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Peregrine enters $6.7M financing deal

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Published: Nov. 23, 2005 at 4:57 PM

WASHINGTON, Nov. 23 (UPI) -- Peregrine said Wednesday it had signed an agreement to receive $6.7 million in equity financing that it will use to develop Tarvacin and Cotara.

Peregrine, based in Tustin, Calif., said it will sell 8 million shares of stock to an unnamed institutional investor for net proceeds of $6.7 million.

"This is an exciting time for Peregrine as we pursue Tarvacin clinical trials for cancer and hepatitis C, explore its utility in a variety of other viral indications, including influenza, HIV and CMV and collaborate with an academic consortium to further assess the safety and efficacy of Cotara to treat malignant brain cancer," Peregrine President and CEO Steven W. King said in a statement.

"This infusion of capital will enable us to accelerate and expand these efforts," King added.

Peregrine is pursuing three clinical trials involving Tarvacin and Cotara. Both are chimeric antibodies.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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