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Peregrine Names CEO, to Change Name

Tustin’s Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a drug manufacturer that’s been in a proxy battle, said Roger J. Lias is the company’s new chief executive and president.

Peregrine is also changing its name to Avid Bioservices, its contract unit, and adopting a new NASDAQ ticker symbol. The company hopes the change will be completed early next year.

Lias succeeds Steven W. King, who resigned to “pursue other professional interests,” according to a company statement.

Shares of the company rose 5.3% to $4.18 and traded at a $189 million market cap.

The appointment of Lias is an important step in Peregrine’s transition to a “pure play” contract development and manufacturing organization, also known as a CDMO, the company said. Peregrine said it’s implementing a plan to diversify and broaden its customer base and project mix, expand and strengthen its CDMO service offerings, and drive increased growth and profitability.

“With the demand for biologics manufacturing exceeding the industry’s current capacity and expected to continue to grow in coming years, Roger and his team have worked aggressively to establish a strategic plan that we anticipate will allow the company to take advantage of this significant market opportunity,” Chairman Joseph Carleone said.

Lias, who has more than 20 years of experience in contract development and manufacturing, was named president of the Avid Bioservices unit in September. He’s also on Peregrine’s board of directors.

Peregrine was previously a biopharmaceutical company that focused on research and development of its immunotherapy cancer drug bavituximab, for which a phase-three study was discontinued this year.

It funded clinical development of its drug candidate through its cash-generating biologics manufacturing subsidiary. While Avid reported $57 million in revenue for the fiscal year ended April 30, up 30% from a year earlier, Peregrine incurred losses—$28 million this year and $56 million last year—spending on research and development.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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