Peregrine Pharmaceuticals, Inc. (PPHM) Sinks on Faulty Lung Cancer Data, Blames Contractors  
9/24/2012 8:07:27 AM

The price of Peregrine Pharmaceuticals Inc. stock collapsed Monday after the cancer drug developer told analysts they should not rely on recently disclosed data about its lead product, the potential lung cancer treatment bavituximab. The Tustin, Calif., company said that it discovered "major discrepancies" between some patient sample test results and treatment code assignments when it reviewed mid-stage trial data. The company is studying bavituximab as a second option for non-small cell lung cancer. Peregrine shares had jumped Sept. 7 after the company said patients who were treated with bavituximab in a mid-stage clinical trial lived twice as long as patients who were treated with only a chemotherapy drug.