Affitech Gains Exclusive Worldwide Rights to Develop and Commercialize New Anti-VEGF Antibodies

PEREGRINE PHARMACEUTICALS LICENSES ANTI-VEGF ANTIBODIES TO AFFITECH
 
--Affitech Gains Exclusive Worldwide Rights to Develop and Commercialize       
                  New Anti-VEGF Antibodies-- 

--Peregrine to Receive Upfront and Research Fees, Potential Milestone          
               Payments and Royalties from Affitech-- 
  
TUSTIN, Calif. and Hørsholm, Denmark, July 22, 2009 -- Peregrine
Pharmaceuticals, Inc. (Nasdaq: PPHM) and Affitech A/S (Nasdaq OMX: AFFI) today
announced that they have entered into a licensing agreement for antibody
therapeutic rights under Peregrine's preclinical anti-VEGF (Vascular
Endothelial Growth Factor) antibody program.  Under the terms of the agreement,
Affitech will license exclusive worldwide rights to develop and commercialize
products under Peregrine's selective anti-VEGF intellectual property portfolio,
including the fully human antibody r84, which was discovered by Affitech and
jointly developed by the companies under an ongoing collaboration.  Under the
license agreement, Affitech will be responsible for future preclinical and
clinical development and potential product commercialization.  Peregrine will
receive an upfront payment, research fees and future milestone payments
potentially totaling in the double-digit millions (US$).  Peregrine will also
receive royalties on any future sales and a share of sublicensing revenues. 
Additional financial terms were not disclosed. 

Announcing the transaction, Steven W. King, president and CEO of Peregrine,
said, “This licensing agreement with Affitech is an excellent opportunity for
both companies.  The selective anti-VEGF antibodies we have been jointly
developing with Affitech hold significant clinical promise and we are pleased
that Affitech will now have the opportunity to develop and commercialize them
on behalf of both companies.  This agreement will allow us to realize positive
short-term cash flow and at the same time maintain an interest in the
significant upside potential of the anti-VEGF program.  This agreement fits
very nicely with our announced corporate strategy to monetize and advance our
preclinical pipeline through partnerships or licensing agreements, while
focusing our R&D efforts on advancing our later-stage clinical programs
highlighted by our bavituximab Phase II cancer program, which is already
generating promising clinical data.” 

Commenting on the licensing agreement, Dr. Achim Kaufhold, chief executive
officer of Affitech, said, “Using advanced phage display technologies, Affitech
successfully identified fully human, potent and selective anti-VEGF antibodies
as part of a previous research and development collaboration with Peregrine. 
As a result of the recently completed reverse acquisition of Pharmexa, Affitech
has now added product development expertise to its drug discovery capabilities.
 We are therefore delighted now to have acquired the exclusive worldwide
development and commercialization rights for this exciting program.” 

Anti-VEGF therapy has become a standard part of treatments for many different
types of solid tumors.  According to projections of some market analysts, sales
of anti-VEGF antibodies are expected to exceed $10 billion by 2015.  The fully
human and selective anti-VEGF monoclonal antibody, r84, which is the most
advanced candidate in Peregrine's anti-VEGF antibody program, targets the
cancer-promoting growth factor VEGF.  Data presented at IBC's 5th Annual
International Anti-Angiogenesis Conference in 2007 showed that r84 was as
effective as Avastin® (bevacizumab) in inhibiting tumor growth in a number of
models of human cancers, including a mouse model of human breast cancer.  r84
is distinctive because it selectively blocks VEGF from binding to VEGF receptor
2 (VEGFR2), while non-selective agents such as Avastin block binding to both
VEGFR2 and VEGF receptor 1 (VEGFR1).  Selective anti-VEGF agents such as r84
may have safety and efficacy advantages over non-selective approaches.  In
addition, the fully human nature of the r84 antibody minimizes the risk of an
immune response against the drug itself, thereby lessening the potential for
immunological side effects and neutralization of the treatment effect.  As a
fully human antibody, r84 may also have better pharmacokinetic properties in
patients. 

About Affitech A/S
Affitech A/S is an antibody research and development company.  It was formed
recently by a reverse merger of Norway, Oslo-based Affitech AS with Pharmexa
A/S, a Danish biotech company.  The merged company has developed several
proprietary technology platforms that constitute a highly productive, fully
human, antibody discovery engine.  Based on its proprietary technologies and
know-how, Affitech has built a pipeline of promising human antibody candidates
for internal development or co-development with collaboration partners.  The
focus of the newly expanded company is to pursue both research and clinical
development of antibody therapeutic products.  Further information can be found
at www.affitech.com. 

About Peregrine Pharmaceuticals
Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a portfolio
of innovative monoclonal antibodies in clinical trials for the treatment of
cancer and serious viral infections. The company is pursuing three separate
clinical programs in cancer and HCV infection with its lead product candidates
bavituximab and Cotara®. Peregrine also has in-house manufacturing capabilities
through its wholly owned subsidiary Avid Bioservices, Inc. (www.avidbio.com),
which provides development and biomanufacturing services for both Peregrine and
outside customers.  Additional information about Peregrine can be found at
www.peregrineinc.com. 

Safe Harbor Statement: Statements in this press release which are not purely
historical, including statements regarding Peregrine Pharmaceuticals'
intentions, hopes, beliefs, expectations, representations, projections, plans
or predictions of the future are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The forward-looking
statements involve risks and uncertainties including, but not limited to, the
risk that the company will not receive some or all of the future milestone
payments or royalties, the risk that the program does not have significant
upside potential and the risk that sales of anti-VEGF antibodies do not achieve
the levels projected by some market analysts.  Factors that could cause actual
results to differ materially include, but are not limited to, uncertainties
associated with completing preclinical and clinical trials for our
technologies; the early stage of product development; the significant costs to
develop our products as all of our products are currently in development,
preclinical studies or clinical trials; obtaining additional financing to
support our operations and the development of our products; obtaining
regulatory approval for our technologies; anticipated timing of regulatory
filings and the potential success in gaining regulatory approval and complying
with governmental regulations applicable to our business. Our business could be
affected by a number of other factors, including the risk factors listed from
time to time in the company's SEC reports including, but not limited to, the
annual report on Form 10-K for the year ended April 30, 2009. The company
cautions investors not to place undue reliance on the forward-looking
statements contained in this press release. Peregrine Pharmaceuticals, Inc.
disclaims any obligation, and does not undertake to update or revise any
forward-looking statements in this press release 

Contacts:

Peregrine Pharmaceuticals Inc
Investors								
info@peregrineinc.com						
+1 (800) 987-8256

Media         
Barbara Lindheim
+1 (212) 918-4650
blindheim@biocompartners.com 

Affitech A/S
Company 								
Achim Kaufhold, Chief Executive Officer, 
+45 3925 7171, 							
aka@affitech.com

Claude Mikkelsen, SVP, Investor Relations & Communication, 
+45 3925 7171 or +45 4060 2558,  
cmi@affitech.com      
					                          
Media
Richard Hayhurst
+44 7711821527
richard@hayhurstmedia.com 

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