Document:

TRANSLATION FROM FRENCH

COOPERATION AGREEMENT

BETWEEN

HELION S.A., a French corporation with capital of 534,000 Euros, having its registered office at 1100 Avenue Jean-Rene Guillibert Gautier de la Lauziere, 13791 Aix-en-Provence, registered in the Aix-en-Provence Trade and Companies Register under number 435 050 737, Represented by Mr. Guy Ducroux, President and Chief Executive Officer (hereinafter called "HELION") 

AND

SORAPEC S.A. , a French corporation with capital of 10,147,700 Francs, having its registered office at 192 Rue Carnot, 94120 Fontenay-sous-Bois, registered in the Creteil Trade and Companies Register under number 324 502 194, represented by Mr. Bernard Nicolas, Chairman (hereinafter called "SORAPEC")

Hereinafter called individually or jointly "the Party/Parties."

WHEREAS

HELION is a company whose purpose is to research, design, improve, manufacture, and sell fuel-cell generators particularly for naval propulsion and power as well as for urban mass transit vehicles.

SORAPEC is a company whose purpose is in particular to design, develop, improve, manufacture, and sell the "core" module of fuel cells, referred to as "stacks".

In connection with its work, HELION is currently investigating various sources of development, industrialization, and supply of the "core" of fuel cells for use in the generators that it designs and develops for industrial realization in its areas of business. 

SORAPEC is currently seeking partners with to develop and industrialize its fuel cell "stacks".

During joint discussions, HELION and SORAPEC have determined that some of their competencies and/or developments are complementary, and they have decided to cooperate according to the terms and conditions described herein. 

NOW THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

ARTICLE 1 - DEFINITIONS

For the purposes of this Agreement, the following terms are defined as indicated:

	
1.1     Agreement: the present agreement, including its appendices and any future amendments.  

	
1.2     Knowledge: all commercial, financial, scientific and technical information or data, whether patentable or not,  and all related intellectual property and/or industrial rights (including, without limitations, patents, know-how, software) disclosed by one Party to the other, verbally or in writing, according to the terms and conditions of the present Agreement, and including without limitation all written and printed documents, samples, models, materials and more generally all forms and means of disclosure of the Knowledge selected by the Parties.  The term "Knowledge" also includes all data and information derived from evaluations and tests of all materials, software, including without limitation  products, services, development, engineering.

	
1.3     Fuel Cell or FC: a fuel cell system consisting of a Stack, a compressor, a humidifier (unless the humidifier is integrated in the Stack), a cooling system and a control system which, together, constitute an electric generator

	
1.4     Project:   the cooperative efforts which will lead to the definition and design of a Fuel Cell integrating a Stack meeting the technical and operational requirements jointly defined by the Parties pursuant to this cooperation Agreement.

	
1.5     Intellectual Property: includes, without limitation, the Knowledge, patentable or not, patented or not, drawings or models, trademarks, tooling, documents including copyrighted software.

	
1.6     Prior Intellectual Property:  all Intellectual Property owned by either Party prior to the execution of the Agreement or acquired by either Party at a later date but outside of the framework of the Agreement.

	
1.7     Results: include

	 	
*
	
All new Knowledge, inventions and processes developed during the course of the Project,

	 	
*
	
All ideas, designs, drawings, molds, technical know-how, study outcomes, specifications, software, whether they be of a nature to provide industrial or intellectual property rights, or not, and more generally the know-how developed in the framework of the Project.

	
1.8     Affiliated Company: Any company that directly or indirectly controls one of the Parties or is controlled by one of the Parties or together with one of the Parties is under common control. For purposes of the foregoing sentence the term "control" designates direct or indirect ownership of more than fifty per cent (50%) of the voting shares of a company. 

	
1.9     Stack:  the "core-module of a Fuel Cell, is an assembly of multiple cells consisting of bipolar plates, electrodes, polymer membranes and, in some designs, of humidifiers integrated into the
Stack.

ARTICLE 2 - PURPOSES

The purpose of the present Agreement is to define the conditions according to which HELION and SORAPEC will cooperate in the framework the Project.

ARTICLE 3 - OPERATING MODE
 

3.1     Project Implementation 

        The program, timetable, objectives and task allocation of the Project are described in Appendix I of this Agreement.

        During the term of this Agreement, HELION and SORAPEC will allocate the appropriate human resources for the Project to allow its timely execution.  During this period, the designated staff members will remain under the authority of their respective employers and neither Party shall have the right to recruit an employee of the other.  

        The Parties agree that one Party may subcontract out some of its Project tasks to third parties, subject to the prior approval of the other.  Prior approval, however, shall not apply for subcontracts entered into prior to the date of execution of this Agreement.  

        Project status reviews will be effected by HELION and SORAPEC on a quarterly basis, starting from the date of execution of this Agreement, by a steering committee as described hereinafter.

3.2     Project Management

        This Agreement will be managed at 2 levels:

	
*
	
A project manager appointed by each Party

	
*
	
A joint steering committee

	
3.2.1
	
Each Party shall designate a project manager (whose name shall be provided to the other in writing) who shall be responsible for the tasks allocated to such Party and who will be the contact person for such Party (hereinafter the "Manager(s)").  The two Managers are therefore expected to have frequent interactions and to work together on the following:

	 	
*
	
Prepare, initiate and monitor the activities which have been decided upon,

	 	
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Update the work plan and progress monitor,

	 	
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Define rules to manage jointly developed documentation,

	 	
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Prepare and submit to the Steering Committee information needed for its decisions

	 	
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Attempt to resolve problems

The Managers report jointly to the steering committee.  They meet on a regular basis and submit a quarterly progress report to the steering committee, describing tasks that have been completed, that are in progress or are scheduled to start.  This progress report includes an up-to-date planning of all contract tasks, progress and cost benchmarks, a list of documents to be produced and corresponding timetable.  The progress report outlines difficulties of any nature that may have arisen and includes proposals submitted to the decision of the
committee.

	
3.2.2
	
The Steering Committee consists of an equal number of representatives of each Party (whose names are provided to the other Party in writing) as follows:

	 	
*
	
One permanent representative appointed by each Party

	 	
*
	
The two Managers as described in paragraph 3.2.1 above

	 	
*
	
An expert staff member selected by each Party on a temporary or permanent basis.

The Steering Committee is presided by the Helion representative.  All decisions are made jointly. The Steering Committee's role is to supervise  the execution of this Agreement and:

	
	
*
	
Decide the action and development plan consistent with Project goals and approved budgets,

	 	
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To determine and commit the resources needed to execute the plan, the President having authority to request that the Parties make such resources available when needed

	 	
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To oversee project planning and progress,

	 	
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To monitor expenses and decide, if necessary, a budget increase,

	 	
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To attempt to resolve all problems regarding technical  or financial issues, timing, intellectual property and others

	 	
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To decide to re-orient the Project if necessary,

	 	
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To reach an amicable settlement of conflicts that could not have been resolved by the Managers.

The Steering Committee meets on a quarterly basis or at any time at the request of a Manager.  It reviews the progress reports, guides the Managers, sets priorities and deadlines.  It approves the overall planning.  Minutes are kept for each meeting, which are signed by the members and submitted to each Party management.

ARTICLE 4 - FINANCIAL CONSIDERATIONS

4.1     Each Party shall bear the costs related to its tasks pursuant to the development and action plan within the limits of the set corresponding budgets.

4.2     Each Party will have the right to seek external financing with respect to Project tasks, subject to the other party's prior approval of such financing agreements.  The latter will be subject to approval as to amount and form of the external financing and related commitments that may affect the Parties.  Proceeds will be allocated to the Parties in proportion to the expenses that were budgeted for each at the time the financing request was made.

4.3     The Parties specifically agree that, in the event the cost of work performed pursuant to the present cooperation Agreement should exceed the budgets established by the Parties based on reasonable assessments, the Parties will jointly determine the conditions to pursue their cooperation in relation to the set action plan and to the Project.

ARTICLE 5 - RESPONSIBILITIES

Each Party shall remain responsible for its employees who will respect the internal rules of the other Party's facilities.  Each Party shall remain responsible for any injuries that its employees might suffer in the performance of their duties pursuant to this Agreement and waives any rights to seek damages from the other.

ARTICLE 6 - CONFIDENTIALITY

6.1     During the term of this Agreement and for a subsequent period of ten (10) years following its expiration, each Party agrees to consider as confidential, and not to disclose to third parties, whether for a monetary consideration or not, or in any form whatsoever, any information disclosed by the other Party pursuant to the present Agreement, in accordance with the terms of the confidentiality agreement executed by the Parties on April 3, 2001 and attached to this Agreement as Appendix 2.

6.2     Affiliated Companies and members of their respective staffs who need to know the information disclosed pursuant to the execution of the Agreement, are not considered as third parties for the purposes of this Agreement.  However, it is expressly understood and agreed that the information will only be disclosed to Affiliated Companies subject to their having executed the confidentiality agreement attached to this Agreement.  The Parties will take appropriate measures to insure that members of their respective staffs will not use the information for purposes other than performance under the Agreement.  Each Party agrees to assume responsibility for any improper disclosure made by a member of its staff.

6.3     The Parties agree specifically that the content of the present Agreement is considered as confidential.

ARTICLE 7 - INTELLECTUAL PROPERTY

7.1     Prior Intellectual Property

        The implementation of the present Agreement shall not modify or affect in any way the industrial and/or intellectual property rights owned by the Parties prior to the date of this Agreement.

        Accordingly, the Parties shall keep the ownership of their respective Prior Intellectual Property.  Subject to the clauses in Article 6 above, each Party agrees to disclose its Prior Intellectual Property to the other, to the extent such other Party needs to know the information for the purposes of this Agreement and only for such purposes.

        Notwithstanding the clauses in Article 8 below and the License Agreement, the present Agreement does not imply the grant of a license or of a right to use by one of the Parties, or the acquisition by one of the Parties of any right on the Prior Intellectual Property of the other.

7.2     Rules governing the production and management of the Knowledge and Results jointly generated by the 

          Parties in the framework of the Project

In the context of the present Agreement, the Parties have defined common and reserved technical domains (hereinafter called "Reserved Technical Domain" and "Common Technical Domain") which are described in Appendix 3 of this Agreement.

The Parties have agreed to the following rules regarding industrial and/or intellectual property:

	 	
(i)
	
All Results pertaining to Helion's Reserved Technical Domain, as defined in Appendix 3 of this Agreement, will be the sole and exclusive property of Helion.  Accordingly, Helion will have the sole and exclusive right to apply for patents concerning its inventions or innovations generated during the Project in such Domain.

	 	
(ii)
	
All Results pertaining to Sorapec's Reserved Technical Domain, as defined in Appendix 3 of this Agreement, will be the sole and exclusive property of Sorapec.  Accordingly, Sorapec will have the sole and exclusive right to apply for patents concerning its inventions or innovations generated during the Project in such Domain.

	 	
(iii)
	
All Results pertaining to the  Common Technical Domain, as defined in Appendix 3 of this Agreement, will be co-owned by the Parties.  Accordingly, Helion and Sorapec will file jointly, and share the cost of any related patent application and they will co-own the patents according to the provisions of Article 7.3 below.

	 	
(iv)
	
The name of the inventors of each Party will be mentioned on patents generated in the performance of this Agreement, it being understood that each Party will be responsible for any rights its employee-inventors may have on such patented inventions.

7.3     In co-ownership situations as described in article 7.2 (iii) above, the Parties will agree and entrust one of them to handle all procedures related to application filing, foreign extensions and maintenance of such patents.

To this end, the Parties agree to give power of attorney to the Party elected to handle the related administrative procedures.  In the event one of the Parties elects not to file an application and/or not to pursue a procedure and/or not to maintain one or several co-owned patents, in France and/or in a foreign country, the non-electing Party shall so advise the other in writing with sufficient notice as to allow the other to pursue the procedure and/or maintain the corresponding patent(s) at its own expense and for its sole benefit in the country in consideration.

The non-electing Party shall not be responsible for expenses incurred for patent prosecution or maintenance after the other party receives notice.

