UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): July 14, 2009
PEREGRINE PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
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0-17085
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95-3698422
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(State
of other jurisdiction
of
incorporation)
|
(Commission
File Number)
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(IRS
Employer
Identification
No.)
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14282
Franklin Avenue, Tustin, California 92780
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(Address
of Principal Executive Offices)
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Registrant’s
telephone number, including area code: (714)
508-6000
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Not
Applicable
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(Former
name or former address, if changed since last
report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 below):
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425).
o
Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17
CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On July
14, 2009, Peregrine Pharmaceuticals, Inc. issued a press release to report the
Company’s financial results for the fiscal year ended April 30,
2009. A copy of the press release is attached to this current report
on Form 8-K as Exhibit 99.1. No additional information is included in
this Current Report on Form 8-K.
The
information included in this Current Report on Form 8-K, including the exhibit
hereto, shall not be deemed “filed” for purposes of, nor shall it be deemed
incorporated by reference in, any filing under the Securities Act of 1933 or the
Securities Exchange Act of 1934, except as expressly set forth by specific
reference in such a filing.
ITEM
7.01 REGULATION FD
DISCLOSURE
On July
14, 2009, at 11:30 a.m. EDT/8:30 a.m. PDT, the Company hosted a conference call
to discuss its Fiscal Year 2009 financial results. The webcast of the conference
call will be archived on the Company’s website for approximately 30
days.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(c) Exhibits. The
following material is filed as an exhibit to this Current Report on Form
8-K:
|
Exhibit
Number
|
|
| 99.1 | Press Release issued July 14, 2009 |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
PEREGRINE
PHARMACEUTICALS, INC.
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|||
|
Date:
July 14, 2009
|
By:
|
/s/ Paul J. Lytle | |
| Paul J. Lytle | |||
| Chief Financial Officer | |||
EXHIBIT
INDEX
|
Exhibit
Number
|
Description | |
| 99.1 | Press Release issued July 14, 2009 |
Exhibit
99.1
| Contacts: | |
| GendeLLindheim BioCom Partners | |
| Investors | Media |
| info@peregrineinc.com | Jennifer Anderson |
| (800) 987-8256 | (212) 918-4642 |
PEREGRINE
PHARMACEUTICALS REPORTS FINANCIAL RESULTS FOR FISCAL YEAR 2009
—FY
2009 Total Revenues Increased Nearly 200% to $18.1 Million and Avid's
Revenues
More
than Doubled to Nearly $13 Million—
—Net
Loss Decreased by 41% for the Fourth Quarter and 29% for the Full Fiscal
Year—
—Advances
in Bavituximab and Cotara® Clinical
Programs Highlighted by Positive
Recent
Data
from Ongoing Phase II Studies—
TUSTIN, Calif., July 14, 2009
- -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), today announced financial
results for the fourth quarter and fiscal year (FY) 2009 ended April 30,
2009. Total revenues for the fourth quarter of FY 2009 increased to
$7,867,000, compared to $901,000 for the comparable quarter in FY
2008. Total revenues for the 2009 fiscal year increased approximately
200% from $6,093,000 in FY 2008 to $18,151,000 in FY 2009, primarily from
increased contract manufacturing revenues generated by Avid Bioservices, the
company's wholly owned subsidiary, and increased revenues derived from the
company’s R&D contract with the federal government.
Avid
generated manufacturing revenues of $5,009,000 for the fourth quarter of FY
2009, compared to $751,000 for the comparable prior year quarter, while full
year FY 2009 manufacturing revenues more than doubled to $12,963,000, up from
$5,897,000 in FY 2008. The increase in Avid revenues reflects
increased manufacturing services provided to third-party customers during the
quarter and the full fiscal year. In addition to manufacturing
revenues, during FY 2009 Peregrine generated revenues from services provided
under its government contract with the U.S. Defense Threat Reduction Agency
(DTRA) to evaluate bavituximab as a potential broad spectrum treatment for viral
hemorrhagic fever infections. Government contract revenues were
$2,683,000 for the fourth quarter of FY 2009 and $5,013,000 for the 2009 fiscal
year. Peregrine’s work under the DTRA contract began during FY 2009,
so there are no comparable figures for FY 2008.
