When did Peregrine acquire the rights to the VTA technology?
On April 24, 1997, the Company acquired all of the outstanding stock of Vascular Targeting Technologies, Inc. (formerly known as Peregrine Pharmaceuticals, Inc.) in exchange for 5,080,000 shares of the Company’s common stock and the assumption of net liabilities of approximately $484,000. Vascular Targeting Technologies, Inc. was a development stage company involved in the research and development of vascular targeting agents. The acquisition was accounted for as a purchase. The excess of the purchase price over net tangible assets acquired (cash and notes receivable) and liabilities assumed (accounts payable and accrued liabilities) represents the difference between the fair value of the Company’s common stock exchanged and the fair value of net assets purchased. The excess purchase price of $27,154,402 over the net tangible assets acquired represents the amount paid for acquired technologies and related intangible assets. The excess purchase price for the acquisition had been charged
