Peregrine Pharmaceuticals Inc was originally incorporated in California in June 1981 and reincorporated in the State of Delaware on September 25, 1996. It is a biopharmaceutical company, which develops novel investigational products that help utilize the immune system to fight cancer, also known as immunotherapy. Bavituximab is the immunotherapy candidate from phosphatidylserine ("PS")-targeting technology platform. The Company's clinical candidate is PGN650, a first-in-class PS-targeting F (ab')2 fully human monoclonal antibody fragment joined to the positron emission tomography ("PET") imaging radio-isotope iodine-124 that represents a potential new approach to imaging cancer. PS is a immunosuppressive molecule usually located inside the membrane surface of healthy cells, but 'flips' and becomes exposed on the outside of cells that line tumor blood vessels, creating a specific target for anti-cancer treatments and for the imaging of multiple solid tumor types. Regulation by governmental authorities in the U.S. and other countries is a factor in its ongoing research and development activities and in the production of its products under development. The Company's products and its research and development activities are subject to extensive governmental regulation in the U.S., including the Federal Food, Drug, and Cosmetic Act. It competes with pharmaceutical companies, biotechnology companies, public and private universities, government agencies and research organizations.