Peregrine establishes Chinese subsidiary, sues CTL

By AuntMinnie.com staff writers

January 12, 2007 -- Peregrine Pharmaceuticals has established a wholly foreign-owned enterprise in the People's Republic of China.

The subsidiary, Peregrine Beijing Pharmaceuticals Technology Development, will be based in Beijing. Peregrine intends to explore all options for developing its product candidates in China, according to the Tustin, CA-based firm.

In related news, the firm has filed a lawsuit against licensee Cancer Therapeutics Laboratories (CTL), alleging breach of contract. CTL had licensed certain rights under the firm's tumor necrosis therapy (TNT) drug technology platform exclusively for development and commercialization in the People's Republic of China.

Filed in the Superior Court of the State of California for the County of Orange, the lawsuit alleges various breaches of contract, including failure to provide substantive clinical data to Peregrine from a sublicensing arrangement in China regarding Peregrine's TNT agent, failure to account for a purported current sublicense agreement, and failure to provide an accounting of any revenue, equity, and substantive data derived from that purported sublicense agreement.

By AuntMinnie.com staff writers
January 15, 2007

Peregrine adds to coffers, June 24, 2005

Peregrine nets grant from Philip Morris, September 9, 2003

TNT gets clearance in China, August 13, 2003

Peregrine, Affitech team up, June 18, 2003

Peregrine regains Nasdaq compliance, June 12, 2003

Copyright © 2007 AuntMinnie.com

 
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