Peregrine posts promising data on Phase II lung cancer trial

Shares of Peregrine Pharmaceuticals (PPHM) shot up 14 percent after the biotech reported that its monoclonal antibody bavituximab in combination with chemo significantly improved the progression-free-survival rate of non-small cell lung cancer patients in a mid-stage trial.

After analyzing the responses of a 21-patient cohort, researchers concluded that median progression-free-survival for patients receiving bavituximab and chemotherapy was 6.5 months. That compared to a rate of 4.2 months to 4.5 months for cancer patients receiving only chemotherapy. Peregrine also reported that it has now enrolled all 49 patients required in the trial.

"The PFS data we reported today along with the objective tumor response data previously reported for the first set of patients in this study are very encouraging," said Steven W. King, president and CEO of Peregrine. "Based on these results we have already begun designing our next studies in NSCLC, where we believe bavituximab has considerable promise. We will continue to assess patients enrolled in the now-completed expansion cohort over the coming months and look forward to reporting results from the full 49-patient study population."

- check out the Peregine release for more information
- here's the Reuters story