Finance

Pharma company signs offer for eight million shares of stock

Published in Cancer Weekly, July 26th, 2005

Peregrine Pharmaceuticals (PPHM) announced that it has signed a definitive agreement for the offer and sale of eight million shares of common stock to one institutional investor in exchange for net proceeds of $6,720,000.

The shares were sold pursuant to the company's shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission. The company issued no warrants nor paid any commissions in conjunction with the transaction.

"This financing significantly strengthens the financial position of the company," said Steven W. King, Peregrine Pharmaceutical's president and CEO. "This funding will be utilized to advance our...

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Source: Cancer Weekly (2005-07-26)

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