TUSTIN, Calif., May 27, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a clinical stage biopharmaceutical company developing monoclonal antibodies for the treatment of cancer and serious virus infections, today reported that data from two ongoing clinical trials assessing its lead compound bavituximab for the treatment of cancer will be discussed at the 45th Annual Meeting of the American Society of Clinical Oncology (ASCO) in Orlando, Florida. Preliminary data from a Phase II clinical trial evaluating bavituximab in combination with docetaxel in advanced breast cancer patients will be the subject of an oral presentation at 10:30 AM EDT on June 1, 2009. A second presentation detailing preliminary results from a Phase I clinical trial evaluating bavituximab as solo therapy in patients with advanced refractory cancer will be discussed in a poster session from 1:00 PM to 5:00 PM EDT, also on June 1, 2009.

    Bavituximab Presentation Details:
    Title: Phase II study of bavituximab plus docetaxel in patients with
    locally advanced or metastatic breast cancer.
    Authors: D. Tabagari, G. Nemsadze, M. Jincharadze, M. Janjalia, J. Shan
    Time: Monday June 1, 10:30 AM
    Location: Level 4, Valencia Room, W415A
    Abstract No: 3005

    Title: Phase I study of bavituximab, a novel anti-phosphatidylserine
    monoclonal antibody in patients with advanced refractory cancer:
    Preliminary results.
    Authors: N. K. Ibrahim, L. Wong, L. Rosen, J. Shan
    Time: Monday June 1, 1:00 PM to 5:00 PM
    Location: Level 2, West Hall C
    Abstract No: 1080

About Bavituximab

Bavituximab is a monoclonal antibody that binds to the cellular membrane component phosphatidylserine (PS) that is usually located inside cells, but which becomes exposed on the outside of the cells that line the blood vessels of tumors, creating a specific target for anti-cancer treatments. By binding to PS, bavituximab is believed to help mobilize the body's immune system to destroy the tumor and the tumor blood vessels. Bavituximab currently is in two separate Phase II trials in combination with paclitaxel and carboplatin for the treatment of advanced breast cancer and non-small cell lung cancer, and in a third Phase II trial in combination with docetaxel in advanced breast cancer patients. A Phase I bavituximab monotherapy trial in advanced solid cancers is also continuing.

About Phosphatidylserine (PS)

The rapid and disorganized growth that is the hallmark of cancer results in the exposure of the lipid phosphatidylserine (PS) on the surface of tumor blood vessels. Since these phospholipids are typically not exposed on the surface of normal tissues, they represent a unique target for anti-cancer treatments. Bavituximab binds specifically to these phospholipids exposed on the surface of the cells lining tumor blood vessels. Once bound, bavituximab alerts the body's immune system to attack the blood vessels, inhibiting tumor growth and proliferation. In addition, a growing body of evidence supports the active role of PS in immune signaling, with recent research showing that exposed PS can have an immunosuppressive effect and dampen the body's normal immune response to cancer. By binding to and blocking PS, bavituximab is believed to boost the body's ability to combat cancer via this second mechanism. Further information on the role of exposed PS in the tumor environment can be found in the Anti-PS Technical Backgrounder posted on Peregrine's homepage at www.peregrineinc.com.

About Peregrine Pharmaceuticals

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials for the treatment of cancer and serious viral infections. The company is pursuing three separate clinical programs in cancer and hepatitis C virus infection with its lead product candidates bavituximab and Cotara(R). Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing 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. 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, 2008 and the quarterly report on Form 10-Q for the quarter ended January 31, 2009. 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.

    CONTACTS:
    GendeLLindheim BioCom Partners
    Investors                                 Media
    info@peregrineinc.com                     Barbara Lindheim
    (800) 987-8256                            (212) 918-4650

SOURCE Peregrine Pharmaceuticals, Inc.

http://www.peregrineinc.com

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