Techniclone Changes Name to Peregrine

Tustin biopharmaceutical company Techniclone Corp. announced Monday that it had changed its name to Peregrine Pharmaceuticals Inc., formerly the name of one of its subsidiaries.

Peregrine, which develops cancer treatments, will trade under the symbol PPHM starting today. Its subsidiary will become Vascular Targeting Technologies Inc.

In related news, Peregrine said it consolidated its corporate headquarters and research facility to a single building in Tustin, a move that should save it $350,000 over two years.

The research and development company lost $14.5 million, or 18 cents a share, for its fiscal year ended April 30.

Company shares closed at $2.59 Monday, up 25 cents in Nasdaq trading. The stock has gained 388% since the beginning of the year, but has fallen considerably from its March 7 high of $16.63 a share.