Peregrine Pharmaceuticals (NASDAQ:PPHM) shares are edging higher and are currently up around 7.36% to $0.595. The company has a market cap of $184.91 million at 297.71 million shares outstanding. Share prices have been trading in a 52-week range of $0.28 to $0.77.
Peregrine Pharmaceuticals announced the presentation of promising new data from its Phase III SUNRISE trial of bavituximab in patients with previously treated locally advanced or metastatic non-squamous non-small cell lung cancer. The results demonstrated that patients in the study’s bavituximab treatment arm who had low baseline PD-L1 expression levels had a statistically significant improvement in median overall survival compared to patients in the same treatment arm who had higher baseline levels.
“We believe that these latest observations from the SUNRISE trial further support the hypothesis that bavituximab, through its immune modulating mechanism, may have more effect on tumors without pre-existent immunity. These ‘cold’ tumors suppress normal anti-tumor immune response and are categorized by very low to no PD-L1 expression on tumor cells,” said Joseph Shan, Vice President of Clinical and Regulatory Affairs at Peregrine Pharmaceuticals.
“These latest findings, along with other recently announced clinical and preclinical data from our PS-targeting program, inform our clinical development strategy going forward and provide additional rationale for combining bavituximab with checkpoint inhibitors,” he continued.
Peregrine Pharmaceuticals is a biopharmaceutical company that operates through two segments: Peregrine, which is engaged in the research and development of monoclonal antibodies for the treatment of cancer, and Avid, which is engaged in providing contract manufacturing services for third party customers on a fee-for-service basis while also supporting its internal drug development efforts.
Bavituximab is its lead immunotherapy candidate. It is a monoclonal antibody that targets and binds to phosphatidylserine, a immunosuppressive molecule that is usually located inside the membrane of healthy cells, but then flips and becomes exposed on the outside of cells in the tumor microenvironment, causing the tumor to evade immune detection.
The company’s subsidiary is Avid Bioservices, Inc. which provides integrated current good manufacturing practices services from cell line development to commercial biomanufacturing.