Peregrine Drug Shows Promise on Tumors

Peregrine Pharmaceuticals Inc. in Tustin said its drug candidate Cortara showed favorable results by slowing the growth of brain tumors in a clinical trial.

The biotechnology holding company said patients showed a median time of about 14 weeks for recurrence, a 75% increase over historical data for 16 patients with recurrent tumors.

Cotara was injected directly into the tumors though a catheter over a 24-hour or 48-hour time period. Each patient received one or two doses of the drug during the Phase II trial.

The company’s stock closed at $1.97, down 22 cents a share, in Nasdaq trading.