Peregrine Pharmaceuticals (NASDAQ:PPHM), better known for developing world-class therapeutics to help human body fight cancer, announced dividends on its 10.50% Series E Convertible Preferred Stock. As per the reports, the dividend on the Preferred Stock is payable to all the shareholders on April 1, 2016.
Insights of Matter
Although the global pharmaceutical market didn’t have a free flow in the recent past, still it managed to attain the profitable position. Based on the quarterly performance, all the shareholders of Series E convertible preferred stock will be paid a dividend of $0.65625 per share, which comes around 10.50% per share annually.
It’s great to reward shareholders for their contributions made towards the development of Peregrine Pharmaceuticals on regular basis. Going forward, Peregrine will continue to live up to its investors expectations in the best possible manner.
Commissioning of New Manufacturing Facility
Meanwhile, Peregrine also announced that its new world-class biomanufacturing suite, based in Tustin, California, has been formally commissioned. As part of the procedure, the company has notified all the regulatory agencies well in advance to avoid any inconvenience at a later stage.
At present, the new manufacturing facility is being run by Avid Bioservices, Inc., a subsidiary of Peregrine. If everything goes as per plans, the new facility will enhance the manufacturing capacity of Peregrine by 100%, contributing an additional revenue of more than $40 million on an annual basis.
According to Steven W. King, CEO & President, Peregrine, company’s manufacturing business witnessed 20% growth in the previous fiscal year to touch a whopping $26.7 million revenue milestone. It’s expected to generate $35-40 million in revenues in the current fiscal year ending April 30, 2016. The newly commissioned facility will take company’s manufacturing business to all new heights in the coming years.
King concluded his statement saying that the response given by investors towards this decision is amazing. Going forward, Peregrine will take many more such initiatives that can add value to their investment and faith in the company.