If one of the Parties wishes to sell its share of a co-owned patent to a third party, it shall so notify, by registered mail, the other Party which will then have a right of first refusal to match the third party's offer within three (3) months from the notification date.  If such right of first refusal is not exercised within this 3-month period, the sale to the third party will be automatically consummated in compliance with article L.613-29 (e) of the Intellectual Property Code. 

7.4     Each Party shall have the exclusive or shared right to publish, use, translate, adapt, reproduce and commercialize creations resulting from the Project that can be protected  by copyrights, including plans, software, documentation, during the copyright protection period, without limitation of scope or destination as long as it owns, or co-owns, such creations in accordance with article 7.2 above.

7.5     The Parties further agree that, if, and as soon as one of them becomes aware that the present Agreement may infringe upon the industrial and/or intellectual property rights of a third party, or as soon as a third party alleges that Helion and Sorapec may be infringing, or as soon as one of the Parties becomes aware of any infringement by a third party, the Parties will share all information of a nature to defeat such infringement or allegation of
infringement.

ARTICLE 8 - EXPLOITATION

Each Party is free to use, on a non-exclusive basis and free of charge, either directly or through licensees, the intellectual property generated jointly in the performance of this Agreement in accordance with article 7.2 above.

ARTICLE 9 - INTUITU PERSONAE

The present Agreement is being entered into in consideration of the persons involved; it cannot be assigned and it can be terminated without notice by either Party in the event of a change of ownership of the other, it being understood that either Party can transfer all or part of its rights and obligations  under the present Agreement to any Affiliated Company subject to sending prior notification to the other.

ARTICLE 10 - EXTENSION OF RELATIONSHIP FOLLOWING COMPLETION OF THE PROJECT

In case the Project is successful and leads to the industrialization of Fuel Cells, the Parties will negotiate in good faith, at least six (6) months before the expiration date of the present Agreement, means to further cooperate and/or possibly join forces to manufacture Fuel Cells.

ARTICLE 11 - TERM - TERMINATION

11.1     The present Agreement shall become effective upon the date of its signature by both Parties.  Its term is three (3) years starting from such date, and it can be renewed for additional one-year periods upon the recommendation of the Steering Committee.  Unless otherwise agreed to by the parties in writing, it cannot exceed a total duration of 5 years from inception.

11.2     If one of the Parties wishes to terminate this Agreement in whole or in part, it shall submit its request in writing to the Steering Committee which will examine it and decide, within three (3) months, about the termination and related practical arrangements.  All tasks that will have been started will need to be completed.  Notwithstanding the provisions of article 11.3 and 11.4 below, neither Party shall have the right to request termination during the first two (2) years of this Agreement.  

11.3     In the event that one of the Parties should be in default of one of its essential obligations pursuant to this Agreement, and that the default shall not have been cured by the defaulting Party within 30 days of receipt of a default notification sent by the other Party by certified mail, such other Party shall have the right to immediately terminate the Agreement by advising the other Party of the termination by registered letter, while reserving its rights for damages and interests it could claim under the present Agreement. 

11.4     The present Agreement is entered into in strict compliance with work regulations.  In the event one of the Parties should violate a work regulation, the other shall have the right to immediately terminate this Agreement upon sending a certified letter to the violating Party.

11.5     In case of termination, articles 6, 7, 8, and 12 shall continue to apply after the termination and/or cancellation whatever its cause may be.

ARTICLE 12 - LITIGATION

The Parties shall make their best efforts to resolve amicably any dispute that may arise in the performance of this Agreement.  In the event a dispute cannot be resolved amicably by the Parties within two (2) months,  it shall be submitted to the Paris "Cour d'Appel".

ARTICLE 13 - MISCELLANEOUS

13.1     Modifications

         Any modification to this Agreement shall be in writing and duly signed by authorized representatives of each Party.

13.2     Nature of the Agreement

It is understood and agreed that, by entering a cooperation arrangement according to the terms of this Agreement, the Parties do not intend to create a pooling of corporate or legal entities.  In no event shall the present Agreement be construed as constituting a joint company of any form whatsoever between the Parties.  Affectio societatis is expressly excluded.  The present Agreement shall not result in the Parties having to share any losses or profits.

