UPDATE 1-Peregrine's brain cancer agent shows promise, shrs up

Sept 2 (Reuters) - Peregrine Pharmaceuticals Inc (PPHM.O) said its experimental brain cancer agent Cotara appeared well tolerated and showed encouraging signs of efficacy in a mid-stage trial, sending its shares up 21 percent in pre-market trade.

Ten patients with recurrent glioblastoma multiforme -- a deadly, common form of brain cancer -- at first relapse received the brain cancer agent as part of an ongoing 40 patient mid-stage clinical trial, the company said.

Shares of the company rose to 97 cents in pre-market trade Wednesday. They closed at 80 cents Tuesday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore)