Peregrine Pharmaceuticals Issues Statement Regarding Ronin Trading and SW Investment Management’s Letter to Stockholders
July 13 2017 - 6:08PM
Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) today confirmed that
Ronin Trading, LLC and SW Investment Management LLC (together,
“Ronin/SWIM”) submitted three candidates for election to the
Peregrine Board of Directors at the Company’s Annual Meeting of
Stockholders. The Company issued the following statement on
Ronin/SWIM’s nomination of directors and its letter to the
Peregrine stockholders:
“Peregrine welcomes the input of our stockholders and is
committed to maintaining a highly qualified Board to lead the
company forward. We respect the right of stockholders to nominate
directors and our Board follows a defined process to evaluate any
potential nominees. Our Nominating Committee will carefully
evaluate Ronin/SWIM’s nominees consistent with that process.
Following the Committee’s review, it will make a recommendation to
the Board that is in the best interests of Peregrine and all of our
stockholders. Stockholders need take no action at this
time.
“We are actively engaged in an ongoing dialogue with our
stockholders and welcome their constructive input on how we can
further strengthen the company. We have engaged in various
discussions with representatives of Ronin Trading and SW Investment
Management and welcome a constructive dialogue toward enhancing
value.
“Peregrine’s Board, which has a deep understanding of the
Company’s R&D and CDMO business lines, has been actively
involved in setting and overseeing a strategy that has delivered
meaningful growth over the past five years in our CDMO business and
promising progress in our R&D efforts while substantially
reducing R&D spend.
“Our Board is committed to maximizing value for all
stockholders. Peregrine will continue to evaluate stockholder
input, assess opportunities and make decisions to achieve this
objective.”
About Peregrine PharmaceuticalsPeregrine
Pharmaceuticals, Inc. is a biopharmaceutical company committed to
improving the lives of patients by delivering high quality
pharmaceutical products through its contract development and
manufacturing organization (CDMO) services and through advancing
and licensing its investigational immunotherapy and related
products. Peregrine's in-house CDMO services, including cGMP
manufacturing and development capabilities, are provided through
its wholly-owned subsidiary Avid Bioservices, Inc.
(www.avidbio.com), which provides development and biomanufacturing
services for both Peregrine and third-party customers. The
company is also working to evaluate its lead immunotherapy
candidate, bavituximab, in combination with immune stimulating
therapies for the treatment of various cancers, and developing its
proprietary exosome technology for the detection and monitoring of
cancer. For more information, please visit
www.peregrineinc.com.
Media Contacts
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(415) 618-8750 / (310) 201-2040
Investor Contacts
Stephanie Diaz
Vida Strategic Partners
(415) 675-7401
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