13.3     The fact that one of the Parties may not exercise any of its rights under the present Agreement at any time, and for any reason, shall not prevent such Party from exercising such rights at a later date and without notice.

13.4     In the event any term or provision of the present Agreement should be declared invalid or unenforceable by a competent jurisdiction, it shall be considered as if not written and all remaining provisions shall remain valid and enforceable.  The Parties shall use their best efforts to replace the invalid or unenforceable provision by a valid and enforceable provision which is economically equivalent and consistent with the intent of the Parties when entering the present Agreement.

13.5     This Agreement and its Appendices constitute the entire agreement of the Parties relating to the subject matter hereof and supersedes all prior statements, negotiations, commitments, oral or written communications, understandings and agreements between the Parties relating to the dispositions governed or anticipated by the present Agreement.

Executed in Fontenay-sous-Bois on April 3, 2001, in duplicate original copies.

	 	
FOR SORAPEC S.A.
	
FOR HELION S.A.

	 	
By:_________________________
	
By:______________________________

Appendix 1 

WORK PROGRAM 

Appendix 2

CONFIDENTIALITY AGREEMENT 

Appendix 3

TECHNICAL DOMAINS<PAGE>

EXHIBIT 10.75

COMMON STOCK PURCHASE AGREEMENT

                                [PEREGRINE LOGO]

                             A DELAWARE CORPORATION

                         COMMON STOCK PURCHASE AGREEMENT

                              $2,200,000 INVESTMENT

                                JANUARY 28, 2002

<PAGE>

                         COMMON STOCK PURCHASE AGREEMENT
                         -------------------------------

         This Common Stock Purchase Agreement (this "Agreement") is made and
entered into as of January 28, 2002, by and between Peregrine Pharmaceuticals,
Inc., a Delaware corporation (the "Company"), and the Investors set forth on
Schedule I hereto (each an "Investor", collectively, the "Investors").

                                    RECITALS
                                    --------

         WHEREAS, the Company has filed with the Securities and Exchange
Commission ("SEC") a Shelf Registration Statement on Form S-3, which was
declared effective by the SEC on November 13, 2001 (the "Form S-3").

         WHEREAS, pursuant to the Form S-3, the Company may offer to the public
from time to time up to 10,000,000 shares of common stock, par value $0.001 per
share (the "Common Stock"), and warrants to purchase 2,000,000 shares of Common
Stock.

         WHEREAS, the Company desires to sell and issue to the Investors One
Million One Hundred Thousand (1,100,000) shares of Common Stock at the per share
price of $2.00, and warrants ("Warrant") to purchase up to 275,000 shares of
Common Stock at an exercise price of $2.00 per share ("Warrant Shares"), in
exchange for the Investors' payment of the sum of Two Million Two Hundred
Thousand Dollars ($2,200,000).

         NOW, THEREFORE, in consideration of the covenants, agreements and
considerations herein contained, the Company and Investor agree as follows:

1.       PURCHASE AND SALE OF SHARES
         ---------------------------

         1.1 TRANSFER OF SHARES. Subject to the terms and conditions hereof, the
Company agrees to sell to the Investors, and the Investors agree to purchase
from the Company in the respective amounts set forth on Schedule I, an aggregate
of 1,100,000 shares of the Company's Common Stock (the "Shares"). On the Closing
Date, the Company shall instruct its transfer agent to send to each Investor via
a nationally recognized overnight courier a stock certificate(s), in the name of
such Investor or its nominee, representing the Shares purchased by such
Investor.

         1.2 PURCHASE PRICE. As full consideration for the sale of the Shares to
Investors, the Investors shall deliver to the Company on the Closing Date by
wire transfer of immediately available funds to such account as the Company
shall designate the sum of Two Million Two Hundred Thousand Dollars ($2,200,000)
(the "Purchase Price"), representing a per share purchase price of $2.00 per
share (the "Per Share Price").

         1.3 WARRANTS. In connection with the Investors' purchase of the Shares,
the Company shall deliver to each Investor on the Closing Date a Warrant to
purchase a number of Warrant Shares equal to 25% of the Shares purchased,
exercisable on a cash basis only for a period of five (5) years, at an exercise
price equal to the Per Share Price.

