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): December 10,
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)
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(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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||||
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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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||||
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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):
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o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425).
|
|
o
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Soliciting
material pursuant to Rule 14A-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
2.02
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RESULTS
OF OPERATIONS AND FINANCIAL
CONDITION
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On
December 10, 2009, Peregrine Pharmaceuticals, Inc. issued a press release to
report the Company’s financial results for the second quarter ended October 31,
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.
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ITEM
7.01
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REGULATION
FD DISCLOSURE
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On December 10, 2009, at 11:30 a.m.
EST/8:30 a.m. PST, the Company hosted a conference call to discuss its Second
Quarter Fiscal Year 2010 financial results. The webcast of the conference
call will be archived on the Company’s website for approximately 30
days.
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ITEM
9.01
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FINANCIAL
STATEMENTS AND EXHIBITS
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(d)
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Exhibits.
The following material is filed as an exhibit to this Current Report on
Form 8-K:
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Exhibit
Number
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99.1
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Press
Release issued December 10, 2009
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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:
December 10, 2009
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By:
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/s/ Paul J. Lytle | |
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Paul
J. Lytle
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|||
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Chief
Financial Officer
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EXHIBIT
INDEX
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Exhibit
Number
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Description
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99.1
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Press
Release issued December 10,
2009
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Exhibit
99.1
| Contacts: | |
| GendeLLindheim BioCom Partners | |
| Investors | Media |
| info@peregrineinc.com | Barbara Lindheim |
| (800) 987-8256 | (212) 918-4650 |
PEREGRINE
PHARMACEUTICAL REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER
OF
FISCAL YEAR 2010
—Successfully
Completed Enrollment in Two Phase II Cancer Studies and Reported
Positive
Interim
Clinical Data from its Cotara® and
Bavituximab Clinical Programs—
—Positioned
Bavituximab for Definitive NSCLC Phase II Trials in Early 2010
Following
Recent
Successful Meeting with the FDA —
—Higher
Total Revenue Led to Reduced Net Loss Compared to Prior Year and
Helped
Improve the Company’s Cash Position—
TUSTIN, Calif., December 10,
2009 -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today announced
financial results for the second quarter of fiscal year (FY) 2010 ended October
31, 2009. Total revenue for the second quarter of FY 2010 increased
255% to $6,896,000, compared to $1,941,000 for the comparable prior year
quarter. This increase in total revenue was primarily derived from
increases in contract manufacturing services provided by Avid Bioservices, the
company's wholly owned contract manufacturing subsidiary.
Avid
generated manufacturing revenue of $5,308,000 for the second quarter of FY 2010,
compared to $983,000 for the comparable prior year quarter, an increase of
440%. The increase in Avid revenue reflects increased manufacturing
services provided to third-party customers during the
quarter. Peregrine also generated revenue from services provided
under its contract with the U.S. Defense Threat Reduction Agency for the
Transformational Medical Technologies Initiative (TMTI) to evaluate bavituximab
as a potential broad-spectrum treatment for viral hemorrhagic fever
infections. Government contract revenue was $1,510,000 for the second
quarter of FY 2010, compared to $958,000 for the prior year quarter, an increase
of 58%.
Total
costs and expenses in the second quarter of FY 2010 increased $2,942,000 to
$9,433,000, compared to $6,491,000 in the second quarter of FY 2009, an increase
of 45%. The current quarter increase in total costs and expenses was
primarily due to an increase in the costs of contract manufacturing during the
quarter of $2,877,000, related to higher reported contract manufacturing
revenue. Research and development (R&D) expenses slightly
decreased by $169,000 (4%) to $4,132,000 in the second quarter of FY 2010, from
$4,301,000 in the prior year quarter, primarily reflecting the reduced resource
needs of Peregrine’s current clinical programs as they complete patient dosing
and advance into the patient follow-up and analysis phase. Selling,
general, and administrative (SG&A) expenses increased in the second quarter
of FY 2010 to $1,761,000, compared to $1,527,000 in the second quarter of FY
2009, an increase of 15%, primarily reflecting the company’s recent investments
in acquiring additional expertise to support its contract manufacturing
business.
Peregrine’s
consolidated net loss decreased 38% to $2,787,000 or $0.06 per basic and diluted
share in the second quarter of FY 2010, compared to the consolidated net loss of
$4,497,000, or $0.10 per basic and diluted share for the same prior year
period. At October 31, 2009, the company had $13.6 million in cash
and cash equivalents.
