Peregrine Pharmaceuticals Inc. said Tuesday results from a preclinical study showed a developing cancer treatment decreased tumor growth in mice.

The study involved a mouse equivalent of the company's anti-phospholipid agent bavituximab. Preclinical results showed it reduced tumor growth by as much as 94 percent when used in combination with the chemotherapy drug docetaxel.

Bavituximab binds to a phospholipid, a type of fat normally located inside a cell but which becomes exposed on the outside of the cells that line blood vessels on tumors. The drug candidate is currently in Phase Ia clinical trials to test its safety as a stand-alone treatment and in Phase Ib clinical trials to test its safety when combined with cancer chemotherapy agents.

Shares of Peregrine rose 7 cents, or 5.8 percent, to $1.27 on the Nasdaq in midday trading. The stock has traded between 88 cents and $1.99 over the last 52 weeks.