Peregrine Pharmaceuticals (NASDAQ:PPHM)
Peregrine Pharmaceuticals (NASDAQ:PPHM) announced earlier this month that the proof of concept study of its exosome-based cancer diagnostic platform turned up positive results. The company licensed the technology from a unit of University of Texas (UT) called Southwestern Medical Center, which also helped with conducting the study.
Primary cancer cells emit exosomes that contain phosphatidylserine (PS). The technology that Peregrine has developed is able to detect the presence and measure the level of PS in a patient’s blood.
In the proof of concept study, PPHM’s exosomes-based diagnostic platform was used to test samples from 34 patients with ovarian tumor. The study involved a control arm of 10 healthy subjects. The trial was conducted in a blinded format. The outcome of the study showed that patients with ovarian cancer had significantly higher levels of PS in their blood compared to the healthy subjects, suggesting that PPHM’s technology could provide a simpler way to detect cancer and its progress in patients.
“This type of diagnostic technology is particularly important in an area such as ovarian cancer, in which screening options are limited and the ability to detect the disease at an early stage is inadequate. We look forward to continuing to explore the potential of the technology platform in ovarian as well as other types of cancer,” said Peregrine Pharmaceuticals (NASDAQ:PPHM) CEO Steven W. King.
What comes next?
With the positive proof of concept data, Peregrine Pharmaceuticals (NASDAQ:PPHM) has said that its sight is on developing the technology into an optimized diagnostic platform for clinical testing of cancer. To reach that goal, Peregrine said it is seeking strategic partners to help it develop and commercialize the platform.
Those partners would be expected to inject money into the project for an equity stake in Peregrine Pharmaceuticals (NASDAQ:PPHM) or a cut of revenue from the sale of the platform. There are several large pharmaceutical companies developing their own ovarian cancer diagnostic systems are in need of such technology, so PPHM could pitch to them to join its exosomes-based diagnostic efforts.
AstraZeneca plc (ADR)(NYSE:AZN), Tesaro Inc(NASDAQ:TSRO) and Clovis Oncology Inc(NASDAQ:CLVS) are some of the major pharma brands that could be a fit for PPHM. The pharma giants are at various stages in the development of their ovarian cancer assets.
|Last Price a/o, 4:02PM EST||$ 0.48|
|Average Volume (mlns)||2.86|
|Market Cap (mlns)||$ 117.51|
|Shares Outstanding (mlns)||244.82|
|Share Float (mlns)||229.47|
|Short Interest Ratio||0.37|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.