“Peregrine
continued to achieve important gains in every area of its operations since the
start of the second quarter,” said Steven W. King, president and CEO of
Peregrine.” Since the last earnings call, we completed patient enrollment in our
Cotara®
dosimetry brain cancer trial and in two bavituximab Phase II trials in breast
cancer and non-small cell lung cancer (NSCLC). We also reported
positive initial data from the bavituximab NSCLC trial and from an ongoing
Cotara Phase II study, with both showing promising progression-free-survival
data. We recruited two world-class cancer drug development
experts—adding Dr. Bruce Chabner of Harvard Medical School and Massachusetts
General Hospital as a clinical advisor and former Genentech regulatory chief Dr.
Robert Garnick to our management team as head of regulatory—and we made
organizational enhancements at Avid Bioservices as we prepare for continued
growth of its business. We accomplished all of this while continuing
to report increased revenue from our Avid contract manufacturing business and
from our government contract, resulting in a decreased net
loss. These positive developments have helped position us to initiate
the next round of clinical trials that we are planning to start in the early
part of next year, as clinical resources are being freed up as our current Phase
II trials near completion. These advances are setting the stage for
what we expect to be a very positive 2010 for the company.”
Dr.
Robert Garnick, Peregrine’s head of regulatory, commented, “I am delighted that
we have already been able to make significant progress in advancing bavituximab
in just the few months that I have been working with the company. By
working with our clinical advisors and the FDA, we have been able to position
ourselves to initiate definitive bavituximab NSCLC Phase II “proof-of-concept”
clinical studies in early 2010 as part of our plans to advance the
program. Based on the results seen to date, we believe bavituximab
has considerable potential in multiple solid tumor indications and we look
forward to exploring a number of these in additional upcoming
trials. Our goal is to seek clinical and regulatory pathways that
will expedite our progress towards possible commercialization while also
ensuring a strong positioning for this novel product. We also look
forward to developing a similar strategy for the Cotara brain cancer program as
we obtain additional data from the recently completed dosimetry trial and from
our ongoing Phase II study in patients with glioblastoma, a condition for which
safe and effective new therapies are urgently needed.
Mr. King
added, “We are also very pleased at the good progress we are making in our
anti-viral efforts. Our federally-funded biodefense initiative to
develop our PS-targeting antibodies for the prevention and treatment of viral
hemorrhagic fever infections (VHF) is proceeding well as evidenced by the
promising data from the program recently presented at an important biodefense
conference. This quarter, our scientific collaborators secured a
substantial grant to expand the study of our PS-targeting antibodies in
VHF. In addition, we reorganized our infectious diseases program
infrastructure to ensure that the many opportunities potentially available to
Peregrine and our collaborators for commercially-relevant applications of our
technology to treat infectious diseases are fully exploited.”
Mr. King
continued, “Our Avid contract manufacturing subsidiary continued to report
positive revenue growth this quarter while establishing an impressive global
alliance partnership. We added additional talent to the strong team
already on board at Avid with the hiring of a senior global operations and
productivity executive and an experienced vice president of business
operations. This team is focusing both on continuing to grow Avid’s
contract manufacturing business and on building a new business in the emerging
field of biosimilars, an area in which we believe we are very well-equipped to
compete and where we also see nearer-term commercialization
opportunities.”
“This has
been an eventful quarter for Peregrine, as we continued the advancement of our
key clinical programs while significantly reducing our net loss and increasing
our cash position quarter-over-quarter,“ said Paul Lytle, chief financial
officer of Peregrine. “We look forward to sharing our enthusiasm for Peregrine’s
future prospects with the investment community through an active investor
outreach program planned throughout the upcoming year.”
Mr. King
concluded, “Looking to the future, we are turning our attention to the goal of
advancing at least one and possibly multiple products to the market within the
next 2.5 to 5 years. The promising data we have seen to date from all
of our ongoing trials, the addition of world class clinical and regulatory
expertise to our team and the strategic asset we have in Avid Bioservices are
helping to fuel this drive. We have already begun working on a number
of fronts to strengthen our ability to achieve this goal and we look forward to
sharing those plans as we transition into the new year.”
