ASCO Research Foundation Grant Will Support Study of Peregrine's Bavituximab in Lung...

ASCO Research Foundation Grant Will Support Study of Peregrine's Bavituximab
in Lung Cancer

- Career Development Award to Study Biology of Bavituximab and Chemotherapy in
Lung Cancer Awarded to Dr. David Gerber of UT Southwestern Medical Center -

- New Study Complements Ongoing Bavituximab Plus Carboplatin/Paclitaxel Phase
II NSCLC Trial that has Shown Promising Preliminary Results -

TUSTIN, Calif., June 10 /PRNewswire-FirstCall/ -- Peregrine Pharmaceuticals,
Inc. (Nasdaq: PPHM) today announced that the ASCO Research Foundation has
awarded one of its 2009 Career Development Awards to David Gerber, MD, of the
University of Texas Southwestern Medical Center for a study of the biologic
effects of bavituximab and chemotherapy in patients with advanced lung cancer.
Bavituximab is a monoclonal antibody with a unique mechanism that allows the
body's own immune system to recognize and act on the tumor and its supporting
blood vessels, resulting in anti-cancer effects.

This new study will supplement Peregrine's Phase II clinical trial evaluating
bavituximab in combination with carboplatin and paclitaxel in patients with
advanced non-small cell lung cancer (NSCLC). In the first cohort of this
trial, 11 of 17 evaluable NSCLC patients, or 64.7%, achieved an objective
tumor response according to response evaluation criteria in solid tumors
(RECIST). Enrollment of an additional 28 NSCLC patients is ongoing.

"We are delighted that the ASCO Research Foundation has selected Dr. Gerber's
study for this prestigious award that nicely complements our ongoing Phase II
NSCLC trial, which has already shown very promising results," said Steven W.
King, president and CEO of Peregrine. "This clinical study should help us to
better understand the biological effects of this new class of
immunotherapeutic agents and generate data that will help guide the future
clinical development and use of bavituximab."

Dr. Gerber, assistant professor at the Harold C. Simmons Comprehensive Cancer
Center of UT Southwestern, will receive a three-year award totaling $200,000
to support his original research, A Pilot Study of the Biologic Effects of
Chemotherapy Plus Bavituximab in Patients with Advanced Non-Small Cell Lung
Cancer. These competitive awards are available to promising physician
researchers who are full-time faculty members in a clinical setting at an
academic medical center.

Bavituximab is also currently being tested in combination with chemotherapy in
two Phase II trials in advanced breast cancer. Preliminary positive results
from one of these trials were the subject of an oral presentation at the 2009
ASCO Annual Meeting.

About Phosphatidylserine (PS)-Targeting Immunotherapies
The rapid and disorganized growth that is the hallmark of cancer results in
the exposure of the lipid phosphatidylserine (PS) on the surface of tumor
blood vessels. Since these phospholipids are typically not exposed on the
surface of normal tissues, they represent a unique target for anti-cancer
treatments. Bavituximab is a monoclonal antibody that binds specifically to
these phospholipids exposed on the surface of the cells lining tumor blood
vessels. Once bound, bavituximab alerts the body's immune system to attack
the tumor blood vessels, inhibiting tumor growth and proliferation. In
addition, a growing body of evidence supports the active role of PS in immune
signaling, with recent research showing that exposed PS can have an
immunosuppressive effect and dampen the body's normal response to cancer. By
binding to and blocking PS, bavituximab is believed to boost the body's
ability to combat cancer via this second immunostimulatory mechanism. Further
information on the role of exposed PS in the tumor environment can be found in
the Anti-PS Technical Backgrounder posted at www.peregrineinc.com.

About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a
portfolio of innovative monoclonal antibodies in clinical trials for the
treatment of cancer and serious viral infections. The company is pursuing
three separate clinical programs in cancer and hepatitis C virus infection
with its lead product candidates bavituximab 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.

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 the rate of objective tumor response for the expansion stage of the
Phase II trial will not be consistent with the objective tumor responses
experienced in the first stage of the Phase II trial. 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 or otherwise adversely impact the company's ability to
obtain regulatory approval for its product candidates 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 the company's SEC reports including, but
not limited to, the annual report on Form 10-K for the year ended April 30,
2008 and the quarterly report on Form 10-Q for the quarter ended January 31,
2009. 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:
GendeLLindheim BioCom Partners
Investors Media
info@peregrineinc.com Barbara Lindheim
(800) 987-8256 (212) 918-4650

SOURCE Peregrine Pharmaceuticals, Inc.

Investors, GendeLLindheim BioCom Partners, 1-800-987-8256,
info@peregrineinc.com, Media, Barbara Lindheim, +1-212-918-4650