Peregrine's Licensee Initiates Phase I Clinical Trial in Europe With Novel Tumor Necrosis Therapy Cancer Agent

TUSTIN, Calif., Feb. 22 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a biopharmaceutical company developing targeted therapeutics for the treatment of cancer and hepatitis C virus (HCV) infection, today announced that one of its licensees has initiated European clinical trials of a novel anti-cancer agent developed with technology licensed from Peregrine. The investigational drug uses Peregrine's proprietary tumor necrosis therapy (TNT) technology.

Peregrine's TNT technology platform targets the DNA that is released by the dead and dying cells found at the center of tumors. TNT-targeted therapies deliver their anti-cancer payload directly to the center of the tumor mass, thereby destroying the tumor "from the inside out," while sparing healthy tissue. Peregrine's radiolabeled TNT agent Cotara® is currently in clinical trials in the U.S. and India for the treatment of glioblastoma multiforme, and a radiolabeled agent using Peregrine's TNT technology for the treatment of lung cancer was recently launched in China.

"We believe our TNT technology has considerable potential for targeting anti-cancer therapies, and we are very pleased that one of our licensees has now advanced another TNT anti-cancer agent into clinical trials," said Steven W. King, president and chief executive officer of Peregrine. "The recent launch of a TNT lung cancer therapy by a local firm in China, our new clinical program in India assessing TNT-based Cotara for brain cancer and this clinical debut in Europe make this an exciting time for TNT-based anti-cancer programs."

The licensee initiating this new trial currently prefers to remain anonymous. Peregrine expects to receive a royalty on net sales of any TNT-targeted anti-cancer drugs eventually marketed by this licensee. Further terms of the agreement were not disclosed.

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus (HCV) infection. The company is pursuing five separate clinical trials in cancer and HCV infection in the U.S. and India with its lead product candidates bavituximab and Cotara®. Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and bio-manufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceuticals' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that the licensee may never bring a TNT-based drug candidate to market and therefore the Company would not receive any royalties the license agreement. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties associated with completing preclinical and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the Company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended April 30, 2006, and the quarterly report on Form 10-Q for the quarter ended October 31, 2006. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Peregrine Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

SOURCE Peregrine Pharmaceuticals, Inc.
CONTACT: Investors, +1-800-987-8256, info@peregrineinc.com, or Media, Barbara Lindheim, +1-212-918-4650, both of GendeLLindheim BioCom Partners, for Peregrine Pharmaceuticals, Inc.
Web site: http://www.peregrineinc.com