be over.

Paul,