Peregrine Pharmaceuticals of Tustin, CA, has reported its first-quarter 2010 (end-July 31) financial results.
Revenue for the quarter was $6.7 million, a 345% increase compared to $1.5 million for the comparable quarter last year. The company attributed the boost to increased government contract revenue and sales by Avid Bioservices, Peregrine's manufacturing subsidiary.
Avid generated manufacturing revenue of $2.1 million for the first quarter of 2010, compared with $1.2 million for the comparable prior-year quarter, an increase of 74%. Government contract revenue generated by Peregrine's contract with the U.S. Defense Threat Reduction Agency (DTRA) for the Transformational Medical Technologies Initiative (TMTI) -- to evaluate the company's bavituximab drug for preventing or treating viral hemorrhagic fever infections -- was $4.7 million for the first quarter of 2010, compared with $324,000 for the same quarter a year ago.
The company reported a consolidated net loss of $2.4 million, a 52% decrease compared to $5.1 million for the same period a year ago, Peregrine said.
Related Reading
Peregrine nets European patent, July 2, 2009
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Peregrine mourns loss of chairman, December 11, 2008
Peregrine gains more time for compliance, October 23, 2008
Peregrine posts Q1 2009 results, September 10, 2008
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