Acceleration Of Its Tarvacin(TM) Anti-Viral Hepatitis C Clinical Program

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Peregrine Pharmaceuticals, Inc. (PPHM) Announces Acceleration Of Its

Tarvacin Anti-Viral Hepatitis C Clinical Program

TUSTIN, Calif., Jan. 18 /PRNewswire-FirstCall/ -- Peregrine

Pharmaceuticals, Inc. (Nasdaq: PPHM - News), a biopharmaceutical

company with a portfolio of innovative, clinical-stage product

candidates for viral diseases and cancer, today announced that it has

accelerated its clinical program for Tarvacin Anti-Viral for the

treatment of chronic hepatitis C virus infection (HCV). As a result

of rapid enrollment in the Phase I HCV study, Peregrine is now

targeting completion of patient dosing in February, several months

ahead of initial estimates. Top-line safety data from the study will

be presented by the company at the Viral Hepatitis in Drug Discovery

and Development Meeting to be held in Boston on February 27, 2006.

Tarvacin is also in a Phase I cancer trial for patients with advanced

refractory solid tumors.

" The initial success of our efforts to accelerate the HCV clinical

trial program for Tarvacin Anti-Viral is gratifying in view of

Tarvacin's promise as an important new treatment option for a number

of viral infections, including chronic hepatitis C infection, " said

W. King, president and CEO of Peregrine. " In anticipation of

completing the Phase I study ahead of schedule, we are now initiating

additional collaborations with leading researchers and institutions

in the HCV field to advance Tarvacin Anti-Viral to the next phase of

development. "

In the Phase I trial, a single dose of Tarvacin is being tested in

patients with chronic hepatitis C infection. Data from the current

study will enable the company to make preliminary assessments of

Tarvacin's safety, drug distribution and clearance rates. Since

patients with hepatitis C infection are being treated in this study,

rather than healthy volunteers, data collected from the trial will be

particularly relevant in designing repeat dose and combination

therapy clinical trials that are expected to begin later this year.

These additional studies will allow more complete assessments of the

product's therapeutic potential.

Tarvacin is a monoclonal antibody with unique anti-viral properties.

It attaches to specific cellular components called phospholipids

found on the surface of virus particles, including influenza and

certain other virus strains, as well as on the outer surface of human

host cells only when they are infected with these viruses. Tarvacin

helps stimulate the body's natural immune defenses to destroy both

the virus particles and the infected cells. Since the targeted

phospholipids are not exposed on healthy cells, they are not affected

by Tarvacin, which in studies to date appears to be safe and well

tolerated. Tarvacin Anti-Viral is also in preclinical studies for

potential use against influenza, HIV, cytomegalovirus and other life-

threatening viruses.

Similar to its anti-viral mechanism, Tarvacin also binds to

phospholipids exposed on tumor blood vessels in all solid cancers

tested to date, and it has shown promise in a number of preclinical

cancer studies. Tarvacin Anti-Cancer is currently in a multi-center

Phase I clinical trial for patients with advanced refractory solid

tumors.

About Peregrine

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a

portfolio of innovative product candidates in clinical trials for the

treatment of cancer and viral diseases. The company is pursuing three

separate clinical trials in cancer and anti-viral indications with

its lead product candidates Tarvacin and Cotara®. Peregrine also

has in-house manufacturing capabilities through its wholly owned

subsidiary Avid Bioservices, Inc. (http://www.avidbio.com ), which

provides development and bio-manufacturing services for both

Peregrine and outside customers. Additional information about

Peregrine can be found at http://www.peregrineinc.com .

Safe Harbor Statement: Statements in this press release which are not

purely historical, including statements regarding Peregrine

Pharmaceutical's intentions, hopes, beliefs, expectations,

representations, projections, plans or predictions of the future are

forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. The forward-looking

statements involve risks and uncertainties including, but not limited

to, the risk that we may not be able to enroll patients in other

clinical studies as timely as the current Phase I HCV study. It is

important to note that the company's actual results could differ

materially from those in any such forward-looking statements. Factors

that could cause actual results to differ materially include, but are

not limited to, uncertainties associated with completing pre-clinical

and clinical trials for our technologies; the early stage of product

development; the significant costs to develop our products as all of

our products are currently in development, pre-clinical studies or

clinical trials; obtaining additional financing to support our

operations and the development of our products; obtaining regulatory

approval for our technologies; anticipated timing of regulatory

filings and the potential success in gaining regulatory approval and

complying with governmental regulations applicable to our business.

Our business could be affected by a number of other factors,

including the risk factors listed from time to time in the Company's

SEC reports including, but not limited to, the annual report on Form

10-K for the year ended April 30, 2005, and the quarterly report on

Form 10-Q for the quarter ended October 31, 2005. The Company

cautions investors not to place undue reliance on the forward-looking

statements contained in this press release. Peregrine

Pharmaceuticals, Inc. disclaims any obligation, and does not

undertake to update or revise any forward-looking statements in this

press release.

Investors Media Brod & Schaffer Barbara Lindheim (800) 987-8256

GendeLLindheim BioCom Partners ir@... (212) 918-4650

Source: Peregrine Pharmaceuticals, Inc.