Peregrine Pharmaceuticals rises on positive Cancer drug update

(AXcess News) New York – In a release Monday,Peregrine Pharmaceuticals,Inc. stated that an internal review of its Phase II testing indicated that “discrepancies are isolated to the placebo and 1 mg/kg treatment arms of the trial and that there was no evidence of discrepancies in the 3 mg/kg treatment arm of the trial.”

The review was prompted by the discovery of vial coding discrepancies while preparing for an end of Phase II meeting with the FDA.

Shares of Peregrine Pharmaceuticals bolted Monday,climbing more than 80% on the news.

Jeffrey L. Masten,vice president,quality of Peregrine,said,”we sought to determine the cause and the impact of any discrepancies within the trial and to verify every step within the drug product distribution process. We believe we have accomplished our goals in obtaining a more thorough understanding of the trial and we are very pleased with the outcome.”