Peregrine Pharmaceuticals, Ronin Trading and SW Investment Management Announce Settlement Agreement
Under the terms of the Agreement, on
"We are pleased to have reached an agreement with Ronin/SWIM and believe that the addition of Messrs. Carleone, Hancock, McComb and Sargen, each with significant experience in the biomanufacturing industry, will add great value as we work to establish Avid as a leading contract development and manufacturing organization," stated
As part of the Agreement, Ronin/SWIM, which collectively beneficially owns 9.6% of Peregrine's outstanding shares of common stock, withdrew its nomination of six candidates for election to Peregrine's board of directors at the upcoming 2017 Annual Meeting of Stockholders and has agreed to certain standstill restrictions until the date that is thirty calendar days after the 2018 Annual Meeting of Stockholders. Peregrine has also agreed to re-nominate a number of Ronin/SWIM's appointees at the 2018 Annual Meeting of Stockholders.
The complete Agreement will be included as an exhibit to the company's current report on Form 8-K, which will be filed with the
Joseph Carleone, Ph.D. (independent appointee): Dr. Carleoneis Chairman of the Board of AMPAC Fine Chemicals LLC, a leading manufacturer of pharmaceutical active ingredients. Prior to this position, Dr. Carleonewas President, Chief Executive Officer and director of American Pacific Corporation, a leading custom manufacturer of fine and specialty chemicals and propulsion products. Dr. Carleone has also served or currently serves as an officer and/or a director of several directly or indirectly wholly-owned subsidiaries of American Pacific Corporation. Dr. Carleone received his bachelor's degree in Mechanical Engineering from Drexel University, Philadelphia, Pennsylvania, in 1968; his master's degree in Applied Mechanics from Drexel Universityin 1970; and his doctorate degree in Applied Mechanics from Drexel Universityin 1972.
Richard B. Hancock(Ronin/SWIM appointee): Richard (Rick) B. Hancock has worked in the biologic CDMO industry for over 30 years in various operational and executive roles, serving most recently as Presidentand CEO of Althea Technologies, Inc., a large molecule CDMO producing a wide range of biologics, vaccines and parenteral products. In addition to Althea, Mr. Hancockhas held senior management positions at The Immune Response Corporation, and Hybritech Inc.(now part of Eli Lilly & Company), and he is currently the Chairman of the Board and Executive Director of Argonaut Manufacturing Services, Inc., a CDMO focused on the biotechnology and life sciences industries. Mr. Hancockreceived a BA in Microbiology from Miami University.
Joel McComb(Ronin/SWIM appointee): Joel McComb is the CEO, Chairman and Co-Founder of BioSpyder Technologies, Inc.Prior to BioSpyder, Mr. McCombserved as Senior Vice President and General Manager of Illumina, Inc., Presidentof GE Healthcare's Life Sciences and Discovery Systems division, and Presidentof GE Healthcare's Interventional Medicine division. Prior to GE Healthcare, Mr. McCombwas the President, CEO and a director of Innovadyne Technologies, Inc., and held various positions at Beckman Coulter, Inc., and Charles River Laboratories (at the time a division of Bausch & Lomb Inc.) where he was a National Business Manager for the company's monoclonal antibody CDMO division. Mr. McCombearned a Bachelor of Science degree in Genetics from the University of California, Davisand an MBA from Golden Gate University.
Gregory P. Sargen(Ronin/SWIM appointee): Gregory P. Sargencurrently serves as Executive Vice President - Corporate Development and Strategy of Cambrex Corporation (NYSE:CBM) ("Cambrex"), a global manufacturer and provider of services to life sciences companies. Prior to his current role, Mr. Sargenserved as Executive Vice President and Chief Financial Officer of Cambrex. Prior to Cambrex, Mr. Sargenserved as Vice President of Finance - Chemicals Manufacturing Division of Fisher Scientific International Inc.(n/k/a Thermo Fisher Scientific Inc.) (NYSE:TMO), and held positions with Merck & Co., Inc. (NYSE:MRK), Heat and Control, Inc.and Ernst & Young LLP. Mr. Sargenis a Certified Public Accountant (non-practicing) and holds an MBA in Finance from The Wharton Schoolof the University of Pennsylvaniaand a B.S. in Accounting from Pennsylvania State University.
Peregrine is pursuing licensing or selling its proprietary R&D assets, including its lead immunotherapy candidate, bavituximab, which is currently being evaluated in clinical trials in combination with immune stimulating therapies for the treatment of various cancers. For more information, please visit www.peregrineinc.com.
About SW Investment Management LLC
Stephanie Diaz(Investors) Vida Strategic Partners415-675-7401 firstname.lastname@example.org Tim Brons(Media) Vida Strategic Partners415-675-7402 email@example.com
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