Friday, March 30, 2007 9:29:43 AM
“Peregrine Pharmaceuticals Comments on Lawsuit”
http://www.peregrineinc.com/content.php?mi=MTc=&appAction=--PRINT&Id=OTgwMjUx
TUSTIN, CA, March 30 2007: Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a clinical stage biopharmaceutical company developing targeted therapeutics for the treatment of cancer and hepatitis C virus (HCV) infection, today commented on a cross-complaint filed by Cancer Therapeutics Laboratories Inc. (CTL) and discussed in a press release issued yesterday by CTL.
Peregrine had previously filed a lawsuit against CTL on January 12, 2007 alleging various breaches of contract in relation to a license agreement between the two companies that granted CTL certain rights to Peregrine's tumor necrosis therapy (TNT) technology for development and commercialization in China. The lawsuit followed repeated attempts by Peregrine over a number of years to obtain adequate information concerning a purported agreement that CTL made with MediPharm Biotech Pharmaceutical Co., Ltd and/or Shanghai MediPharm Biotech Co., Ltd. (MediPharm), a company that has now launched Peregrine's proprietary TNT-based product in China for the treatment of lung cancer.
"We filed this lawsuit to protect the rights of Peregrine and its shareholders," stated Steven W. King, president and CEO of Peregrine. "CTL has clearly breached its obligations under our license agreement, and we believe that this cross-complaint filed today by CTL is unequivocally without merit and completely preposterous. We have an obligation to protect the assets of our company and to build shareholder value, and we intend to pursue all necessary avenues to safeguard our interests in this case."
Peregrine had licensed certain rights to the company's TNT technology platform for development and commercialization in China exclusively to Cancer Therapeutics Laboratories, with the stipulation that CTL was permitted to sublicense these rights only to a single Chinese pharmaceutical company (the sublicensee). Under this agreement, CTL formed a joint venture in the name of Shanghai Brilliance Cancer Pharmaceutical Co. Ltd., to serve as the sublicensee. Under the terms of the agreement, Peregrine was entitled to one-half of the profits received by CTL and a portion of CTL's equity in the joint venture. To date, Peregrine has not received any financial consideration from CTL under the agreement, nor had Peregrine received any information or documentation pertaining to the joint venture before filing the lawsuit. This absence of information includes the failure to reveal how MediPharm came to be given rights to develop and market Peregrine's proprietary TNT-based technology in China, since only one sublicensee was permitted under the agreement and CTL had already designated Shanghai Brilliance Cancer Pharmaceutical Co. as that sublicensee.
Peregrine is vigorously pursuing its remedies under the lawsuit and may expand its claims in the complaint based on discovery and investigation since it filed the action. The company is also exploring alternative avenues for commercialization of its TNT technology platform in China.
About Peregrine Pharmaceuticals:
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio of innovative product candidates in clinical trials for the treatment of cancer and hepatitis C virus (HCV) infection. The company is pursuing 3 separate clinical programs in cancer and HCV infection in the U.S. and India with its lead product candidates bavituximab and Cotara(R). Peregrine also has in-house manufacturing capabilities through its wholly owned subsidiary Avid Bioservices, Inc. (http://www.avidbio.com), which provides development and bio-manufacturing services for both Peregrine and outside customers. Additional information about Peregrine can be found at http://www.peregrineinc.com.
Safe Harbor *snip*
CONTACTS:
GendeLLindheim BioCom Partners
Investors: 800-987-8256, info@peregrineinc.com
Media: Barbara Lindheim, 212-918-4650
Web site: http://www.peregrineinc.com http://www.avidbio.com
= = = = = = = = Background:
TUMOR NECROSIS THERAPY (TNT/COTARA/VEA’s) NEWS:
1-12-07: New China Subsidiary; Suit Filed Against Cancer Therapeutics Labs (CTL) http://tinyurl.com/y4vzbj
”The new subsidiary, Peregrine Beijing Pharmaceuticals Technology Development Ltd., is located in Beijing.”
...3-29-07 CTL countersues PPHM over TNT/China licensing dispute: http://tinyurl.com/39k8sx
2-22-07 & 3-8-07: Articles on Phil Marfuta Bannister (NABTT/Cotara #1) http://tinyurl.com/2nha97
1-16-07: Medipharm Launches TNT in China for Lung Cancer http://tinyurl.com/ttlne
2-22-07 PR: TNT-based Eurpoean Cancer Trials initiated by ‘Licensee’: http://tinyurl.com/2zcjqr
. . .Could ‘licensee’ be Merck KGaA? This “TNT/Cytokine Fusion Proteins” deal from 10-2000: http://tinyurl.com/ywc8tm
10-12-06 Cotara/Brain 40-patient Ph.II Trial to begin in India: http://tinyurl.com/ybf5u2
6-16-06 update: The Jerod Swan Cotara/Brain Success Story (8 years): http://tinyurl.com/p4pgr
6-16-06 update: The Freddie Sanford Cotara/Brain Success Story (6 years): http://tinyurl.com/lrbnf
6-2006 $91k contract to BRIT/India to radio-label TNT (future Cotara trial(s) in India?): http://tinyurl.com/2r7jaf
5-2006: UAB's Dr. Louis Nabors gets $185k contract w/PPHM to study Cotara/GMB http://tinyurl.com/zx8bs
8-29-05: NABTT Initiates Cotara Brain Cancer Trial (28 patients/4 sites): http://tinyurl.com/9w3cr
NABTT Trial info: http://www.nabtt.org/protocols.htm#D NCI: http://www.clinicaltrials.gov/ct/show/NCT00128635
6-1-05: Cotara w/CED Brain Delivery pub. in Neurosurgery Jrnl: http://tinyurl.com/anmaa
”Cotara Holds Promise for Treating Brain Cancer - P1/P2 Data Suggests Extended Survival in a Number of Patients"
6-19-02: TNT Interim Lung Data from China: http://tinyurl.com/ggcba & http://tinyurl.com/em6da
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