Peregrine Pharmaceuticals Inc. (PPHM)

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Peregrine Pharmaceuticals, Inc. (PPHM)

F2Q2011 Earnings Call Transcript

December 9, 2010 4:30 pm ET


Amy Figueroa – Senior Director, IR & Corporate Communications

Steve King – President & CEO

Joe Shan – VP, Clinical & Regulatory Affairs

Chris Eso – VP, Business Operations

Paul Lytle – CFO


Joe Pantginis – Roth Capital Partners

George Zavoico – MLV

Stephen Dunn – LifeTech Capital

Roger Adams [ph]



Good day, ladies and gentlemen, and thank you for standing by. And welcome to the Peregrine Pharmaceuticals second quarter fiscal year 2011 conference call. I would like to remind you that today’s call is being recorded. (Operator Instructions)

I would now like to turn the conference over to Amy Figueroa, Peregrine Pharmaceuticals. Please go ahead.

Amy Figueroa

Thanks, Luis. Good afternoon. And thank you for joining us on today’s call to discuss our financial results for the second quarter of fiscal year 2011 ended October 31, 2010 and review our clinical development program.

Participating on today’s call are Steve King, President and Chief Executive Officer; Paul Lytle, Chief Financial Officer; Joe Shan, Vice President of Clinical and Regulatory Affairs; and Chris Eso, Vice President of Business Operations.

Before we begin, we would like to advise that this conference call includes forward-looking statements. These forward-looking statements reflect our current views about future events and financial performance and are identified by the use of terms and phrases such as believe, expect, plan, anticipate, on target and similar expressions identifying forward-looking statements.

These factors include but are not limited to the risk factors detailed from time-to-time in our filings with the Securities and Exchange Commission, including but not limited to the annual report on Form 10-K for the ended April 30, 2010, and quarterly reports on Form 10-Q for the quarter ended October 31, 2010, which was filed today.

Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations and we expressly do not undertake any duty to update forward-looking statements whether as a result of new information, future events or otherwise.

I would now like to turn the call over to our CEO, Steve King. Steve?

Steve King

Thank you, Amy. I’d like to thank our investors and analysts for joining us on the conference call this afternoon. Let me start by saying that Peregrine is a unique clinical stage biopharmaceutical company.

What makes the company unique is that we are combining the development of novel therapeutic products based on exciting cutting-edge science in the oncology and infectious disease areas with several sources of revenue, including our biomanufacturing business that consistently generates revenues from third parties while simultaneously allowing us to prepare for eventual commercialization of our own products. We have made significant progress this year on both fronts and look forward to continuing success in 2011.

The focus of the company in 2010 has been to advance our greatest source of future value, our product pipeline of clinical-stage products that have demonstrated broad therapeutic potential. This year data presented for our lead PS-targeting clinical program bavituximab showed its great promise in multiple oncology indications and data from our novel brain cancer therapy Cotara showed its potential in improving survival for patients with GBM.

We are executing a comprehensive clinical, regulatory and manufacturing strategy as we advance our product pipeline. We have made significant progress since our last quarterly conference call by advancing each of our four ongoing trials, nearing completion of patient enrollment in two of these studies, initiating the first of several planned investigator sponsored trials and continuing plans for several new trials we expect to initiate shortly.

The combination of completing trials along with the ongoing and planned studies, are setting the stage for a robust flow of clinical data reports with the potential to realize significant value driving inflection points in 2011.

Looking at our later stage assets, we have two Phase II oncology programs representing multiple independent regulatory paths, including front and second-line non-small cell lung cancer, as well as recurrent glioblastoma multiforme or GBM.

We also have two Phase I studies, including our recently initiated Phase I/II trial in advanced liver cancer and our Phase I HCV trial, which again is nearing completion of enrollment. Later on our call, our VP of Clinical and Regulatory Affairs, Joe Shan, will discuss our clinical programs in further detail.

Beyond our oncology programs, we are continuing to make progress with our bavituximab antiviral program, nearing completion of a Phase I HCV clinical trial and just last month we presented preclinical viral hemorrhagic fever or VHF data for bavituximab and its potential synergistic effects with ribavirin. These data are particularly relevant as they provide further support for our next planned virus therapy clinical trial, which will evaluate bavituximab in combination with ribavirin in chronically infected HCV patients.

I would like to emphasize the importance we place on investing in our clinical programs while managing the business. Given the multiple sources of capital available to Peregrine, our goal is to maintain a balanced financial position as we push toward important clinical data reports over the coming year. We believe this data represents potential value building milestones for Peregrine and our shareholders.

Before turning the call over to Joe, I’d like to take a minute to quickly review milestones we expect to achieve by our next quarterly conference call. First, we expect to complete enrollment in two clinical trials shortly, one for Cotara in GBM patients and the other for bavituximab in HCV patients, setting the stage for data presentations next year.

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