Pomerantz Law Firm Reminds Shareholders of Peregrine Pharmaceuticals, Inc. of Upcoming Deadline -- PPHM

Pomerantz Law Firm Reminds Shareholders of Peregrine Pharmaceuticals, Inc. of
Upcoming Deadline -- PPHM

NEW YORK, Nov. 20, 2012 (GLOBE NEWSWIRE) -- Shareholders of Peregrine
Pharmaceuticals, Inc. ("Peregrine" or the "Company") (Nasdaq:PPHM), are
reminded of the securities class action against Peregrine and certain of its
officers. The class action (12-cv-8400), filed in the United States District
Court, Central District of California, is on behalf of all persons who
purchased common stock between July 17, 2012 and September 26, 2012, inclusive
(the "Class Period"). This class action is brought under Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated
thereunder.

If you are a shareholder who purchased Peregrine common stock during the Class
Period, you have until November 27, 2012 to ask the Court to appoint you as
Lead Plaintiff for the class. To discuss this action, contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include their
mailing address and telephone number.

Peregrine is a biopharmaceutical company. The Company is focused on the
research, development and commercialization of novel therapeutics for cancer
and a wide range of viral diseases.

Throughout the Class Period, the Company made materially false and misleading
statements regarding the Company's Bavituxmab Phase II Second-Line Non-Small
Cell Lung Cancer Trial ("Phase II Trial"). Specifically, the Company made
false and/or misleading statements and/or failed to disclose that there were
major discrepancies between some patient sample test results and patient
treatment code assignments in the Company's Phase II Trial.

On September 24, 2012, the Company disclosed that it had discovered major
discrepancies in the treatment group in the Phase II trial and that investors
should not rely on previously reported clinical data disclosed from this Phase
II Trial. On this news, Peregrine shares declined $4.23 per share or over 78%,
to close at $1.16 per share on September 24, 2012.

On September 26, 2012, after the market closed, Peregrine disclosed that it
had received a notice of default from its lenders demanding "full payment of
all obligations under the Loan Agreement, including the outstanding principal
amount of $15 million and all accrued interest thereon, plus a final payment
fee equal to 6.5% of the principal amount repaid." On this news, Peregrine
shares declined $0.55 per share or over 33%, to close at $1.11 per share on
September 27, 2012.

The Pomerantz Firm, with offices in New York, Chicago and San Diego, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 75 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby
         Pomerantz Grossman Hufford Dahlstrom & Gross LLP
         rswilloughby@pomlaw.com
 
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