Reuters: Global Markets: Peregrine says lung cancer trial data erroneous, shares sink

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Peregrine says lung cancer trial data erroneous, shares sink Sep 24th 2012, 12:14 Mon Sep 24, 2012 8:14am EDT (Reuters) - Peregrine Pharmaceuticals said it found major discrepancies in results from a mid-stage study of its experimental lung cancer drug conducted by a third-party contractor, sending its shares down 83 percent in premarket trade. Earlier this month, the stock climbed 50 percent after Peregrine issued results from the trial saying it doubled survival time of lung cancer patients. The errors related to the trial were found while preparing for a review meeting of studies of the drug, bavituximab, with regulatory authorities. Bavituximab is being studied as a treatment for a range of cancers, including pancreatic and breast cancer. Shares of the Tustin, California-based company closed at $5.39 on Friday on the Nasdaq.

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