Peregrine Pharmaceuticals Announces Formal Commissioning of New, State-of-the-Art Commercial Manufacturing Facility
March 09 2016 - 7:46PM
Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) (NASDAQ:PPHMP), a
biopharmaceutical company focused on developing therapeutics to
stimulate the body's immune system to fight cancer, today announced
that its new state-of-the-art commercial biomanufacturing suite in
Tustin, California, has been formally commissioned. As part
of the commissioning process, all relevant regulatory agencies have
been notified and cGMP production is currently underway. The
new Peregrine facility, which is being operated by Avid
Bioservices, Inc., a wholly owned subsidiary of Peregrine, will
more than double the company’s prior manufacturing capacity,
supporting up to an additional $40 million in revenue each year.
“This is an exciting milestone for our
biomanufacturing business, which already had 20% revenue growth in
our last fiscal year to $26.7 million and is expected to grow to
$35-40 million in revenue for the current fiscal year that ends
April 30. The newly commissioned biomanufacturing suite is a
state-of-the-art facility that utilizes fully disposable
manufacturing systems at up to the 2,000-liter manufacturing
scale. These unique capabilities provide flexibility that can
meet the needs of our diverse clients, with the potential to
generate an additional $40 million in revenue,” said Steven W.
King, president and chief executive officer of Peregrine. “We
have already had a tremendous response to the new facility and look
forward to continuing to grow our biomanufacturing business which
is an integral part of our overall business strategy.”
Peregrine’s new 40,000 square foot biomanufacturing
facility is designed to utilize the most cutting-edge, single-use
equipment to accommodate a fully disposable biomanufacturing
process for late Phase III clinical and commercial production of
biologics. The facility is located adjacent to the company’s
current campus in Orange County, California.
About Peregrine Pharmaceuticals,
Inc.
Peregrine Pharmaceuticals, Inc. is a
biopharmaceutical company developing therapeutics to stimulate the
body's immune system to fight cancer. The company is focused
on evaluating its lead immunotherapy candidate, bavituximab, in
combination with a range of novel immuno-oncology (I-O) agents for
the treatment of various cancers. One specific component of
this I-O combination strategy includes planned clinical trials of
bavituximab in combination with durvalumab, AstraZeneca’s
investigational anti-PD-L1 immune checkpoint inhibitor, in a range
of cancer types under a clinical collaboration.
In addition to its drug development programs,
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. For more
information, please visit www.peregrineinc.com.
About Avid Bioservices
Avid Bioservices provides a comprehensive range of
process development, high quality cGMP clinical and commercial
manufacturing services for the biotechnology and biopharmaceutical
industries. With over 15 years of experience producing monoclonal
antibodies and recombinant proteins in batch, fed-batch and
perfusion modes, Avid's services include cGMP clinical and
commercial product manufacturing, purification, bulk packaging,
stability testing and regulatory strategy, submission and support.
The company also provides a variety of process development
activities, including cell line development and optimization, cell
culture and feed optimization, analytical methods development and
product characterization. For more information about Avid, please
visit www.avidbio.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 Avid's revenue growth
may slow or decline, the risk that Avid may experience technical
difficulties in processing customer orders which could delay
delivery of products to customers and receipt of payment, and the
risk that one or more existing Avid customers terminates its
contract prior to completion. The company's actual results
could differ materially from those in any such forward-looking
statements. Our business could be affected by a number of
factors, including the risk factors listed from time to time in our
reports filed with the Securities and Exchange Commission
including, but not limited to, our annual report on Form 10-K for
the fiscal year ended April 30, 2015 as well as any updates to
these risk factors filed from time to time in the company's other
filings with the Securities and Exchange Commission. 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.
Contacts:
Jay Carlson
Peregrine Pharmaceuticals
info@peregrineinc.com
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
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