Peregrine Pharmaceuticals of Tustin, CA, has reported its first-quarter 2009 (end-July 31) financial results.
Revenues for the quarter were $1.5 million, a 6% decrease compared to $1.6 million for the comparable quarter last year. Sales were primarily generated from services provided by Avid Bioservices, Peregrine's contract manufacturing subsidiary.
Revenues for the quarter also included the first government contract revenues generated by Peregrine's contract with the Defense Threat Reduction Agency (DTRA), potentially worth up to $44.4 million over a period of up to five years, to evaluate the company's bavituximab drug for the prevention or treatment of viral hemorrhagic fever infections.
The company reported a consolidated net loss of $5.1 million, a 7% increase compared to a consolidated net loss of $4.7 million for the same period a year ago. The increased net loss primarily reflects investments in research and development as Peregrine developed its clinical programs for bavituximab and another pharmaceutical, Cotara, the company said.
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