Peregrine ends fiscal Q4 with $77.5 million of cash, equivalents

By Lisa Kerner

Charlotte, N.C., July 14 – Peregrine Pharmaceuticals, Inc. ended its fiscal fourth quarter on April 30 with about $77.5 million of cash and cash equivalents.

This compares to about $35.2 million for the year-ago period, according to a form 10-Q filed with the Securities and Exchange Commission.

The company has continued to strengthen its cash position, according to chief financial officer Paul Lytle.

Last month, Peregrine raised more than $9.5 million in net proceeds from the sale of its series E preferred stock, said Lytle during the company’s earnings call on Monday.

Lytle said the company has the needed capital to fund its operations for at least the next 12 months based on current financial projections.

Peregrine reported total revenues of $6.5 million for the quarter, compared to $4.3 million for the same period last year.

Peregrine's consolidated net loss attributable to common stockholders was $10.7 million, or $0.06 per share, for the fourth quarter of fiscal 2014, compared to a net loss of $8.5 million, or $0.06 per share, for the same quarter of the prior year.

Based in Tustin, Calif., Peregrine is a biopharmaceutical company focused on the treatment and diagnosis of cancer.

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