[Peregrine Pharmaceuticals, Inc. logo]

Contacts:
         Media                                  Investor
         Alex Boese                             Frank Hawkins
         Susan E. Atkins & Associates           Hawk Associates, Inc.
         (858) 860-0266                         (800) 987-8256
         ABOESE@IRPR.COM                        HTTP://WWW.HAWKASSOCIATES.COM

FOR IMMEDIATE RELEASE

          PEREGRINE PHARMACEUTICALS ANNOUNCES $5.75 MILLION INVESTMENT
            FROM INSTITUTIONAL INVESTORS; COMPANY DIRECTOR INVESTS IN
                                    OFFERING

      PROCEEDS WILL ALLOW COMPANY TO ADVANCE PHASE III CLINICAL TRIALS AND
                       CONTRACT MANUFACTURING OPERATIONS


TUSTIN, CA - November 19, 2001 - Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM)
announced today that it has closed an offering for $5.75 million off of the
Shelf Registration Statement on Form S-3 it filed with the Securities and
Exchange Commission. The shares of common stock were sold to six institutional
investors, including a Director of the Company. Peregrine now has approximately
$11,600,000 in cash to fund its clinical trials, contract manufacturing
operations and research and development.

"We are very pleased to have the new investors and one of our Directors show
confidence in Peregrine and invest significant capital into the Company," stated
Edward Legere, President and Chief Executive Officer of Peregrine. "The lead
investor conducted extensive due diligence on the Company and its platform
technologies, and we are confident the new investors share our belief in the
future of Peregrine and the long-term potential of its exciting platform
technologies. The receipt of this funding will permit us to move forward with
our planned Phase III brain cancer trial anticipated to begin later this year
pending FDA approval and gives us the financial stability needed to enter into
agreements to provide contract manufacturing services for other companies. I am
also proud to have a Director show the confidence in our business plans to
continue to invest in the Company."

Zimmer Lucas Partners, LLP of New York led the offering. Also participating in
the offering were Vertical Ventures, LLC of New York, Trinity Capital Advisors,
Inc. of San Francisco and Eric Swartz, a Director of the Company, and Michael
Kendrick, both of Swartz Institutional Finance, LLC, which is a major
shareholder of the Company. Peregrine issued 5.75 million common shares and
warrants, exercisable on a cash basis only, to purchase an additional 1.725
million common shares. In addition, the Company issued 200,000 shares to Atlas
Capital Services, LLC, who acted as placement agent in connection with the sale
to Zimmer Lucas Partners, LLP.

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Peregrine Pharmaceuticals, Inc.
Page 2


"The Shelf Registration Statement provides the company with access to the
necessary funding to advance the Company's business plans," said Paul Lytle,
Peregrine's Vice President of Finance and Accounting. "Receipt of this funding
was critical to aggressively move forward with our clinical trials and contract
manufacturing operations. We now have the flexibility to time any future funding
under the Shelf when market conditions are optimal."

ABOUT PEREGRINE PHARMACEUTICALS, INC.
Peregrine Pharmaceuticals is a biopharmaceutical company focused on the
development, commercialization, and licensing of unique technologies for the
treatment of cancer, primarily based on its "collateral targeting technologies."
These technologies target cell structures and cell types that are common among
solid tumor cancers, giving them broad applicability across various tumor types.
In clinical and pre-clinical studies, collateral targeting technologies have
been shown to deliver various anti-cancer compounds selectively to the tumor
site without causing damage to surrounding healthy tissue.

Peregrine has three collateral targeting technologies: Tumor Necrosis Therapy
(TNT), Vasopermeation Enhancement Agents (VEA), and Vascular Targeting Agents
(VTA). The Company's lead anti-cancer drug, CotaraTM, is currently in a
multi-center Phase II clinical study for the treatment of brain cancer and in
four Phase I clinical studies for the treatment of colorectal, pancreas, liver,
and soft tissue sarcoma and biliary cancers. The Company also has a direct tumor
targeting agent called Oncolym(R) for the treatment of advanced non-Hodgkin's
B-cell Lymphoma which is currently in a multi-center Phase I/II. Copies of
Peregrine press releases, SEC filings, current price quotes and other valuable
information for investors may be found on the websites
http://www.peregrineinc.com.

Safe Harbor Statement: This release may contain certain forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual events or results may differ
from the company's expectations as a result of risk factors discussed in
Peregrine's reports on file with the U.S. Securities and Exchange Commission,
including, but not limited to, the company's report on Form 10-K for the year
ended April 30, 2001 and on form 10-Q for the quarter ended July 31, 2001.

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