                                       1
<PAGE>

2.       CLOSING.
         --------

         2.1 TIME. Subject to terms and provisions herein, the purchase and sale
of the Shares shall take place on January 31, 2002 (the "Closing Date") at the
offices of Jeffers, Shaff & Falk, LLP located at 18881 Von Karman Avenue, Suite
1400, Irvine, California 92612, or such other location as the parties may
individually agree.

         2.2 DELIVERIES AT AND FOLLOWING THE CLOSING DATE. On the Closing Date,
the parties hereto shall deliver all share certificates, Warrants, consents,
funds, assignments and other instruments and documents provided for in this
Agreement. In addition, the Company agrees to execute and deliver all
instruments and documents and perform all other acts which may be reasonably
required or appropriate in order to further effect or perfect the sale and
transfer of the Shares and the consummation of the transactions contemplated by
this Agreement.

3.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY
         ---------------------------------------------

         Except as set forth below, the Company makes no representations or
warranties of any nature or kind.

         3.1 ORGANIZATION, STANDING AND POWER. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware. The Company has the corporate power to own its properties and to carry
on its business as now being conducted and is duly qualified to do business and
is in good standing in each jurisdiction in which the failure to be so qualified
would have a material adverse effect on the business, assets or condition
(financial or otherwise) of the Company and its subsidiaries, taken as a whole.

         3.2 CAPITALIZATION. The authorized capital stock of the Company
consists of 150,000,000 shares of common stock, par value $0.001 per share, and
5,000,000 shares of preferred stock, par value $0.001 per share, of which, as of
December 31, 2001, there were 108,710,346 shares of common stock and nil shares
of preferred stock, issued and outstanding. The Company is not a party to any
voting trust agreements or understandings with respect to the voting common
stock of the Company.

         3.3 AUTHORIZATION.

                  3.3.1 The Company has full legal right, power and capacity to
enter into, execute, deliver and perform this Agreement and all attendant
documents and instruments contemplated hereby.

                  3.3.2 This Agreement has been duly executed and delivered and
constitutes the legal, valid and binding obligation of the Company and is
enforceable with respect to the Company in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, priority or other laws or
court decisions relating to or affecting generally the enforcement of creditors'
rights or affecting generally the availability of equitable remedies.

                  3.3.3 The execution and delivery of this Agreement by the
Company, and the consummation of the transactions contemplated hereby by the
Company in accordance with the terms hereof shall not conflict with or result in
a breach of, violation of, or default under (or constitute an event that with

                                       2
<PAGE>

notice, lapse of time, or both, would constitute a breach or default under), or
result in the termination of, or accelerate the performance required by, or
result in the creation of any liens or other encumbrances upon any of the
properties or assets of the Company under any of the terms, conditions or
provisions of the Certificate of Incorporation or Bylaws, any provision of the
laws of the State of California or the State of Delaware, or any note, bond,
mortgage, indenture, deed of trust, license, lease, credit agreement or other
agreement, document, instrument or obligation to which the Company is a party or
by which any of its assets or properties are bound.

                  3.3.4 Neither the execution and delivery of this Agreement by
the Company, nor the consummation of the transactions, contemplated hereunder by
the Company will violate or conflict with any judgment, order, decree, statute,
rule or regulation applicable to the Company or its assets or properties.

         3.4 VALID ISSUANCE OF COMMON STOCK.

                  3.4.1 The Shares and Warrants being purchased by the Investor
hereunder and the Warrant Shares issuable upon exercise of the Warrants, when
issued, sold and delivered in accordance with the terms hereof or thereof, for
the consideration expressed herein or therein, will be duly and validly issued,
fully paid and nonassessable and will be issued in compliance with all
applicable federal and state securities laws.

                  3.4.2 The outstanding shares of Common Stock are all duly and
validly authorized and issued, fully paid and nonassessable, and were issued in
compliance with all applicable federal and state securities laws.