FY
2010 Recent Highlights
Bavituximab
Anti-Cancer Program
Peregrine
reported progress in all three ongoing Phase II trials in its bavituximab cancer
program:
|
§
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Reported
61% objective response rate in 46-patient Phase II trial evaluating
bavituximab in combination with docetaxel in advanced breast cancer
patients, exceeding the 41% tumor response data for docetaxel as
monotherapy that was used as the benchmark for the design of this
study. With these positive initial data in hand, Peregrine
reported that it is assessing possible trial designs for future
studies.
|
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§
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Reported
that enrollment was completed in a 49-patient 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. Analysis from the initial 21-patient cohort in this
trial showed that the median progression-free-survival (PFS) was 6.5
months, which is superior to the PFS range of 4.2 to 4.5 months reported
in a similar patient population receiving carboplatin and paclitaxel as a
single agent in the NSCLC trials that were the basis for the design of
this trial.
|
|
§
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Completed
enrollment of the planned 46 patients in a Phase II trial evaluating
bavituximab in combination with carboplatin and paclitaxel in advanced
breast cancer patients. Peregrine previously reported that nine
of 14, or 64% of evaluable patients in the initial cohort of this trial
achieved 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 results with
chemotherapy alone. Patient dosing and follow-up in this trial
are continuing.
|
|
§
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Announced
issuance of a new U.S. patent with claims covering the use of bavituximab
in combination with a broad range of cancer therapeutic agents. The
combinations of bavituximab with docetaxel or carboplatin and paclitaxel,
which have shown promising initial results in Peregrine’s Phase II trials,
are all covered under the claims of this patent. The additional protection
it provides further strengthens Peregrine’s intellectual property
leadership in the field of phosphatidylserine (PS)-targeting
therapeutics
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§
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Published
a new study in Clinical
Cancer Research showing the therapeutic promise of bavituximab with
radiation in a lethal brain cancer model. A PS-targeting
antibody similar to bavituximab demonstrated potent anti-tumor activity
when combined with radiation in a model of aggressive brain cancer,
doubling the survival time of test animals and producing long-term cures.
The study also provided additional evidence that PS-targeting antibodies
employ multiple novel mechanisms to mobilize the immune system to combat
cancer and that these mechanisms are enhanced by concurrent radiation
therapy.
|
|
§
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Announced
that noted cancer researcher Bruce Chabner, M.D., will serve as a clinical
advisor on the design of clinical trials for the bavituximab and Cotara
cancer programs. Dr. Chabner is currently the clinical director
of Massachusetts General Hospital (MGH) Cancer Center, chief of hematology
and oncology at MGH and a professor of medicine at Harvard Medical
School. Previously, Dr. Chabner had a distinguished 25-year
career at the National Cancer
Institute.
|
Bavituximab
Anti-Viral Program
The
company advanced its PS-targeting anti-viral program on a number of
fronts:
|
§
|
Presented
promising interim data at the 2009 Chemical and Biological Defense Science
and Technology Conference from Peregrine's program to assess the company's
PS-targeting antibodies as broad-spectrum agents for the treatment of
viral hemorrhagic fevers (VHF), a potential biodefense threat. Researchers
confirmed broad spectrum PS-targeting antibody binding to VHF viral
particles and also to mammalian cells infected with hemorrhagic fever
viruses. Initial anti-viral efficacy studies were encouraging,
showing that a single dose of a PS-targeting antibody increased the
survival of hamsters infected with lethal doses of viruses from two
different VHF families. Based on these findings, additional efficacy
studies are now underway.
|
|
§
|
Formed
anti-viral research group to oversee the company’s anti-PS infectious
disease collaborations. The new group has responsibility for coordinating,
expanding and leveraging the company's multiple external collaborations to
assess the potential utility of Peregrine's PS-targeting antibody platform
for the prevention and treatment of serious infectious diseases, including
viral hemorrhagic fevers and other biodefense threats, HIV, influenza,
cytomegalovirus, leishmaniasis and malaria. Peregrine's
broad-spectrum PS-targeting antibodies are being assessed in
anti-infective applications by more than a dozen leading research
institutions.
|
|
§
|
Was
awarded a second broad U.S. patent for anti-viral applications of
Peregrine’s phospholipid-targeting antibodies that includes broad claims
covering anti-viral uses of PS-targeting antibodies including bavituximab.
The new patent covers compositions and methods of treating virus
infections using bavituximab and similar antibodies, either alone or as
immunoconjugates attached to anti-viral agents, as well as in combination
with other anti-viral agents. The broad claims include methods for
treating all viruses in humans and
animals.
|
|
§
|
Announced
that research colleagues at the University of Texas Southwestern Medical
Center received a two-year $763,000 grant from the U.S. National Institute
of Allergy and Infectious Diseases (NIAID) for research expanding studies
of anti-PS antibodies as potential treatments for viral hemorrhagic fever
infections.
|
Cotara® Brain
Cancer Program
Peregrine
reported significant progress in the Cotara brain cancer program:
|
§
|
Completed
patient enrollment in the Cotara dose confirmation and dosimetry trial at
U.S. brain cancer centers, meeting all of the dosimetry data-gathering
objectives of the study. Patients in the initial two cohorts of
this study have all either met or exceeded the expected median survival
time of six months for recurrent glioblastoma multiforme (GBM) patients.
