EXHIBIT 99.1

                                  PRESS RELEASE


           PEREGRINE PHARMACEUTICALS ANNOUNCES $2.2 MILLION INVESTMENT
                          FROM INSTITUTIONAL INVESTORS

TUSTIN, CALIF., - FEBRUARY 4, 2002 - Peregrine Pharmaceuticals (Nasdaq: PPHM)
announced today that it has closed an offering for $2.2 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 two institutional investors.
The Company now has over $11 million in cash to fund its clinical trials,
contract manufacturing operations, research and development and other corporate
activities.

"We are pleased to have current investors continue to show confidence in our
business plans by investing additional capital in the company," said Edward
Legere, President and CEO of Peregrine.

Zimmer Lucas Partners, LLP of New York led the offering. Also participating in
the offering was Vertical Capital Holdings Ltd. of New York. The Company issued
1.1 million common shares and warrants, exercisable on a cash basis only, to
purchase an additional 275,000 common shares. In addition, the Company issued
50,000 shares to Atlas Capital Services, LLC, who acted as placement agent in
connection with the sale to Zimmer Lucas Partners, LLP.

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,
soft tissue sarcoma and biliary cancers. Peregrine recently finalized a Cotara
Phase III brain cancer study design with the FDA and expects to enroll patients
under this protocol in the first quarter of 2002. Cotara has received fast track
and orphan drug status from the FDA. 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 October 31, 2001.