Total
costs and expenses in the fourth quarter of FY 2009 were $11,239,000, compared
to $7,198,000 in the fourth quarter of FY 2008. Increased costs of
contract manufacturing were directly driven by the increase in Avid revenues,
while the increased research and development (R&D) costs were associated
with increased costs incurred under the government contract. The
fourth quarter increase in selling, general, and administrative (SG&A)
expenses was primarily due to a one-time charge associated with a legal
settlement.
Total
costs and expenses for the 2009 fiscal year were $34,467,000, compared to
$30,233,000 in FY 2008, an increase of 14%. Increased contract
manufacturing costs directly related to the increase in Avid revenues accounted
for most of the increase in total expenses. R&D expenses for FY
2009 were essentially flat compared to FY 2008, despite the fact that clinical
and other development activities related to the bavituximab clinical program
significantly increased. The company was able to offset costs
associated with these increased R&D activities by re-focusing effort from
earlier stage preclinical programs to its clinical development
efforts. SG&A expenses slightly decreased two percent in FY 2009
compared to FY 2008.
Peregrine
reported a consolidated net loss of $3,609,000, or $0.02 per basic and diluted
share, in the fourth quarter of FY 2009, compared to a consolidated net loss of
$6,159,000, or $0.03 per basic and diluted share, for the comparable period in
FY 2008, a decrease of 41%. The company reported a consolidated net
loss of $16,524,000, or $0.07 per basic and diluted share for FY 2009, compared
to a consolidated net loss of $23,176,000, or $0.10 per basic and diluted share
for FY 2008, a decrease of 29%.
“This has
been a significant year of accomplishment at Peregrine as we delivered on our
commitment to significantly expand and advance our bavituximab Phase II clinical
program, which is already yielding encouraging data, while nearly tripling
revenues and reducing our net loss by nearly 30%,” said Steven W. King,
president and CEO of Peregrine. “These accomplishments have allowed
us to build significant value in our oncology clinical pipeline, to grow the
value of our contract manufacturing business and to realize immediate value from
our bavituximab anti-viral technology platform through our DTRA government
contract. These achievements have created considerable momentum that
we expect to maintain throughout the coming year.”
Mr. King
added, “We more than doubled our Avid contract manufacturing revenues and
recorded more than $5 million in first-year revenues from a multi-year
government contract to evaluate our bavituximab anti-viral platform for its
broad spectrum potential to treat or prevent serious virus
infections. At the same time, we advanced our bavituximab and Cotara
clinical trials in FY 2009 while keeping R&D costs flat. These
trials have already yielded very promising early results, and we are optimistic
they will continue to yield positive results during the current fiscal
year.”
Mr. King
continued, “This year we also made important progress in raising the profile of
all three of our clinical programs among investors, potential partners and the
medical community, and as a result, the pace of our partnering efforts has
accelerated. Among the most significant developments driving this
increased interest was the release of our first clinical data indicating that
bavituximab may be a valuable new option for treating cancer. In
three separate Phase II trials in combination with chemotherapy, bavituximab
demonstrated encouraging signs of efficacy in patients with advanced breast
cancer and advanced lung cancer. All three trials surpassed the
requisite efficacy criteria for expansion of patient enrollment, which is now
well underway. These trials, along with our Phase I bavituximab
cancer study that recently completed patient enrollment, are helping to set the
stage for advancing bavituximab toward later-stage clinical
trials. Planning for this exciting next phase for our bavituximab
oncology program has already begun.”
