Peregrine falls on Phase II pancreatic cancer data

Peregrine Pharmaceuticals Inc. (NASDAQ:PPHM) fell $0.45 (21%) to $1.66 on Wednesday after reporting first-line treatment with weekly bavituximab plus gemcitabine led to a median overall survival (OS), the primary endpoint, of 5.6 months vs. 5.2 months for gemcitabine alone in a Phase II trial to treat pancreatic cancer. Peregrine did not disclose a p-value and declined to say whether the trial was specifically powered to detect statistical significance. The open-label, U.S. and Ukrainian trial enrolled 70 previously untreated stage IV pancreatic cancer patients. Peregrine said it is conducting subgroup analyses to help determine next steps for bavituximab in pancreatic cancer. ...