Peregrine boosts Q1 2010 revenues, halves losses

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Peregrine Pharmaceuticals, relying on an increase in government contract revenues, has boosted its total revenue by 345 percent in the first quarter of 2010, which ended July 31.

Total revenues for the first quarter of FY 2010 were $6.75 million, compared to $1.52 million for the same quarter a year ago. Government contract revenues were $4.67 million for the first quarter, a substantial increase over the $324,000 reported a year ago when the government contract work had just begun, according to the company.

The Tustin, Calif.-based Peregrine also saw a revenue increase generated from more sales by Avid Bioservices, Peregrine’s wholly owned contract manufacturing subsidiary. Avid generated revenues of $2.07 million for the first quarter of 2010, compared to $1.19 million for the same period last fiscal year.

The increase in revenue allowed the company to cut first quarter losses in half. The consolidated net loss of $2.43 million in the first quarter represented a 52 percent decreased compared to the loss of $5.09 million for the same quarter in 2009.