Mr. King
added, “This past year we also made significant advancements in our bavituximab
and broader anti-PS anti-viral program, receiving high-profile international
validation through the publication of data in the highly respected scientific
journal Nature
Medicine, which confirmed the anti-viral potential of bavituximab and our
other anti-PS antibodies. We were also successful in completing
contract negotiations with the DTRA, allowing us to expand the evaluation of our
anti-PS antibodies as potential broad spectrum agents for the treatment or
prevention of viral hemorrhagic fever virus infections. This contract directly
or indirectly supports our bavituximab and other anti-PS technology programs and
represents another significant validation for the anti-PS technology
platform.”
Mr. King
continued, “Our Cotara clinical program continues to advance with patient
enrollment nearing completion in our dose confirmation and dosimetry study in
patients with recurrent glioblastoma (GBM), and enrollment exceeds the halfway
mark in our Phase II trial in relapsed GBM patients. We recently
presented dosimetry study data at the Society of Nuclear Medicine 2009 Annual
Meeting, further confirming that Cotara specifically localizes to brain tumors
at high concentrations with minimal radiation exposure to other organs,
reinforcing its potential as a possible new treatment for GBM.”
At April
30, 2009, Peregrine had $10 million in cash and cash equivalents, compared to
$15.1 million in cash and cash equivalents at April 30, 2008. After
the close of the 2009 fiscal year, Peregrine raised approximately $6.9 million
in gross proceeds from the sale of common stock from its existing shelf
registration. The stock was sold in an “At the Market” offering as
defined in Rule 415 of the Securities Act. This stock sale involved
no discounts or warrants and required only a modest commission be paid to the
underwriter.
Paul
Lytle, chief financial officer of Peregrine, noted, “Our ‘At the Market’ sales
agreement has proven to be a very successful financing vehicle, allowing us to
sell shares of common stock at market prices and to raise the full target amount
of $7.5 million in new equity for the company at favorable
terms. With the successful closing of this equity sale, Peregrine had
met all the conditions to draw down the second $5 million tranche under our
current loan agreement. However, we have opted not to draw down the
additional debt at this time. Instead, we plan to rely on our other
potential sources of capital and the projected revenues from Avid and our DTRA
government contract, thereby avoiding the additional costs and future repayment
of principal and interest associated with taking on additional
debt. The original loan we closed last December has served its
purpose by allowing us to continue our R&D programs during very tough
economic conditions.”
The
company’s FY 2009 Annual Report on Form 10-K to be filed today will include an
audit opinion with a "going concern" qualification. The qualification
is a statement in the audit opinion of Ernst & Young LLP, the company’s
independent registered public accounting firm, expressing substantial doubt,
based upon Peregrine’s current financial resources, as to whether the company
can continue to meet its financial obligations beyond fiscal year 2010 without
access to additional cash and cash equivalents. Nasdaq Marketplace
Rule 4350(b) (1) (B) requires Nasdaq-listed companies to announce publicly
through the news media the receipt of an audit opinion containing a "going
concern" qualification.
Mr. Lytle
added, “We believe Peregrine has sufficient financial resources to meet its
obligations through at least FY 2010, based on a number of
factors. These factors include our recent success in reinforcing the
company’s cash position by raising approximately $6.9 million in new equity
capital in FY 2010, our projected cash-inflows from Avid manufacturing revenues
and from our DTRA government contract, as well as our substantial progress in
managing expenses and significantly reducing our cash burn
rate. Nonetheless, there are potential uncertainties associated with
these financial projections that required the company’s independent registered
public accounting firm to include a ‘going concern’ qualification in its audit
opinion. We therefore expect this unqualified opinion with an
explanatory paragraph to have a minimal impact on the company as we continue to
advance our clinical programs and service our Avid customers.”
Mr. Lytle
concluded, “Looking ahead, we must have the ability to internally support our
clinical programs and the expansion of those programs based on the promising
data we have already seen. We therefore plan to file a shelf
registration statement today with the SEC and concurrently enter into an ’At the
Market’ sales agreement so we can provide the company with the best possible
options as we look at supplementing our revenue streams with additional equity
capital. As we get closer to starting later-stage trials, drug
development becomes more expensive, but the potential return to our company and
our shareholders is also much greater.”
