PEREGRINE PHARMACEUTICALS ANNOUNCES $6.7 MILLION EQUITY FINANCING

Peregrine Pharmaceuticals (Nasdaq: PPHM) announced today that it has signed a definitive agreement for the offer and sale of 8.0 million shares of common stock to one institutional investor in exchange for net proceeds of $6,720,000. The shares are being sold pursuant to the Company's shelf registration statement on Form S-3 filed with the Securities and Exchange Commission and declared effective on September 29, 2005. There are no warrants being issued or commissions paid in conjunction with the transaction.

PR Newswire (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-23-2005/0004222351&EDATE=)