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
New Directors
Joseph Carleone , Ph.D. (independent appointee):Dr. Carleone is Chairman of the Board ofAMPAC Fine Chemicals LLC , a leading manufacturer of pharmaceutical active ingredients. Prior to this position,Dr. Carleone wasPresident , Chief Executive Officer and director ofAmerican 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 ofAmerican Pacific Corporation . Dr. Carleone received his bachelor's degree in Mechanical Engineering fromDrexel University ,Philadelphia, Pennsylvania , in 1968; his master's degree in Applied Mechanics fromDrexel University in 1970; and his doctorate degree in Applied Mechanics fromDrexel University in 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 asPresident and CEO ofAlthea Technologies, Inc. , a large molecule CDMO producing a wide range of biologics, vaccines and parenteral products. In addition to Althea,Mr. Hancock has held senior management positions atThe Immune Response Corporation , andHybritech Inc. (now part of Eli Lilly & Company), and he is currently the Chairman of the Board and Executive Director ofArgonaut Manufacturing Services, Inc. , a CDMO focused on the biotechnology and life sciences industries.Mr. Hancock received a BA in Microbiology fromMiami University .
Joel McComb (Ronin/SWIM appointee): Joel McComb is the CEO, Chairman and Co-Founder ofBioSpyder Technologies, Inc. Prior to BioSpyder,Mr. McComb served as Senior Vice President and General Manager of Illumina, Inc.,President of GE Healthcare's Life Sciences and Discovery Systems division, andPresident of GE Healthcare's Interventional Medicine division. Prior toGE Healthcare ,Mr. McComb was thePresident , CEO and a director ofInnovadyne Technologies, Inc. , and held various positions atBeckman Coulter, Inc. , and Charles River Laboratories (at the time a division ofBausch & Lomb Inc. ) where he was a National Business Manager for the company's monoclonal antibody CDMO division.Mr. McComb earned a Bachelor of Science degree in Genetics from theUniversity of California, Davis and an MBA fromGolden Gate University .
Gregory P. Sargen (Ronin/SWIM appointee):Gregory P. Sargen currently 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. Sargen served as Executive Vice President and Chief Financial Officer of Cambrex. Prior to Cambrex,Mr. Sargen served 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. andErnst & Young LLP .Mr. Sargen is a Certified Public Accountant (non-practicing) and holds an MBA in Finance fromThe Wharton School of theUniversity of Pennsylvania and a B.S. in Accounting fromPennsylvania State University .
About
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.
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Contacts:Source:Stephanie Diaz (Investors)Vida Strategic Partners 415-675-7401 sdiaz@vidasp.comTim Brons (Media)Vida Strategic Partners 415-675-7402 tbrons@vidasp.com
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