                  3.4.3 The Company has full power, right and authority to
transfer, convey and sell to the Investors on the Closing Date the Shares and
Warrants and upon consummation of the transactions contemplated by this
Agreement, each Investor will have acquired good and marketable title to the
Shares and Warrants purchased by such Investor, free and clear of claims, liens,
restrictions on transfer or voting or encumbrances.

         3.5 LITIGATION. Except as referred to in the SEC Documents, as defined
below, the Form S-3, or as disclosed in Schedule 3.5, there are no claims,
suits, actions or proceedings pending or, to the knowledge of the Company,
threatened against, relating to or affecting the Company or any of its
subsidiaries, before any court, governmental department, commission, agency,
instrumentality or authority, or any arbitrator that would reasonably be
expected, either alone or in the aggregate with all such claims, actions or
proceedings, to have a material adverse effect on the Company's business or
financial condition or the transactions contemplated hereunder. Except as
referred to in the Company's SEC Documents, neither the Company nor any of its
subsidiaries is subject to any judgment, decree, injunction, rule or order of
any court, governmental department, commission, agency, instrumentality or
authority, or any arbitrator which prohibits or restricts the consummation of
the transactions contemplated hereby or would have a material adverse effect on
the Company's business or financial condition or the transactions contemplated
hereunder.

                                       3
<PAGE>

         3.6 SEC DOCUMENTS; THE COMPANY'S FINANCIAL STATEMENTS. The Company is a
reporting company under the Securities Exchange Act of 1934 (the "Exchange
Act"), and files annual and periodic reports (the "SEC Documents") with the
Securities and Exchange Commission (the "SEC"). As of their respective filing
dates, the SEC Documents complied in all material respects with the requirements
of the Securities Exchange Act of 1934, as amended, applicable to the Company
and to the knowledge of the Company none of the SEC Documents contained any
untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements made therein, in light
of the circumstances in which they were made, not misleading, except to the
extent corrected by a subsequently filed document with the SEC. The SEC
Documents contain an audited consolidated balance sheet of the Company as of the
end of the last completed fiscal year (the "Balance Sheet") and the related
audited consolidated statements of income and cash flow for the year then ended
(collectively, the "Financials"). The Financials have been prepared in
accordance with GAAP applied on a basis consistent through the periods indicated
and consistent with each other. The Financials present fairly the consolidated
financial condition and operating results and cash flows of the Company and its
subsidiaries as of the dates and during the periods indicated therein. Since the
date of the Balance Sheet and until the date of this Agreement, there has not
occurred any material adverse change in the business, assets or condition
(financial or otherwise) of the Company and its subsidiaries, taken as a whole,
which has not been reflected in the SEC Documents.

         3.7 FORM S-3. The Company has delivered to each Investor a copy of the
Form S-3. The Company represents and warrants that the Form S-3 has been
declared effective by the SEC and is not subject to any stop order. The Company
is not aware of any event, fact or circumstance which would cause the Form S-3
to contain a material misstatement.

         3.8 DISCLOSURE. Neither this Agreement, nor any of the schedules,
attachments, or certificates attached to this Agreement or delivered by the
Company on the Closing Date, contains any untrue statements of material fact or
omits a material fact necessary to make the statements contained herein or
therein not misleading. There is no fact which the Company has not disclosed to
the Investors, orally or in writing, and of which any of the Company's directors
or officers are aware, which could reasonably be anticipated to have a material
adverse effect, upon the financial condition, operating results or assets, of
the Company. Notwithstanding the foregoing, certain information provided by the
Company to the Investors contained statements that are forward-looking, which
are covered by the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking information involves important risks
and uncertainties that could significantly affect anticipated results in the
future, and accordingly, such results may differ materially from those expressed
in any forward-looking statements made by or on behalf of the Company.

         3.7 REGULATORY COMPLIANCE. To the best of its knowledge, the Company is
not in violation of any applicable law, regulation, judgment, order or consent
decree (of any governmental or non-governmental regulatory or self-regulatory
agency or any organized exchange, including without limitation, the SEC, any
state or local securities or insurance regulatory body, or the Internal Revenue
Service), which violation is likely to have a material adverse effect on the
Company's business, financial condition, or this transaction.

