Avid Bioservices Secures New Biosimilar Development Project

Avid Bioservices Secures New Biosimilar Development Project
Project Includes Process Development and Analytical Services

TUSTIN, CA--(Marketwire - December 8, 2010) - Avid Bioservices, Inc., a leading provider of integrated biomanufacturing services and a subsidiary of Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM), today announced an agreement to provide services for a privately held U.S. and China-based biopharmaceutical company focused on developing biosimilars for global commercialization. Under the terms of this contract, Avid Bioservices will provide fully-integrated process development and analytical services for a complex biosimilar product to support planned clinical development. Additional terms of this agreement were not disclosed.

"Collaboratively with our client, we have developed a streamlined approach to expedite the development of biosimilars, and this second biosimilar project will broaden our expertise and capabilities in this complex and exciting market segment," said Chris Eso, vice president of business operations at Avid Bioservices. "The approach is designed to use our fully-integrated process science capabilities and expertise to efficiently and effectively identify the best cell line that closely matches that of the innovator or reference product. With our cGMP manufacturing capabilities and experience in manufacturing clinical and commercial products, we look forward to supporting our client's biosimilar product."

Avid's first biosimilar project was initiated in 2008 and the product was later licensed to a major pharmaceutical company in 2009 by Avid's client.

About Avid Bioservices
Avid Bioservices provides a comprehensive range of high quality cGMP manufacturing services for the biotechnology and biopharmaceutical industries to support manufacturing of cGMP commercial and clinical products. With over 10 years of experience producing monoclonal antibodies and recombinant proteins in batch, fed-batch and perfusion modes, Avid's services include cell banking, stability testing, clinical and commercial product manufacturing and purification, bulk packaging, final product filling and regulatory strategy, submission and support. The company also provides a variety of process development activities, including cell line optimization, analytical methods development and product characterization. For more information about Avid, please visit www.avidbio.com.

Amy Figueroa
Peregrine Pharmaceuticals
(800) 987-8256
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