TUSTIN, Calif., Oct 19, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today announced that the previously announced 1-for-5 reverse stock split of the Company's common stock will become effective at 9:30 a.m. EDT today. Peregrine's shares will continue to trade on the NASDAQ Capital Market under the symbol "PPHM", with the letter "D" added to the end of the trading symbol for a period of 20 trading days to indicate the reverse stock split has occurred. The Company's symbol will revert back to its original symbol "PPHM" on November 16, 2009. Peregrine's common stock has been assigned the new CUSIP number 713661 304.

Additional information about the reverse stock split is available in Peregrine's definitive proxy statement filed with the Securities and Exchange Commission on August 28, 2008 and the Form 8-K filed on October 19, 2009.

The 1-for-5 reverse stock split automatically converts five current shares of Peregrine's common stock into one new share of common stock. The reverse split, which was approved by Peregrine shareholders in October 2008, reduces the number of shares of outstanding common stock from approximately 237 million as of the filing of the Company's most recent Quarterly Report on Form 10-Q to approximately 47.4 million. It also affects all issued and outstanding shares of the Company's common stock and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split. Each shareholder's new share count will be rounded up to the nearest whole share if the number of shares is not evenly divisible by the ratio of the reverse split. The reverse stock split will not negatively affect any of the rights that accrue to holders of Peregrine common stock and shares of common stock underlying stock options and warrants that are outstanding immediately prior to the effective date of the reverse stock split.

When the reverse split takes effect, shareholders holding certificated shares or shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split on the effective date. The issuance of new stock certificates will not be required, however, stockholders may, if they choose, obtain a new certificate from Peregrine's transfer agent for a customary exchange and mailing fee. Additional information will be directly mailed to holders of certificated shares.

For more information on Peregrine's reverse stock split, see the Reverse Stock Split FAQs at www.peregrineinc.com.

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 serious virus infections. The company is pursuing three separate clinical programs in cancer and HCV 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 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 following the reverse split the company's stock price will not maintain a minimum closing bid price of $1.00 for the requisite period of ten trading days necessary to regain compliance with the NASDAQ continued listing requirements. 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, 2009 and the quarterly report on Form 10-Q for the quarter ended July 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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