"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 April 30. "
Mehr:
March 07, 2016 (GLOBE NEWSWIRE) -- Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) (NASDAQ:PPHMP), a biopharmaceutical company focused on developing therapeutics to stimulate the body's immune system to fight cancer, today announced that its new state-of-the-art commercial biomanufacturing suite in Tustin, California, has been formally commissioned. As part of the commissioning process, all relevant regulatory agencies have been notified and cGMP production is currently underway. The new Peregrine facility, which is being operated by Avid Bioservices, Inc., a wholly owned subsidiary of Peregrine, will more than double the companys prior manufacturing capacity, supporting up to an additional $40 million in revenue each year.
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 April 30. The newly commissioned biomanufacturing suite is a state-of-the-art facility that utilizes fully disposable manufacturing systems at up to the 2,000-liter 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 chief executive officer 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.
Peregrines 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 companys current campus in Orange County, California.
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