Peregrine greenshoe increases 10.5% convertibles to $19.38 million

By Angela McDaniels

Tacoma, Wash., Feb. 27 - Peregrine Pharmaceuticals Inc. said the underwriters of its 10.5% series E convertible preferred stock exercised their over-allotment option in part, increasing the size of the issue to $19,375,000 from $17.5 million.

The underwriters exercised $1,875,000 of the $2.6 million greenshoe, according to a company news release.

As previously reported, the company priced the convertibles on Feb. 11 at par of $25 with a 75% conversion premium.

The registered, off-the-shelf deal was sold by bookrunner MLV & Co. LLC. The lead managers were Maxim Group LLC and National Securities Corp.

The perpetual convertibles are non-callable until Feb. 11, 2017.

Peregrine plans to use the proceeds for general corporate purposes.

The convertibles are listed on Nasdaq under the symbol "PPHMP."

Based in Tustin, Calif., Peregrine is a biopharmaceutical company that develops treatments for cancer and hepatitis C.

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