Peregrine Pharmaceuticals (PPHM ) announced today that it discovered major discrepancies between some patient sample test results and patient treatment code assignments during the course of preparing for an end-of-phase II meeting with regulatory authorities.
Peregrine contracted with independent third-party contractors to execute treatment group assignments and oversee clinical trial material coding and distribution according to established procedures. A following review of information has determined that the source of these discrepancies appear to have been associated with the independent third-party contracted to code and distribute investigational drug product.
- …This discrepancy is specific to this trial and will have no impact on other ongoing bavituximab trials.
- …Peregrine intends to communicate further as soon as it is able to determine the impact of this issue.
Peregrine’s shares fell for over 85% at the market open. We have covered our short position (see analysis here) and went long on PPHM stock.
Peregrine Pharmaceuticals, Inc.
14282 Franklin Avenue,
Tustin, CA 92780
Peregrine Pharmaceuticals (Nasdaq: PPHM) is a clinical-stage biopharmaceutical company developing and manufacturing innovative monoclonal antibody therapeutics for the treatment of cancer and viral infections.