Peregrine Pharmaceuticals, Inc.'s Manufacturing Subsidiary Announces Bioproduction Contract With Major Leading Cancer Center
TUSTIN, Calif., Nov. 22 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals, Inc. , today announced that Avid Bioservices, Inc., Peregrine's wholly owned manufacturing subsidiary, has entered into a manufacturing agreement with the Sidney Kimmel Cancer Center (SKCC) in San Diego, a leading independent, nonprofit research center that is identifying and developing novel cancer therapeutics. Under terms of the agreement, Avid will provide process development services to SKCC and will perform cGMP manufacturing of a novel therapeutic antibody for preclinical studies and clinical trials. This antibody is initially being tested for the treatment of lung cancer. The contract will start immediately and continue into the 2006 calendar year.
"The Sidney Kimmel Cancer Center is an innovator in its focus on translational research, including supporting the clinical development of promising new cancer therapeutics," said Steven W. King, chief executive officer of Avid. "Avid's expertise, scale, breadth of service and state-of-the-art manufacturing facility make us ideally suited to work with SKCC to produce the clinical supplies needed to progress this exciting new drug candidate through the development and regulatory process."
In addition to cGMP manufacture, Avid will conduct all process development for the monoclonal antibody, including production of the initial master cell bank and cell culture and development of all upstream and downstream processes, including assay development, product purification, virus validation, container filling and release testing.
Dr. Jan Schnitzer, M.D., Scientific Director and director of the vascular biology and angiogenesis program at SKCC commented, "Advancing the clinical development of promising new cancer therapies is an important part of our translational research mission, and we are pleased to be working with the highly experienced and supportive bioproduction team at Avid to help us move this novel approach into human trials."
About the Sidney Kimmel Cancer Center
The mission of the Sidney Kimmel Cancer Center (SKCC) is to translate laboratory discoveries into breakthroughs in cancer treatment and research. With more than 150 scientists and research staff, the SKCC has become a regional and national resource for research into the biology of the cancer cell and its vasculature. The goal of its drug development program is to develop new approaches that redirect therapy towards either cancer cells or the tissue cells on which the cancer depends for growth, thereby significantly reducing the toxicity and increasing the effectiveness of therapy. The SKCC also uses the science of genomics and proteomics to develop diagnostic and prognostic tests, which can also be used to select the optimal therapy for each person's cancer. SKCC is a Sharp Health Care Affiliate. For more information, visit www.skcc.org
About Avid Bioservices
Avid Bioservices is the wholly owned manufacturing subsidiary of Peregrine Pharmaceuticals, Inc. Avid manufactures cGMP supplies for all phases of clinical trials and for commercial distribution for biotechnology and biopharmaceutical industries. The company's comprehensive range of services includes:
* cGMP cell banking and cell bank storage * Media and culture optimization for production in stirred tanks * Purification development and scale-up * cGMP manufacturing utilizing 100L, 300L and 1000L bioreactors in batch, fed-batch, and perfusion capacities * Assay development, qualification and validation * Final product filling (including labeling and packaging services) * In-process Material and Final Container testing using in-house assays and qualified contractors * In-process Material and Final Container Stability programs * Process validation * Regulatory strategy and support. For more information about Avid, please visit www.avidbio.com. About Peregrine
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and viral diseases. The company is pursuing three separate clinical trials in cancer and anti-viral indications with its lead product candidates Tarvacin(TM) and Cotara(R). Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at www.peregrineinc.com.
Statements in this press release which are not purely historical, including statements regarding Peregrine Pharmaceutical's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, uncertainties associated with Avid Bioservices' ability to attract new customers. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, Avid Bioservices' loss of current customers and inability to attract new customers. Our business could be affected by all of the foregoing and a number of other factors, including the risk factors listed from time to time in the Company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended April 30, 2005. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Peregrine Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
Investors Media Brod & Schaffer Stephen Gendel (800) 987-8256 GendeLLindheim BioCom Partners ir@peregrineinc.com (212) 918-4650
Peregrine Pharmaceuticals, Inc.CONTACT: Investors, Brod & Schaffer, +1-800-987-8256, ir@peregrineinc.com,for Peregrine Pharmaceuticals, Inc.; or Media, Stephen Gendel ofGendeLLindheim BioCom Partners, +1-212-918-4650, for PeregrinePharmaceuticals, Inc.