Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 10:34 PM
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Slide #429. Peregrine Pharmaceuticals — Preferred Stock Offering
Peregrine Pharmaceuticals (PPHM)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) (the "Company"), announced today that it intends to offer and sell shares of its newly-designated 10.50% Series E Convertible Preferred Stock (the "Series E Preferred Stock"), in an underwritten public offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of shares of the Series E Preferred Stock. All of the shares in the proposed offering are to be sold by the Company. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The Company intends to use the net proceeds from the offering for general corporate purposes. The Company has filed an application to list the Series E Preferred Stock on the NASDAQ Stock Market, LLC.
Peregrine Pharmaceuticals is a biopharmaceutical company, focused on manufacturing pharmaceutical products through its contract manufacturing business, and licensing its immunotherapy product through its research and development business. Co.'s segments are: Avid, which is Co.'s contract development and manufacturing organization business, engaged in providing current good manufacturing practices services from cell line development to commercial biomanufacturing of molecules; and Peregrine, which is Co.'s research and development business, engaged in developing therapeutics designed to fight cancer by reversing the immunosuppressive environment that tumors establish in order to proliferate.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com