On September 26, 2012, after the market closed, Peregrine disclosed that it had received a notice of default from one of its lenders which deemed the Company’s disclosure on September 24, 2012 concerning the Phase II trial results to be a material adverse change under the terms of the loan agreement and, as a result, the lender accelerated the repayment of the loan and demanded repayment in full for the outstanding loan amount. On this news, Peregrine shares fell another $0.55 per share, or over 33%, to close at $1.11 per share on September 27, 2012.
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