Quarterly Results And lung-cancer data Boost PPHM

Peregrine Pharmaceuticals, Inc. (Peregrine) is a clinical-stage biopharmaceutical company that develops and manufactures monoclonal antibodies for the treatment of cancer and viral infections. As of April 30, 2011, the Company had three Phase II clinical programs, including two oncology programs, as well as a hepatitis C virus (HCV) program. Peregrine’s pipeline of investigational monoclonal antibodies is based on two technology platforms, including phosphatidylserine (PS)-targeting antibodies and deoxyribonucleic acid (DNA)/histone-targeting antibodies. Bavituximab is its PS-targeting antibody. Cotara is the Company’s DNA/histone-targeting antibody-based on its Tumor Necrosis Therapy (TNT) technology platform. Peregrine’s wholly owned biomanufacturing subsidiary is Avid Bioservices, Inc., which provides integrated cGMP commercial and clinical manufacturing services for Peregrine and third-party clients. 

Peregrine Pharmac (NCM:PPHM) is very active and traded on 07-09-2012 between $2.68 - 5.08 with total traded volume of 29297604 shares. At a current price of 4.50, PPHM is +1.43 - +46.58% from the previous close of $3.07. Moreover, At Current Market Price, PPHM is in distance of +96.24% from its 50-day Moving Average price of $2.2931 and +337.62% from its 200-day Moving Average price of $1.0283.

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Peregrine Medication declared Saturday mid-day that temporary results from its Stage IIb test in sufferers with refractory non-small mobile United States revealed a mathematically significant enhancement in overall success and a increasing of average overall success in the bavituximab-containing hands, compared to the control arm.

Peregrine Pharmaceuticals was halted midday Friday and resumed trading sharply higher. The stock finished up by 1.43 at $4.50 on the highest volume of the year. Shares surged past the upper end of a one-month range and closed at a new high for the year. 

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The biopharmaceutical company said the data showed patients treated with bavituximab plus the chemotherapy drug docetaxel had, on average, median overall survival of 12.1 months compared with 5.6 months in patients treated with docetaxel alone. "We are encouraged that this trial yielded such positive results in the most important endpoint, overall survival," said Joseph Shan, the company's vice president of clinical and regulatory affairs. "The quality of this data gives us a solid foundation for designing a Phase III trial with an increased probability of success." 

The company is planning for an end-of-phase II meeting with the U.S. Food and Drug Administration and plans to initiate a phase III trial by mid-2013. Chief Executive Steven W. King said the firm is currently in discussions with several potential pharmaceutical partners who have expressed great interest in the bavituximab oncology program. Peregrine also is evaluating bavituximab, a phosphyatidylserine-targeting monoclonal antibody, as a potential treatment of hepatitis C and pancreatic cancer.