Peregrine Pharmaceuticals of Tustin, CA, has posted financial results for its 2009 third quarter.
For the period (end-January 31), the company's total revenue increased 308% to $6.8 million from $1.7 million for the comparable quarter in 2008. The company attributed the boost to increased contracting revenue provided by Avid Bioservices, Peregrine's subsidiary.
For the nine months ended January 31, total revenue increased to $10.3 million, up 98% from the first nine months of the 2008 fiscal year.
Peregrine reported a net loss of $3.3 million for the third quarter, a decrease of 46% compared to a net loss of $6.1 million in 2008. The net loss for the nine months declined 24%, from $17 million in the period ended January 31, 2008, to $13 million in the comparable period in 2009. The company attributed the declines in net loss to growth in the company's total revenue combined with decreased costs in many areas of Peregrine's business.
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