PEREGRINE REPORTS LAUNCH OF LUNG CANCER DRUG IN CHINA

Peregrine Pharmaceuticals announced that its partner Shanghai Medipharm Biotech has launched an iodine-131 radiolabeled Tumor Necrosis Therapy (TNT) antibody for the treatment of lung cancer.

According to clinical data reported by Medipharm, a registration study of advanced lung cancer patients in China demonstrated that Peregrine's radiolabeled TNT agent provided encouraging signs of patient benefit. Of the patients treated in the study, almost 4 percent experienced complete remissions, nearly 31 percent had partial remissions involving at least 50 percent shrinkage of their tumors, 55 percent had their disease stabilized (representing no change in the tumor mass) and roughly 10 percent reported progressive disease.

"This development is especially positive since lung cancer is a major and growing health issue in China," Steven King, president and CEO of Peregrine, said. "This launch is also timely since Peregrine has recently established a wholly owned subsidiary in China where we plan to pursue product development and commercialization activities on our own and in collaboration with Chinese biopharmaceutical partners."

Peregrine had licensed certain rights to the company's TNT technology platform for development and commercialization in China exclusively to Cancer Therapeutics Laboratories (CTL), which has a purported sublicense arrangement with Medipharm. Peregrine recently filed a lawsuit against CTL alleging various breaches of contract following repeated attempts by Peregrine to obtain adequate information concerning the agreement. Peregrine will pursue its remedies under the lawsuit while it explores its options in China regarding other avenues for commercialization for its TNT technology platform.