Orange County Business Journal

Peregrine Shares Rise on Drug Trial News

Vita Reed Thursday, August 16, 2012

Tustin-based drug developer Peregrine Pharmaceuticals Inc.’s shares are seeing a boost today, likely on news about pending positive clinical trial results and a possible collaboration for its lead cancer compound.

Peregrine shares were up about 11% in midday trading to a market value of $305.2 million.

Chief Executive Stephen King told analysts and investors on a conference call Wednesday that it was “safe to say that it’s going to be a very positive result” on second-phase clinical trials for bavituximab, which is used for treating lung cancer.

King also said Peregrine’s had more than 15 face-to-face meetings with potential partners from May to July, and more meetings since then.