Mr. King
concluded, “We believe that the company’s future has never looked
brighter. With multiple Phase II cancer trials underway, we expect a
steady flow of clinical data during the 2010 fiscal year. Our
promising clinical data and the validation our technology is receiving as a
result of our enhanced publication and presentation activities and our ramped-up
outreach efforts have helped put Peregrine on the radar screen of many more
thought leaders, potential partners and investors. With our clinical
programs on track to generate additional data, and contract revenues from Avid
and our DTRA program continuing to increase, we anticipate that FY 2010 could be
a very positive year for Peregrine."
The
company’s Annual Report on Form 10-K will be filed later today and will be
available at the SEC’s website at www.sec.org, or
through the investor portion of Peregrine’s website at www.peregrineinc.com.
Operating
Highlights Since the Start of Fiscal Year 2009
Bavituximab
Anti-Cancer Program
Peregrine
reported progress in all four ongoing trials in its bavituximab cancer program,
including its three Phase II trials:
|
§
|
Completed
enrollment of the planned 46 patients in a Phase II trial evaluating
bavituximab in combination with docetaxel in advanced breast cancer
patients. As reported in an oral presentation at the 2009 ASCO
Annual Meeting, 10 of 14, or 71% of evaluable patients in the initial
cohort demonstrated an objective tumor response according to RECIST
criteria. These data exceeded the pre-specified endpoint needed
to expand the trial and compare favorably with historical data with
chemotherapy alone. Recent analysis shows the median
progression free survival of patients enrolled in the first part of the
study was 7.4 months, a promising early result. Patient dosing
and follow-up in this trial are
continuing.
|
|
§
|
Reported
that in a Phase II trial evaluating bavituximab in combination with
carboplatin and paclitaxel in advanced breast cancer patients, nine of 14,
or 64% of evaluable patients in the initial cohort achieved an objective
tumor response according to RECIST criteria. These data
exceeded the pre-specified endpoint needed to expand the
trial. Patient enrollment and dosing are underway in the
expansion stage of the trial, which will enroll a total of 46 advanced
breast cancer patients overall.
|
|
§
|
Reported
that in a Phase II trial evaluating bavituximab in combination with
carboplatin and paclitaxel in non-small cell lung cancer (NSCLC) patients
with locally advanced or metastatic disease, 11 of 17, or almost 65% of
evaluable patients in the initial cohort, achieved an objective tumor
response according to RECIST criteria. These early results,
which exceeded the pre-specified endpoint needed to expand the trial,
compare very favorably with historical data with chemotherapy alone and
are especially encouraging in this hard-to-treat
cancer. Patient enrollment and dosing are continuing in the
expansion stage of the trial, which will enroll a total of 49 NSCLC
patients overall.
|
|
§
|
Completed
patient enrollment in a Phase I trial evaluating bavituximab as
monotherapy in patients with advanced refractory cancers. At
the 2009 ASCO Annual Meeting, study researchers reported that bavituximab
had demonstrated a predictable pharmacokinetic profile and acceptable
safety, and that a maximum tolerated dose was not reached, even at the
highest planned dose level.
|
|
§
|
Announced
that the ASCO Research Foundation awarded one of its 2009 Career
Development Awards to a researcher at the University of Texas Southwestern
Medical Center for a study of the biologic effects of bavituximab and
chemotherapy in patients with advanced lung
cancer.
|
|
§
|
Presented
data from two studies at the AACR 2009 Annual Meeting providing further
confirmation of the unique immunomodulatory mechanisms contributing to the
anti-tumor activity of Peregrine’s anti-PS antibody
platform.
