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Avid and Halozyme are extending their manufacturing agreement.

Avid Bioservices and Halozyme Therapeutics Extend Commercial Manufacturing Agreement

TUSTIN, Calif., Dec. 19, 2006 -- Avid Bioservices, Inc., a wholly owned subsidiary of Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), announced today that it has extended its commercial manufacturing supply agreement with Halozyme Therapeutics, Inc. Under the terms of the contract amendment, Avid could manufacture up to 20 runs per year over the next five years of a recombinant human enzyme that is the active ingredient in Halozyme's marketed products, Hylenex(TM) and Cumulase(R).

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