NEW YORK, Feb. 29, 2016 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, is investigating possible securities fraud claims involving Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM, PPHMP) ("Peregrine" or the "Company").
Peregrine is a biopharmaceutical company based in Tustin, California, that develops therapeutics to stimulate the body's immune system to fight cancer. On February 25, 2016, Peregrine revealed that it was discontinuing the Company's phase III SUNRISE trial of bavituximab in patients with previously treated locally advanced or metastatic non-squamous non-small cell lung cancer. The trial was terminated based on the recommendation of the study's Independent Data Monitoring Committee, which found that the bavituximab plus docetaxel group was underperforming when compared to the docetaxel group. The Company also announced that it had put other chemotherapy combination studies on hold until it had a clear understanding of the SUNRISE study results. On this news, the Company's common shares were trading down by over 60% and its preferred shares were trading down by over 25%.
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