|
Bavituximab
Anti-Viral Program
The
company continued to advance the bavituximab anti-viral program:
|
§
|
Received
major validation of the broad anti-viral potential of the company’s
anti-PS antibody platform with the publication of data in Nature Medicine showing
that its PS-targeting drug bavituximab can cure lethal virus infections in
animal disease models.
|
|
§
|
Entered
into a five-year contract potentially worth up to $44.4 million with the
Department of Defense’s Defense Threat Reduction Agency (DTRA), and ramped
up activities under this contract to assess bavituximab and other anti-PS
antibodies for biodefense applications against viral hemorrhagic
fevers.
|
|
§
|
Continued
to enroll and dose patients in an ongoing Phase I clinical trial of
bavituximab in hepatitis C virus infected patients co-infected with
HIV.
|
|
§
|
Was
awarded a U.S. patent that includes broad claims covering anti-viral
applications of antibodies that directly bind to aminophospholipids,
including PS.
|
|
§
|
Reported
that the company's anti-PS technology was positively highlighted in
scientific sessions at the AIDS Vaccine 2008 conference in Cape Town,
South Africa.
|
Cotara® Brain
Cancer Program
|
§
|
Reported
that patient enrollment in the Cotara dosing and dosimetry trial at U.S.
brain cancer centers was nearing completion, and that patients in the
initial two cohorts of the study have all either met or exceeded the
expected median survival time of six months for recurrent glioblastoma
multiforme (GBM) patients.
|
|
§
|
Presented
data at the Society of Nuclear Medicine 2009 Annual Meeting showing that
Cotara specifically localizes to brain tumors at high concentrations with
minimal radiation exposure to other organs. This data confirms
a key safety attribute of Cotara—its ability to precisely target
tumors. Data showed that the concentration of Cotara in brain
tumors was on average more than 300-fold higher than in normal
organs.
|
|
§
|
Reported
that patient enrollment has exceeded the halfway mark in the Cotara Phase
II trial in patients with relapsed
GBM.
|
Avid
Bioservices
|
§
|
Avid
management gave scientific presentations at a number of industry meetings,
including the 2009 BIO International Convention, highlighting the
company’s distinctive capabilities and
experience.
|
|
§
|
Avid
expanded its biomanufacturing capabilities with the installation of two
Thermo Scientific HyClone Single-Use Bioreactors, which further enhance
Avid’s ability to meet the growing demand for its cell culture production
services.
|
|
§
|
Signed
a manufacturing supply agreement with Catalyst Biosciences to produce
clinical-grade material for their candidate for the treatment of acute
bleeding in hemophilia patients.
|
Other
Developments
|
§
|
Peregrine
settled a lawsuit with Cancer Therapeutics Laboratories
(CTL). Under the terms of the agreement, CTL is transferring
shares in Medibiotech Co., Inc. to Peregrine, giving Peregrine close to a
5% ownership stake in Medibiotech. Medibiotech is a Chinese
company that has the exclusive rights in the People’s Republic of China to
develop and market a version of Peregrine’s radiolabeled tumor necrosis
therapy (TNT) technology for the treatment of cancer. Peregrine
will also make certain cash payments to
CTL.
|
|
§
|
In
March 2009, Peregrine announced an agreement with Wm Smith & Co. to
raise a target of $7.5 million from its existing shelf registration by
selling new equity in an “At the Market” offering as defined in Rule 415
of the Securities Act. The stock was sold at market prices
between April and early June by Wm Smith & Co. to reach the targeted
$7.5 million in new capital.
|
|
§
|
Entered
into a loan agreement for up to $10 million to finance ongoing clinical
development efforts. Peregrine received an initial $5 million
tranche and later declined an option for a second $5 million
tranche.
|
|
§
|
Received
a letter from NASDAQ providing Peregrine with additional time to regain
compliance with NASDAQ's $1.00 minimum bid price
rule. Peregrine now has at least until October 26, 2009 to
regain compliance.
|
|
§
|
Received
shareholder approval at the Annual Meeting of Stockholders held on October
21, 2008, for a proposal that provides the company's Board of Directors
with discretionary authority to implement a reverse split of the issued
and outstanding shares of Peregrine's common stock before the 2009 Annual
Meeting.
|
Conference
Call
The
company will host a conference call today, July 14, 2009 at 11:30 a.m. EDT/8:30
a.m. PDT to discuss its fiscal year 2009 financial results.
