Peregrine Pharmaceuticals Provides Financial Results for Third Quarter, Fiscal Year 2014

Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) announced financial results for the third quarter of fiscal year 2014 ended January 31, 2014: Balance Sheet With $79.7 million in cash as of February 28, 2014. The Company also provided an update on its Bavituximab SUNRISE Pivotal Phase III Trial.

As quoted in the press release:

Exploring Additional Bavituximab Indications through Investigator-Sponsored Trials (IST):
A Phase I/II IST evaluating bavituximab in combination with sorafenib in up to 48 patients with advanced hepatocellular carcinoma (liver cancer). A presentation of this trial will be made by Adam Yopp, M.D., Assistant Professor of Surgery at the University of Texas Southwestern Medical Center, Dallas, Texas as an oral presentation at the 2014 Society of Surgical Oncology Cancer Symposium on March 13, 2014.

• A Phase Ib IST evaluating bavituximab in combination with carboplatin and pemetrexed in up to 25 patients with previously untreated Stage IV NSCLC.
• A Phase I IST evaluating bavituximab in combination with capecitabine and radiation therapy in up to 18 patients with Stage II or III rectal adenocarcinoma.

CORPORATE

The company recently closed an underwritten public offering of 775,000 shares of its 10.50% Series E Convertible Preferred Stock (the “Series E Preferred Stock”) at an offering price of $25.00 per share. As a result, Peregrine received gross proceeds of $19,375,000 before deducting underwriting discounts and commissions. The company intends to use the proceeds from the offering for general corporate purposes. The shares are listed on the NASDAQ Capital Market and trade under the symbol “PPHMP”.

FINANCIAL RESULTS

“We recently completed an innovative and less dilutive financing with the closing of the Series E Preferred Stock transaction. This transaction further strengthened our balance sheet with close to $80 million in cash and cash equivalents as of February 28, 2014,” said Paul Lytle, chief financial officer of Peregrine. “Additionally, we also generated over $3.9 million in non-dilutive contract manufacturing revenue this quarter and we are on track to be on the higher end of our previously stated guidance for the entire FY 2014 of $18 and $22 million.”

Click here to read the Peregrine Pharmaceuticals (NASDAQ:PPHM) press release