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Terms of the agreement provide for the transfer of three antigen targets from Peregrine to Xenerex for the subsequent generation of fully human monoclonal antibodies, utilizing Xenerex's antibody generation technology. Xenerex will receive upfront research fees and could receive milestones and royalties on future product sales. Peregrine will be responsible for product development, manufacturing and commercialization of any products developed through the collaboration. The specific financial terms of the agreement were not disclosed. "Our opportunity to work with Peregrine is yet another step forward in validating the unique technology that Xenerex offers to the biopharmaceutical marketplace," said J. David Hansen, president and chief operating officer of Xenerex Biosciences. "In partnering with Peregrine, we are expanding the number and types of proteins to which we can apply our antibody generation capabilities. Additionally, we are implementing our strategy of continuing to build our client base with partners also focused on novel treatments and technologies." "We look forward to working with Xenerex for the generation of antibodies against several targets we have identified as being promising for our therapeutic antibody programs," said Steven King, Peregrine's Vice President of Technology and Product Development. "Based on the strength of data from pre-clinical animal studies using murine antibodies against several different targets, we felt it was time to begin development of fully human antibodies that could potentially serve as candidates for clinical studies. We believe that Xenerex has the ability to efficiently generate these human antibodies. Based on data from our animal models, we feel that these antibodies have the potential to be used as unconjugated antibodies for the treatment of a variety of different solid tumors." Peregrine Pharmaceuticals is a biopharmaceutical company focused on the development, commercialization and licensing of unique technologies for the treatment of cancer, primarily based on its "collateral targeting technologies". These technologies therapeutically target cell structures and cell types, rather than surface cancer cells, as a means to attack solid tumors, without causing damage to surrounding healthy tissue. The company has three collateral targeting technologies: Tumor Necrosis Therapy (TNT), Vasopermeation Enhancement Agents (VEA), and Vascular Targeting Agents (VTA). The company's lead TNT based drug, CotaraTM, is currently being studied in the U.S. in a Phase II trial for brain cancer and five Phase I trials for colorectal, pancreatic, biliary, sarcoma and liver cancers. The company also has a direct tumor-targeting agent called Oncolym(r) for the treatment of advanced non-Hodgkin's B-cell Lymphoma. Oncolym is being studied in a U.S. Phase I/II. Xenerex Biosciences, a subsidiary of AVANIR Pharmaceuticals, is a biopharmaceutical company with a customer-focused mission to enable partner companies to develop and commercialize completely human antibody products. Xenerex is building a portfolio of antibody product candidates through agreements and licenses with biopharmaceutical companies. Xenerex has also identified targets of its own and is in the process of generating antibody product candidates for eventual out-licensing or development. AVANIR Pharmaceuticals, based in San Diego, is an emerging diversified biopharmaceutical company engaged in research, development, commercialization, licensing and sales of innovative drug products and antibody generation services. The company's website is http://www.avanir.com/.