Peregrine Pharmaceuticals(NASDAQ:PPHM) Reports Significant Dip In Third Quarter Revenues


Dallas, Texas 03/18/2014 (FINANCIALSTRENDS) –  Peregrine Pharmaceuticals (NASDAQ:PPHM) during first week of March shared its Third Quarter Fiscal Year 2014 Financial Results. According to the company’s reports, its total revenues for the third quarter saw a dip by 55% with $3,885k, compared to $7,039k for previous year. The company accredited this decrease to its subsidiary Avid Bioservices.  It also reported that the Total costs and expenses increased to $13,628k compared to $12,200k previous year third quarter. The rise witnessed was due to substantial increase in research and development, administrative expenses, selling and other expenses. The company reported consolidated net loss of 9,724k, or $0.06 per share compared to $4,914k, or $0.04 per share, for the same quarter of the last year. The cash and cash equals were reported at $63,177k compared to $44,443k at its previous quarter ended October 31, 2013. According to the reports, the company has closed an underwritten public offering of10.50% Series E Convertible Preferred Stock at an offering price of $25.00 per share generating proceeds of $19,375k.

The company also shared additional information on bavituximab which is used for potential treatment of second-line Non-Small Cell Lung Cancer (NSCL). According to the reports the U.S. Food and Drug Administration (FDA) has a approved Fast Track Designation for bavituximab.

Peregrine Pharmaceuticals (NASDAQ:PPHM) Declares Dividend 

Peregrine Pharmaceuticals, a biopharmaceutical company with market cap of 356.27M last week announced dividend on Company’s Series E Convertible Preferred Stock.

The quarterly cash dividend will be paid on April 1, 2014 and the share holders who are on company’s record as of March 21, 2014 will be eligible for the payout. The initial dividend reported to be $0.2989 per share which is annualized 10.50% per share. This is based on $25.00 per share stated liquidation preference, from its issuance date.

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