Peregrine Pharmaceuticals of Tustin, CA, has reported its second-quarter 2010 (end-October 31) financial results.
Revenue for the quarter was $6.9 million, a 255% increase compared to $1.9 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 $5.3 million for the second quarter of 2010, compared with $983,000 for the comparable prior-year quarter, an increase of 440%. 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 -- increased 58%, from $958,000 for the second quarter of 2009 to $1.5 million for the second quarter of 2010.
The company reported a consolidated net loss of $2.8 million, a 38% decrease compared to $4.5 million for the same period a year ago, Peregrine said.
Related Reading
Peregrine posts Q1 2010 results, September 3, 2009
Peregrine nets European patent, July 2, 2009
Peregrine reports healthy Q3 revenue, March 13, 2009
Peregrine mourns loss of chairman, December 11, 2008
Peregrine gains more time for compliance, October 23, 2008
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