Blast Off For Peregrine Pharma on Lung Cancer Update
Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) is surging on news updating its non-small cell lung cancer trial. The company said that interim results were presented from its 121 patient randomized, double-blind, placebo-controlled Phase IIb trial in patients with refractory non-small cell lung cancer…
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The blinded study evaluated two dose levels of bavituximab given with docetaxel versus docetaxel plus placebo (control arm). Today’s rep[ort on the interim data showed a statistically significant improvement in overall survival and a doubling of median overall survival in the bavituximab-containing arms compared to the control arm.
Joseph Shan, vice president of clinical and regulatory affairs at Peregrine said, “The quality of this data gives us a solid foundation for designing a phase III trial with an increased probability of success. We are planning for an end-of-phase II meeting with the FDA as we plan to initiate this trial by mid-2013.”
Peregrine shares are now up a monster 49% at $4.59 on more than 7 million shares as of 1:22 PM EST and the market capitalization rate here is a mere $355 million.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