Peregrine also reported that the ongoing Phase II Cotara brain cancer
trial would be expanded to clinical sites that had participated in the
dosimetry trial.
|
|
§
|
Presented
interim Phase II data at the XIV World Congress of Neurological Surgery
Annual Meeting showing that Cotara appeared well tolerated and
demonstrated encouraging signs of efficacy in patients with
GBM. Researchers presented interim data on 10 recurrent GBM
patients at first relapse. Using the clinical site’s
institutional definitions, the interim median recurrence-free survival of
these patients was 33 weeks and the interim median overall survival was
40.6 weeks. This compares favorably with historical data on
expected survival for patients with GBM, which is approximately 24 weeks
from time of disease recurrence. Based on this data, the study
authors conclude that Cotara appears to be feasible, tolerable and has
encouraging signs of efficacy in recurrent GBM
patients.
|
Avid
Bioservices
Peregrine’s
wholly-owned contract manufacturing subsidiary reported a number of positive
developments while also significantly increasing its revenue:
|
§
|
Was
selected as U.S. West Coast partner of Boehringer Ingelheim’s Global
Production Alliance Network for Biologic Contract Manufacturing services,
with the two companies entering into a global strategic production
alliance agreement. The Production Alliance Network program combines
access to Boehringer Ingelheim’s high expression manufacturing technology,
Avid's proven competence and flexibility in process development and cGMP
manufacturing for earlier-stage projects, along with preferred access to
Boehringer Ingelheim's large-scale commercial manufacturing
facilities.
|
|
§
|
Expanded
the Avid executive team to prepare for continued growth, appointing
operations and quality expert Truc Le as chief operating officer and
Christopher Eso as vice president of business
operations.
|
Other Developments
|
§
|
Appointed
former Genentech senior vice president Dr. Robert Garnick as head of
regulatory affairs. Dr. Garnick oversaw 17 new drug approvals
in his 24 years at Genentech, including approvals for the major cancer
drugs Herceptin®
and Avastin®. He
is expected to play an important strategic and operational role in
designing Peregrine’s clinical and regulatory strategies for its clinical
stage products bavituximab and
Cotara.
|
|
§
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Achieved
full compliance with NASDAQ listing requirements after implementation of a
stockholder-approved 1:5 reverse stock
split.
|
Conference Call
The
company will host a conference call today, December 10, 2009 at 11:30 a.m.
EDT/8:30 a.m. PDT to discuss its Second Quarter FY 2010 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 December 17, 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 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 TMTI 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 and
the quarterly report on Form 10-Q for the quarter ended October 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.
-financial
tables to follow-
PEREGRINE PHARMACEUTICALS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
OCTOBER
31,
2009
|
APRIL
30,
2009
|
|||||||
|
Unaudited
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 13,599,000 | $ | 10,018,000 | ||||
|
Trade
and other receivables, net
|
2,487,000 | 1,770,000 | ||||||
|
Government
contract receivables
|
1,595,000 | 1,944,000 | ||||||
|
Inventories,
net
|
5,850,000 | 4,707,000 | ||||||
|
Debt
issuance costs, current portion
|
175,000 | 229,000 | ||||||
|
Prepaid
expenses and other current assets
|
1,049,000 | 1,466,000 | ||||||
|
Total current
assets
|
24,755,000 | 20,134,000 | ||||||
|
PROPERTY:
|
||||||||
|
Leasehold
improvements
|
675,000 | 675,000 | ||||||
|
Laboratory
equipment
|
4,100,000 | 4,180,000 | ||||||
