Peregrine Pharmaceuticals Announces Partial Exercise of Overallotment Option in Connection With Preferred Stock Offering
February 27 2014 - 12:18PM
Marketwired
Peregrine Pharmaceuticals Announces Partial Exercise of
Overallotment Option in Connection With Preferred Stock Offering
TUSTIN, CA--(Marketwired - Feb 27, 2014) - Peregrine
Pharmaceuticals, Inc. (NASDAQ: PPHM) (NASDAQ: PPHMP), announced
today that the underwriters of its underwritten public offering of
its 10.50% Series E Convertible Preferred Stock (the "Series E
Preferred Stock") have partially exercised their option to cover
overallotments and have purchased an additional 75,000 shares of
Series E Preferred Stock from Peregrine Pharmaceuticals at the
public offering price of $25.00 per share. The sale of these
additional shares closed earlier today. As a result, Peregrine
received gross proceeds of $1,875,000 before deducting underwriting
discounts and commissions from the overallotment. Aggregate gross
proceeds received from the Series E Preferred Stock offering,
including from the partial exercise of the overallotment option,
were $19,375,000, before deducting underwriting discounts,
commissions, and other expenses of the offering. The Company
intends to use the proceeds from the offering for general corporate
purposes. The shares are listed on the NASDAQ Capital Market and
trade under the symbol "PPHMP".
MLV & Co. LLC acted as sole book-runner for the
offering.
Maxim Group LLC and National Securities Corporation, a wholly
owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), acted as
lead managers for the offering and Empire Asset Management Company
and I-Bankers Securities, Inc. acted as co-managers for the
offering. Roth Capital Partners, LLC served as a financial advisor
to Peregrine.
The offering was made pursuant to the Company's existing
effective shelf registration statement, previously filed with the
Securities and Exchange Commission ("SEC"). A final prospectus
supplement related to the offering was filed with the SEC on
February 12, 2014 and is available on the SEC's website located at
www.sec.gov or from MLV & Co. LLC at 1251 Avenue of the
Americas, New York, NY 10020, Attn: Randy Billhardt.
About Peregrine Pharmaceuticals, Inc.
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company
with a portfolio of innovative monoclonal antibodies in clinical
trials focused on the treatment and diagnosis of cancer. The
Company is pursuing multiple clinical programs in cancer with its
lead immunotherapy candidate bavituximab while seeking a partner to
further advance its novel brain cancer agent Cotara®. Peregrine
also has in-house cGMP manufacturing capabilities through its
wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com),
which provides development and biomanufacturing services for both
Peregrine and third-party customers. Additional information about
Peregrine can be found at www.peregrineinc.com.
Safe Harbor Statement: Statements in this press release which
are not purely historical, including statements regarding Peregrine
Pharmaceuticals' 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, the risk that enrollment of the Phase III trial may
experience delays or take longer than anticipated, the risk that
the results from the Phase III trial may not support a future
Biologics License Application (BLA) submission, the risk that the
Company may not have or raise adequate financial resources to
complete the Phase III trial and the risk that the Company may not
find a suitable partner for the Phase III trial or the PS program.
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, uncertainties
associated with completing preclinical and clinical trials for our
technologies; the early stage of product development; the
significant costs to develop our products as all of our products
are currently in development, preclinical studies or clinical
trials; obtaining additional financing to support our operations
and the development of our products; obtaining regulatory approval
for our technologies; anticipated timing of regulatory filings and
the potential success in gaining regulatory approval and complying
with governmental regulations applicable to our business. Our
business could be affected by a number of other factors, including
the risk factors listed from time to time in our reports filed with
the SEC including, but not limited to, our annual report on Form
10-K for the fiscal year ended April 30, 2013 and quarterly report
on Form 10-Q for the quarter ended October 31, 2013. 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.
Contact: Christopher Keenan or Jay Carlson Peregrine
Pharmaceuticals (800) 987-8256
info@peregrineinc.com
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