Peregrine Pharmaceuticals Inc. said Wednesday that it is selling $6.7 million in shares to an unnamed investor.
The Tustin-based drug developer said it planned to use proceeds from the stock sale to pay for clinical trials for Tarvacin, its drug candidate for treating cancer and hepatitis C.
Peregrine also said it would use funds from the stock sale to work with university researchers in assessing another of its drug candidates, Cotara, which is used to treat brain cancer.
Earlier this week Peregrine unit Avid Biosciences signed a manufacturing deal with the Sidney Kimmel Cancer Center in San Diego. Avid is set to make a cancer treatment that Sidney Kimmel will test on animals.
Peregrine shares closed at 93 cents a share.