|
Furniture,
fixtures and office equipment
|
901,000 | 902,000 | ||||||
| 5,676,000 | 5,757,000 | |||||||
|
Less
accumulated depreciation and amortization
|
(4,245,000 | ) | (4,076,000 | ) | ||||
|
Property, net
|
1,431,000 | 1,681,000 | ||||||
|
OTHER
ASSETS:
|
||||||||
|
Debt
issuance costs, less current portion
|
68,000 | 142,000 | ||||||
|
Other
assets
|
1,275,000 | 1,170,000 | ||||||
|
Total other
assets
|
1,343,000 | 1,312,000 | ||||||
|
TOTAL
ASSETS
|
$ | 27,529,000 | $ | 23,127,000 | ||||
-continued-
PEREGRINE
PHARMACEUTICALS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS (continued)
|
OCTOBER
31,
2009
|
APRIL
30,
2009
|
|||||||
|
Unaudited
|
||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable
|
$ | 3,659,000 | $ | 3,518,000 | ||||
|
Accrued
clinical trial site fees
|
416,000 | 955,000 | ||||||
|
Accrued
legal and accounting fees
|
284,000 | 667,000 | ||||||
|
Accrued
royalties and license fees
|
145,000 | 182,000 | ||||||
|
Accrued
payroll and related costs
|
1,363,000 | 1,580,000 | ||||||
|
Notes
payable, current portion and net of discount
|
1,846,000 | 1,465,000 | ||||||
|
Deferred
revenue
|
4,260,000 | 3,776,000 | ||||||
|
Deferred
government contract revenue
|
3,989,000 | 3,871,000 | ||||||
|
Customer
deposits
|
790,000 | 2,287,000 | ||||||
|
Other
current liabilities
|
550,000 | 563,000 | ||||||
|
Total current
liabilities
|
17,302,000 | 18,864,000 | ||||||
|
Notes
payable, less current portion and net of discount
|
2,157,000 | 3,208,000 | ||||||
|
Other
long-term liabilities
|
152,000 | 154,000 | ||||||
|
Commitments
and contingencies
|
||||||||
|
STOCKHOLDERS'
EQUITY:
|
||||||||
|
Preferred
stock-$0.001 par value; authorized 5,000,000 shares; non-voting;
none
issued
|
- | - | ||||||
|
Common
stock-$0.001 par value; authorized 325,000,000 shares;
outstanding – 48,869,563 and 45,537,711,
respectively
|
48,000 | 227,000 | ||||||
|
Additional
paid-in capital
|
260,445,000 | 248,034,000 | ||||||
|
Accumulated
deficit
|
(252,575,000 | ) | (247,360,000 | ) | ||||
|
Total stockholders'
equity
|
7,918,000 | 901,000 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 27,529,000 | $ | 23,127,000 | ||||
-continued-
PEREGRINE
PHARMACEUTICALS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
Three
Months Ended
October
31,
|
Six
Months Ended
October
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
|
REVENUES:
|
||||||||||||||||
|
Contract
manufacturing revenue
|
$ | 5,308,000 | $ | 983,000 | $ | 7,378,000 | $ | 2,176,000 | ||||||||
|
Government
contract revenue
|
1,510,000 | 958,000 | 6,181,000 | 1,282,000 | ||||||||||||
|
License
revenue
|
78,000 | - | 87,000 | - | ||||||||||||
|
Total
revenues
|
6,896,000 | 1,941,000 | 13,646,000 | 3,458,000 | ||||||||||||
|
COSTS
AND EXPENSES:
|
||||||||||||||||
|
Cost
of contract manufacturing
|
3,540,000 | 663,000 | 4,613,000 | 1,566,000 | ||||||||||||
|
Research
and development
|
4,132,000 | 4,301,000 | 10,206,000 | 8,369,000 | ||||||||||||
|
Selling,
general and administrative
|
1,761,000 | 1,527,000 | 3,554,000 | 3,233,000 | ||||||||||||
|
Total
costs and expenses
|
9,433,000 | 6,491,000 | 18,373,000 | 13,168,000 | ||||||||||||
|
LOSS
FROM OPERATIONS
|
(2,537,000 | ) | (4,550,000 | ) | (4,727,000 | ) | (9,710,000 | ) | ||||||||
|
OTHER
INCOME (EXPENSE):
|
||||||||||||||||
|
Interest
and other income
|
34,000 | 53,000 | 74,000 | 128,000 | ||||||||||||
|
Interest
and other expense
|
(284,000 | ) | - | (562,000 | ) | (1,000 | ) | |||||||||
|
NET
LOSS
|
$ | (2,787,000 | ) | $ | (4,497,000 | ) | $ | (5,215,000 | ) | $ | (9,583,000 | ) | ||||
|
WEIGHTED
AVERAGE COMMON
SHARES OUTSTANDING:
|
||||||||||||||||
|
Basic
and Diluted
|
48,147,702 | 45,242,124 | 47,478,247 | 45,242,124 | ||||||||||||
|
BASIC
AND DILUTED LOSS PER COMMON SHARE
|
$ | (0.06 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.21 | ) | ||||
####