Peregrine Pharmaceutical (PPHM) says it received a written notice of default from one of its...

|About: Peregrine Pharmaceuticals Inc. (PPHM)|By:, SA News Editor

Peregrine Pharmaceutical (PPHM) says it received a written notice of default from one of its lenders yesterday due to its disclosure of "major" discrepancies in data from its bavituximab drug trial. The lender deemed it a material adverse change under the Loan Agreement, and demanded full payment of all obligations, including the outstanding principal of $15M plus all accrued interest and fees. PPHM says it repaid the lender, and has sufficient capital to fund Q4. Shares -15% AH.