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Los Angelas, CA -- (SBWIRE) -- 01/07/2013 -- Peregrine Pharmaceuticals (NASDAQ:PPHM) put out a press release and provided an update from its internal review of discrepancies from its Phase II randomized, double-blind placebo-controlled trial of bavituximab in second-line non-small cell lung cancer (NSCLC) in 121 patients.
A little over two months ago, on September 24th, the stock price plummeted as the company announced that there were major discrepancies in the study on the bavituximab drug which it only recently announced the results for. Investors saw shares fall $4.23 (78.48%) and closed at $1.16/share on volume of 68.4 million shares. For weeks after the stock feel even further to a low of $0.65. Analysts came out and adjusted their price targets to significantly lower prices.
Today the review diminishes the news from the previous damaging report. The recent review was prompted by the discovery of vial coding discrepancies while preparing for an end of Phase II meeting with the FDA. The internal review included a thorough operational review of multiple third-party vendor operations at sites worldwide, testing of investigational product used in the trial, additional patient sample testing to determine drug levels and a review of immunogenicity testing results from the trial. The results of the extensive internal review indicate that discrepancies are isolated to the placebo and 1 mg/kg treatment arms of the trial and that there was no evidence of discrepancies in the 3 mg/kg treatment arm of the trial.
Can PPHM Move Up Further? If Yes, How far It can Go? Find Out Here
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