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Peregrine Pharmaceuticals' (NASDAQ:PPHM) Stock Plunges After Problems Found With Cancer Drug Study

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Peregrine said it discovered "major discrepancies" involving patient test results. The company blamed a vendor and said it's reviewing the problem.

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MINYANVILLE ORIGINAL Peregrine Pharmaceuticals' (NASDAQ:PPHM) stock is plunging after the company said Monday that investors should not rely on previously reported study results for an experimental lung cancer drug because there were problems with the trial.

The company said it discovered "major discrepancies" involving patient test results in a mid-stage study of the experimental drug bavituximab. Peregrine blamed a vendor and said it's reviewing the problem.

"In the meantime, investors should not rely on clinical data that the company disclosed on or before September 7" for its lung cancer trial testing bavituximab, Peregrine says in a statement.

Peregrine is seeking US approval of bavituximab as a second-line treatment for lung cancer. Earlier this month, the company said its drug was shown to extend lives of patients in a study. In fact, it was reported that the drug doubled the time of survival for patients in the trial, an impressive feat that is now very much in question.

Shares dropped more than 85% in pre-market trading Monday morning. The stock soared in recent months, climbing from $0.47 in June to $5.39 a share as of Friday's close.
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