Peregrine Pharmaceuticals announces formal commissioning of new, state-of-the-art commercial manufacturing facility

Facility being operated by Avid Bioservices subsidiary with capacity to potentially generate additional $40 million in annual revenue.

"This is an exciting milestone for our biomanufacturing business, which already had 20% revenue growth in our last fiscal year to $26.7 million and is expected to grow to $35–40 million in revenue for the current fiscal year that ends 30 April. The newly commissioned biomanufacturing suite is a state-of-the-art facility that utilizes fully disposable manufacturing systems at up to the 2,000-L manufacturing scale. These unique capabilities provide flexibility that can meet the needs of our diverse clients, with the potential to generate an additional $40 million in revenue," said Steven W. King, president and CEO of Peregrine. "We have already had a tremendous response to the new facility and look forward to continuing to grow our biomanufacturing business which is an integral part of our overall business strategy."

Peregrine's new 40,000 square foot biomanufacturing facility is designed to utilize the most cutting-edge, single-use equipment to accommodate a fully disposable biomanufacturing process for late Phase III clinical and commercial production of biologics. The facility is located adjacent to the company's current campus in Orange County, California.