Peregrine Pharmaceuticals Declares Quarterly Dividend on Its Series E Convertible Preferred Stock

Peregrine Pharmaceuticals, Inc. (Nasdaq:PPHM) (Nasdaq:PPHMP) today announced that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.50% Series E Convertible Preferred Stock (the "Series E Preferred Stock").

The quarterly dividend on the Series E Preferred Stock is payable on October 3, 2016 to holders of record at the close of business on September 16, 2016.

The quarterly dividend payment on the Series E Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.50% per share, based on the $25.00 per share stated liquidation preference, accruing from July 1, 2016 through September 30, 2016. The Series E Preferred Stock is listed on the NASDAQ Capital Market and trades under the ticker symbol "PPHMP".

About Peregrine Pharmaceuticals, Inc.Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company committed to improving the lives of patients by manufacturing high quality pharmaceutical products through its contract development and manufacturing organization (CDMO) services and through advancing and licensing its investigational immunotherapy and related products.  Peregrine's in-house CDMO services, including cGMP manufacturing and development capabilities, are provided through its wholly-owned subsidiary Avid Bioservices, Inc. (www.avidbio.com), which provides development and biomanufacturing services for both Peregrine and third-party customers.  The company is also working to evaluate its lead immunotherapy candidate, bavituximab, in combination with immune stimulating therapies for the treatment of various cancers, and developing its proprietary exosome technology for the detection and monitoring of cancer.  For more information, please visit www.peregrineinc.com.

Contacts:

Jay Carlson 			
Peregrine Pharmaceuticals, Inc.  
[phone] 			
[e-mail] 	

Stephanie Diaz (Investors)	
Vida Strategic Partners		
415-675-7401			
[e-mail]		

Tim Brons (Media)
Vida Strategic Partners
415-675-7402
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