Peregrine to Manage New Lymphoma Drug

Biopharmaceutical company Peregrine Pharmaceuticals Inc. in Tustin said Friday that it has agreed with Schering AG to transfer management of the development of its lymphoma drug Oncolym from the German company to Peregrine.

Peregrine said in a news release that it will reacquire worldwide marketing and distribution rights for the product, which is in clinical trials for the treatment of intermediate and high-grade non-Hodgkin’s B-cell lymphoma.

The company said that the transfer was based on the needs of both Peregrine and Schering and that Peregrine doesn’t expect to need significant additional funds to complete the clinical trials. It plans to work with Schering on a rapid transition.

Under the prior agreement with Schering, Peregrine was responsible for 20% of Schering’s development costs as well as all drug-related costs, which totaled about $1.7 million since April 1999.