To listen
to a live broadcast of the call over the Internet or to review the archived
call, please visit: www.peregrineinc.com. The
webcast will be archived on Peregrine's website for approximately 30
days.
To listen
to the conference call via telephone, please call the following number
approximately 10 minutes prior to the scheduled start time and request to join
the Peregrine Pharmaceuticals call: (800) 860-2442. A
telephonic replay of the conference call will be available starting
approximately one hour after the conclusion of the call through July 21, 2009 by
calling (877) 344-7529, passcode 431883#.
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®. 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. The forward-looking statements involve risks and
uncertainties including, but not limited to the risk that the company may
experience delays in clinical trial patient enrollment, the results of future
clinical trials may not correlate with the results from prior clinical and
preclinical studies, the risk that the rate of objective
tumor response for the expansion stages of the company's three Phase II trials
will not be consistent with the objective tumor responses experienced in the
first stage of the respective Phase II trials, the risk that the standard
chemotherapy response rate will not be improved as a result of the combination
therapy with the inclusion of bavituximab, the risk that the company will not be
able to raise additional capital under its “At the Market” sales agreement, the
risk that Avid’s revenue growth may slow or decline, the risk that Avid may
experience technical difficulties in processing customer orders which could
delay delivery of products to customers and receipt of payment, the risk that
one or more existing Avid customers terminates its contract prior to completion,
the risk that the company does not receive all of its funding under the DTRA
contract, the risk that future protocol submissions may not be approved and the
risk that the company may not be able to monetize any of its assets. 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. 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.
--Financial
Tables to Follow--
PEREGRINE
PHARMACEUTICALS, INC.
CONSOLIDATED
BALANCE SHEETS
AS
OF APRIL 30, 2009 AND 2008
|
2009
|
2008
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 10,018,000 | $ | 15,130,000 | ||||
|
Trade
and other receivables
|
1,770,000 | 605,000 | ||||||
|
Government
contract receivables
|
1,944,000 | - | ||||||
|
Inventories,
net
|
4,707,000 | 2,900,000 | ||||||
|
Debt
issuance costs, current portion
|
229,000 | - | ||||||
|
Prepaid
expenses and other current assets, net
|
1,466,000 | 1,208,000 | ||||||
|
Total
current assets
|
20,134,000 | 19,843,000 | ||||||
|
PROPERTY:
|
||||||||
|
Leasehold
improvements
|
675,000 | 669,000 | ||||||
|
Laboratory
equipment
|
4,180,000 | 4,140,000 | ||||||
|
Furniture,
fixtures and computer equipment
|
902,000 | 919,000 | ||||||
| 5,757,000 | 5,728,000 | |||||||
|
Less
accumulated depreciation and amortization
|
(4,076,000 | ) | (3,670,000 | ) | ||||
|
Property,
net
|
1,681,000 | 2,058,000 | ||||||
|
Debt
issuance costs, less current portion
|
142,000 | - | ||||||
|
Other
assets
|
1,170,000 | 1,156,000 | ||||||
|
TOTAL
ASSETS
|
$ | 23,127,000 | $ | 23,057,000 | ||||
-continued-
PEREGRINE
PHARMACEUTICALS, INC.
