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Peregrine Pharmaceuticals' investors announce additional board nomination

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Peregrine Pharmaceuticals' investors announce additional board nomination

Ronin Trading LLC and SW Investment Management LLC nominated James Egan as additional nominee for election to Peregrine Pharmaceuticals, Inc.'s board.

The two investor companies, who collectively own 8.9% of Peregrine's shares, previously nominated three independent candidates.

Ronin and SW Investment said they are "extremely frustrated" with Peregrine's continuous delay of its annual meeting and intend to file suit in accordance with Delaware law to compel the holding of the meeting if the company fails to promptly call the meeting.

The companies also said Peregrine's appointment of Roger Lias as board director was in contradiction with its own statement about adding "independent" directors because Lias is a company insider and not an independent member.

The two companies also filed a preliminary proxy statement and an accompanying proxy card with the U.S. Securities and Exchange Commission to be used to solicit votes for electing their nominees at the 2017 annual meeting of stockholders.