Peregrine Pharma reports Q1 results; names Roger Lias, Ph.D., as president of its CDMO subsidiary; co is pursuing strategic options for its Research and Development assets
- Reports Q1 (Jul) loss of $0.06 per share; revenues rose 382.7% year/year to $27.08 mln. There are no analyst estimates.
- Co says it has been working diligently toward the transformation from an R&D focused business to a business dedicated to a contract development and manufacturing organization or CDMO.
- Co names Roger Lias, Ph.D., as president of its CDMO subsidiary, Avid Bioservices and he is appointed to Peregrine's board of directors. "Roger is a highly experienced executive with a long track record of success in the CDMO industry, and was an ideal candidate for the position."
- "As we focus on the CDMO business, we have been evaluating the best option for divesting our R&D assets through licensing or asset sale. The goal being to find a partner that will make a significant short term investment in the bavituximab program in order to validate the subset analysis from the Phase III SUNRISE trial. The subset analysis, which supports the combination of bavituximab with checkpoint inhibitors, is compelling but needs further clinical validation."
- Co is providing manufacturing revenue guidance for the full FY18 of $50-55 mln.
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