CONSOLIDATED
BALANCE SHEETS
AS
OF APRIL 30, 2009 AND 2008 (continued)
|
2009
|
2008
|
|||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable
|
$ | 3,518,000 | $ | 2,060,000 | ||||
|
Accrued
clinical trial site fees
|
955,000 | 237,000 | ||||||
|
Accrued
legal and accounting fees
|
667,000 | 450,000 | ||||||
|
Accrued
royalties and license fees
|
182,000 | 222,000 | ||||||
|
Accrued
payroll and related costs
|
1,580,000 | 1,084,000 | ||||||
|
Capital
lease obligation, current portion
|
17,000 | 22,000 | ||||||
|
Notes
payable, current portion and net of discount
|
1,465,000 | - | ||||||
|
Deferred
revenue
|
3,776,000 | 2,196,000 | ||||||
|
Deferred
government contract revenue
|
3,871,000 | - | ||||||
|
Customer
deposits
|
2,287,000 | 838,000 | ||||||
|
Other
current liabilities
|
546,000 | 331,000 | ||||||
|
Total
current liabilities
|
18,864,000 | 7,440,000 | ||||||
|
Capital
lease obligation, less current portion
|
4,000 | 22,000 | ||||||
|
Notes
payable, less current portion and net of discount
|
3,208,000 | - | ||||||
|
Other
long-term liabilities
|
150,000 | - | ||||||
|
Commitments
and contingencies
|
||||||||
|
STOCKHOLDERS'
EQUITY:
|
||||||||
|
Preferred
stock - $.001 par value; authorized 5,000,000 shares; non-voting; nil
shares outstanding
|
- | - | ||||||
|
Common
stock - $.001 par value; authorized 325,000,000 shares; outstanding -
227,688,555 and 226,210,617, respectively
|
227,000 | 226,000 | ||||||
|
Additional
paid-in-capital
|
248,034,000 | 246,205,000 | ||||||
|
Accumulated
deficit
|
(247,360,000 | ) | (230,836,000 | ) | ||||
|
Total
stockholders' equity
|
901,000 | 15,595,000 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 23,127,000 | $ | 23,057,000 | ||||
-continued-
PEREGRINE
PHARMACEUTICALS, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
FOR
EACH OF THE THREE YEARS IN THE PERIOD ENDED APRIL 30, 2009
|
2009
|
2008
|
2007
|
||||||||||
|
REVENUES:
|
||||||||||||
|
Contract
manufacturing revenue
|
$ | 12,963,000 | $ | 5,897,000 | $ | 3,492,000 | ||||||
|
Government
contract revenue
|
5,013,000 | - | - | |||||||||
|
License
revenue
|
175,000 | 196,000 | 216,000 | |||||||||
|
Total
revenues
|
18,151,000 | 6,093,000 | 3,708,000 | |||||||||
|
COSTS
AND EXPENSES:
|
||||||||||||
|
Cost
of contract manufacturing
|
9,064,000 | 4,804,000 | 3,296,000 | |||||||||
|
Research
and development
|
18,424,000 | 18,279,000 | 15,876,000 | |||||||||
|
Selling,
general and administrative
|
6,979,000 | 7,150,000 | 6,446,000 | |||||||||
|
Total
costs and expenses
|
34,467,000 | 30,233,000 | 25,618,000 | |||||||||
|
LOSS
FROM OPERATIONS
|
(16,316,000 | ) | (24,140,000 | ) | (21,910,000 | ) | ||||||
|
OTHER
INCOME (EXPENSE):
|
||||||||||||
|
Interest
and other income
|
200,000 | 989,000 | 1,160,000 | |||||||||
|
Interest
and other expense
|
(408,000 | ) | (25,000 | ) | (46,000 | ) | ||||||
|
NET
LOSS
|
$ | (16,524,000 | ) | $ | (23,176,000 | ) | $ | (20,796,000 | ) | |||
|
WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING
|
226,231,464 | 221,148,342 | 192,297,309 | |||||||||
|
BASIC
AND DILUTED LOSS PER COMMON SHARE
|
$ | (0.07 | ) | $ | (0.10 | ) | $ | (0.11 | ) | |||
###