Peregrine's Bavituximab Hepatitis C Treatment Shows Promising Early Data in Dosing Trial

TUSTIN, Calif. -- Peregrine Pharmaceuticals Inc. (NASDAQ PPHM) said an early stage clinical trial showed that the biotech drug developer's hepatitis C treatment lowered concentrations of the virus in patients after one dose.

The company said after one high-level dose of bavituximab, half of patients experienced a greater than 75 percent reduction in hepatitis C genetic material in their blood, with a maximum reduction of 97 percent.

After a single dose of the treatment, some patients had a more than 80 percent reduction in the virus after the fourth day, and some had a greater than 60 percent reduction after 12 weeks.

The company also began a second part of the early stage dosing trial, where patients started receiving repeat dosages.

Peregrine shares rose 11 cents, or 6.1 percent, to $1.91 in premarket activity on the INET electronic exchange.