Peregrine ends first quarter with $28.5 million

By Lisa Kerner

Charlotte, N.C., Sept. 11 - Peregrine Pharmaceuticals, Inc. ended the first quarter with $28.5 million in cash and cash equivalents at July 31, 2006, up from $17.2 million at fiscal year-end April 30, 2006.

The company said it had a strong start to the fiscal year, which included a cash infusion of $13 million in new equity for continuation of clinical programs.

Increased research and development expenses caused total costs and expenses to rise to $6.2 million, from $1.6 million for the prior-year period.

The Tustin, Calif.-based company said it had a net loss of $5.5 million, or $0.03 per share, compared to a net loss of $4.3 million, or $0.03 per share, for the same prior-year period.

Total revenues were up at $421,000, from $208,000 for the comparable quarter last year.

Clinical highlights included positive top-line safety data from the biopharmaceutical company's phase 1a trial of bavituximab in hepatitis C virus patients and continuing development of the bavituximab cancer program.

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