BioCentury
ARTICLE | Top Story

Peregrine crashes on trial 'discrepancies'

September 25, 2012 12:38 AM UTC

Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) plummeted $4.23 (78%) to $1.16 on Monday after discovering "major discrepancies between some patient sample test results and patient treatment code assignments" in a Phase IIb trial of bavituximab for second-line non-small cell lung cancer (NSCLC). Peregrine said investors should not rely on previously reported data from the trial, including an announcement earlier this month that bavituximab plus docetaxel significantly improved median overall survival (OS) vs. docetaxel alone.

The company said the discrepancies "appear to have been associated with the independent third party contracted to code and distribute investigational drug product." Peregrine said the discrepancy is specific to the Phase IIb trial in second-line NSCLC and does not affect other bavituximab trials. This year, Peregrine expects to report OS data from a pair of separate Phase II trials of bavituximab as first-line treatment of NSCLC and as first-line treatment of pancreatic cancer. ...