Peregrine Pharmaceuticals (NASDAQ:PPHM) has carried out an overhaul of its board of directors and announced the directors that were selected thereof including their stock option allocations for the upcoming fiscal year.

Among the directors named include Steven W. King, who is the firm’s president and CEO and he was allocated 500,000 stock option grants. Chief Financial Officer Paul J. Lytle was allocated 250,000, Intellectual Property VP Shelly P.M. Fussey, General Counsel VP Mark R. Ziebell and Clinical &Regulatory Affairs VP Joseph S. Shan all received an equal share of 150,000 stock option grants each.

The committee responsible for the allocations determined the number of common stock shares that would be covered by the grant by reviewing a report that was compiled by an independent consulting company. The latter proposed a guideline for the grant based on fiftieth percentile awards for Peregrine’s peer group to make sure that the criteria was within the scope of the company’s traditions.

According to the committee, the price of the grants will be equivalent to the common stock closing price of the firm on June 2, 2016. The pharmaceutical company recently announced that the unsatisfying results of its Phase III cancer drug trials might be a new opportunity for the company to source new investment. This is because the common and preference shares fell after the company announced the phase 3 sunrise trials. The company might get another shot at the cancer treatment.

The company’s performance is also influenced by the performance of its drugs that are already in the market, and stock performance is thus not pegged on the prospect of success in the drugs that are under development. These are some of the reasons why investors still believe that Peregrine Pharmaceuticals is still attractive in the stock market. The shortcomings with the Phase 3 Sunrise trials are just a minor setback. It is important to note that only a small share of drugs under development end up receiving approval from the FDA. The majority of the drugs are either denied approval or their clinical trials are underwhelming.