When did Peregrine acquire the rights to the TNT technology?
On January 18, 1994, Peregrine and Cancer Biologics, Inc. (“CBI”) entered into an Agreement and Plan of Merger (the “Agreement and Plan of Merger”) which contemplated the merger of CBI with and into Peregrine. On June 10, 1994, the shareholders of the Company approved the merger pursuant to the Agreement and Plan of Merger. The merger between CBI and the Company was completed on July 26, 1994. The assets of CBI acquired by the Company consist primarily of research and development of the TNT antibody technology. As a result of the merger, the Company incurred an immediate charge to operations for purchased in-process research and development of approximately $4,850,000. This amount represents the excess of the fair market value of the Company’s common stock issued over the net assets acquired of CBI, plus an additional non-recurring charge relating to CBI stock options assumed by the Company.
