Peregrine Pharmaceuticals, Inc.
(NASDAQ: PPHM) is a biopharmaceutical company with a portfolio of innovative
monoclonal antibodies in clinical trials focused on the treatment and diagnosis
of cancer. The company’s lead immunotherapy candidate, bavituximab, has been
granted fast track designation by the U.S. Food and Drug Administration for the
treatment of second-line non-small lung cancer and is currently in phase III
development for this indication. Bavituximab is also being evaluated for
several solid tumor indications, including non-small cell lung cancer, rectal
cancer and advanced melanoma.
“These new trials represent
large market opportunities for the bavituximab clinical program that can add
significant value,” Steven King, president and chief executive officer of
Peregrine, stated in a news release. “[W]e believe we are setting the stage for
many significant value driving events through 2015 and into 2016.”
Through its wholly-owned
subsidiary, Avid Bioservices, Peregrine differentiates itself from competitors
by offering in-house cGMP manufacturing capabilities, allowing the company to
provide development and biomanufacturing services to support the needs of its
clinical trials, as well as those of outside customers. In December, the
company announced a substantial expansion to Avid’s current manufacturing
capacity through the construction of a state-of-the-art 40,000 square foot
biotechnology facility located adjacent to the company’s current campus. With
this new facility, which is anticipated to be ready for cGMP production of
biotechnology products next month, the company will be better equipped to meet
the growing needs of Avid’s existing and future clients, as well as the
expected commercialization of bavituximab.
“We are very pleased with the
rapid progress by which this expansion is advancing as this is a key component
to further demonstrating Avid as a leading provider of high quality
biotechnology contract manufacturing services,” continued King. “The design and
the features that we have employed in this expansion will truly be an integral
part to the future growth of this unique part of our business.”
Moving forward, Peregrine will
look to complete enrollment of its 600 patient phase III clinical trial of
bavituximab, which is designed to evaluate the safety, tolerability and
efficacy of the candidate as a second-line treatment in patients with
non-squamous, non-small cell lung cancer. Look for the company to continue
making strides toward the planned commercialization of bavituximab in the years
to come, providing significant opportunity for sustainable shareholder returns
along the way.
For more information, visit
www.peregrineinc.com
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