Northern, WI 05/21/2013 (usastockreport) – The share prices of Peregrine Pharmaceuticals (NASDAQ:PPHM) skyrocketed by 18.83 percent over its previous close to reach $1.83 per share. The stock had increased by around 350.48 percent over its 52 week low level of share price which had made its entry into the watch list of NASDAQ gainers. The biopharmaceutical company actively engages in the research and development of monoclonal antibodies for the diagnosis and treatment of cancer.
Agreement with FDA
Peregrine Pharmaceuticals (NASDAQ:PPHM) had recently come to an agreement with the Food and Drug Administration of the United States to proceed with its late stage trial design of Bavituximab. This agreement would now enable the biopharmaceutical company to continue with the trial for the immunotherapic treatment of non-small-cell lung cancer.
The approval by FDA to run the late stage trial for a small cap biopharma company may prove to be an exorbitant move. Though the path to this late stage trial of the immunotherapic treatment of cancer may be wrought with controversy, the basic fact that a biotech firm as small as Peregrine Pharmaceuticals (NASDAQ:PPHM) could manage to get such an approval itself proves to be a success factor.
The success in securing this approval from the FDA to conduct the late stage trial for its treatment had led the share prices of Peregrine Pharmaceuticals (NASDAQ:PPHM) to surge to extremely high levels. The trading volume in the shares of the company had also increased by more than twenty times of its average trading volume to reach 21.66 million shares of trading for the day.