Peregrine plans more stock sales, looking at other sources of funding

New York, July 14 - Peregrine Pharmaceuticals, Inc. said it plans to raise additional capital by selling stock.

The company is also looking at other sources of funding, including possible debt financing and "leveraging our many assets, including our intellectual property portfolio and the operations of Avid," the Tustin, Calif., biopharmaceutical company said in a 10-K filing with the Securities and Exchange Commission.

Peregrine said its "broad intellectual property portfolio" allows it to develop products internally while out-licensing some technology.

The company also said the facilities of its contract manufacturing subsidiary Avid Bioservices Inc., could be leveraged "in a strategic transaction if the right opportunity and financial terms are presented to us."

At July 6, Peregrine had $16.898 million of cash and equivalents following a direct placement of stock that raised $11.302 million in net proceeds.

Available cash is sufficient to last at least through fiscal 2006, Peregrine said in the SEC filing, but noted that its development efforts are dependent on its ability to raise additional capital to support future operations.

Since beginning business, the company has seen negative cash flows and has been funded through sales of stock and issuance of convertible debt. It has also raised income through licensing collaborations and its Avid operations.

Peregrine is primarily focused on the development of biotherapeutics aimed at treating cancer, viruses and other diseases using targeted antibodies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.