Discrepancies Mar Mid-Stage NSCLC Data; Peregrine Sinks

Two weeks ago, Peregrine Pharmaceuticals Inc. was flying high. The Tustin, Calif.-based company surprised Wall Street with statistically significant interim survival data from its Phase IIb trial of cancer drug bavituximab and said it was in potentially lucrative partnering talks. But on Monday, the firm's shares lost three-fourths of their value as investors learned that those Phase II results might not turn out to be that impressive after all.