Peregrine Pharmaceuticals Announces Receipt of Notice From

Peregrine Pharmaceuticals Announces Receipt of Notice From NASDAQ 
TUSTIN, CA -- (Marketwire) -- 11/14/12 --  Peregrine Pharmaceuticals
(NASDAQ: PPHM), a biopharmaceutical company developing first-in-class
monoclonal antibodies focused on the treatment and diagnosis of
cancer, announced that it received today a notice from The NASDAQ
Stock Market indicating that the company's minimum bid price has
fallen below $1.00 for 30 consecutive business days, and therefore,
was not in compliance with NASDAQ Marketplace Rule 5550(a)(2). The
company has been provided 180 calendar days, or until May 13, 2013,
to regain compliance with the minimum bid price requirement. To
regain compliance, the closing bid price of the company's common
stock must be at least $1.00 per share for a minimum of 10
consecutive business days. This notice does not impact the company's
listing on The NASDAQ Stock Market at this time. 
If the company does not regain compliance within the initial 180-day
period, but otherwise meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The NASDAQ Capital Market, except for the minimum bid
price requirement, and notifies NASDAQ of its intention to take the
necessary steps to cure the deficiency during the second compliance
period, the company will be granted an additional 180 calendar days
to regain compliance. If the company is not eligible for an
additional compliance period, NASDAQ will notify the company that its
securities will be subject to delisting. At that time, the company
may appeal this determination to delist its securities to a Listing
Qualification Panel.  
About Peregrine Pharmaceuticals, Inc.
 Peregrine Pharmaceuticals,
Inc. is a biopharmaceutical company with a portfolio of innovative
monoclonal antibodies in clinical trials focused on the treatment and
diagnosis of cancer. The company is pursuing multiple clinical
programs in cancer with its lead product candidate bavituximab and
novel brain cancer agent Cotara(R). Peregrine also has in-house cGMP
manufacturing capabilities through its wholly-owned subsidiary Avid
Bioservices, Inc. (, which provides development and
biomanufacturing services for both Peregrine and outside customers.
Additional information about Peregrine can be found at  
Christopher Keenan or Jay Carlson
Peregrine Pharmaceuticals, Inc.
(800) 987-8256 
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