Peregrine Pharmaceuticals (NASDAQ:PPHM) shares were up 2.38% on Thursday to $0.365. The company has a market cap of $86.51 million at 241.46 million shares outstanding. Share prices have been trading in a 52-week range of $0.29 to $1.33.
Peregrine Pharmaceuticals is a biopharmaceutical company that operates through two segments: Peregrine and Avid. Peregrine is engaged in the research and development of monoclonal antibodies for the treatment of cancer and Avid is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts.
The company’s lead immunotherapy candidate is Bavituximab, which is a monoclonal antibody that targets and binds to phosphatidylserine, a immunosuppressive molecule that is usually located inside the membrane of healthy cells, but then flips and becomes exposed on the outside of cells in the tumor microenvironment, causing the tumor to evade immune detection.
Back in February, Peregrine Pharmaceuticals shares suffered a sharp decline after its lead oncology trial was discontinued. However, a closer look reveals that the clinical trials are still ongoing but that the company simply stopped enrolling new patients. In addition, the company is still continuing development and pulling data from the study, something that might eventually lead to product approval and revenues moving forward.
With its operations in the Avid segment, the company is able to fund the clinical trials ongoing in its Peregrine segment, which sets it apart from other biotech companies that are using their cash reserves to fund their product research and development.
Its facility is a trusted and established producer for 15 years and is able to generate millions of dollars in revenue for Peregrine Pharmaceuticals each year. The company has built and approved a second facility, which is already booked until next year, securing the revenues for the next twelve months as well.
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