                                       4
<PAGE>

         3.8 REGULATORY PROCEEDINGS, INVESTIGATIONS AND INQUIRIES. To the best
of its knowledge, the Company has not been the subject of any material
regulatory proceeding, examination, investigation or inquiry (known to the
Company), including any pending or threatened regulatory proceeding,
investigation or inquiry (known to the Company) (including without limitation
any by governmental or non-governmental regulatory or self-regulatory agency or
any organized exchange) relating to the Company.

4.       REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR
         -----------------------------------------------

         Each Investor hereby represents and warrants to the Company the
following:

         4.1 AUTHORITY. Investor has full legal right, power and capacity to
enter into, execute, deliver and perform this Agreement and all attendant
documents and instruments contemplated hereby. This Agreement has been duly
executed and delivered and constitutes the legal, valid and binding obligation
of Investor and is enforceable with respect to Investor in accordance with its
terms, except as enforcement may be limited by bankruptcy, insolvency, priority
or other laws or court decisions relating to or affecting generally the
enforcement of creditors' rights or affecting generally the availability of
equitable remedies.

         4.2 NO VIOLATION OF AGREEMENTS. Neither the execution and delivery of
this Agreement nor the consummation of the transactions contemplated hereunder
by Investor will violate or conflict with any judgment, order, decree, statute,
rule or regulation applicable to Investor or its assets or properties.

         4.7 DISCLOSURE OF INFORMATION. Subject in part to the truth and
accuracy of the representations and warranties of the Company, the Investor
believes that it has received all the information that it considers necessary or
appropriate for deciding whether to purchase the Shares and Warrants. The
Investor further represents that it has had an opportunity to review the SEC
Documents and the Form S-3, and had sufficient opportunity to ask questions and
receive answers from the Company and its directors and officers regarding the
terms and conditions of the offering of the Shares and Warrants and the business
and operations of the Company. The foregoing, however, does not limit or modify
the representations and warranties of the Company in Section 3 of this Agreement
or the right of the Investor to rely thereon.

5.       CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY
         --------------------------------------------------

         The obligations of the Company to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction of each of
the conditions set forth below, any or all of which may be waived by the Company
in whole or in part without prior notice; provided, however, that no such waiver
of a condition shall constitute a waiver by the Company of any other condition
or of any of the Company's rights or remedies, at law or in equity, if the
Investors shall be in default or breach of any of its representations,
warranties or agreements under this Agreement:

         5.1 PURCHASE PRICE. Each Investor shall deliver on the Closing Date
that portion of the Purchase Price to be paid by such Investor as provided in
Section 1.2.

                                       5
<PAGE>

         5.2 ACCURACY OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties of each Investor contained in this Agreement shall be accurate and
complete on and as of the Closing Date with the same effect as though such
representations and warranties had been made on or as of such date.

         5.3 PERFORMANCE OF AGREEMENTS. Each and all of the conditions precedent
and agreements of the Investors subject to satisfaction on or before the Closing
Date pursuant to the terms of this Agreement shall have been performed or
satisfied.

6.       CONDITIONS PRECEDENT TO OBLIGATIONS OF INVESTOR
         -----------------------------------------------

         The obligations of each Investor to consummate the transactions
contemplated by this Agreement shall be subject to the satisfaction of each of
the conditions set forth below, any or all of which may be waived by each
Investor in whole or in part without prior notice; provided, however, that no
such waiver of a condition shall constitute a waiver by such Investor of any
other condition or of any of such Investor's rights or remedies, at law or in
equity, if the Company shall be in default or breach of any of its
representations, warranties or agreements under this Agreement:

         6.1 ACCURACY OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties of the Company contained in this Agreement shall be accurate and
complete on and as of the Closing Date with the same effect as though such
representations and warranties had been made on or as of such date and the
Company shall have delivered to Investor a certificate to that effect signed by
the Company, and dated as of the Closing Date.

         6.2 PERFORMANCE OF AGREEMENTS. Each and all of the conditions precedent
and agreements of the Company subject to satisfaction on or before the Closing
Date pursuant to the terms of this Agreement shall have been performed or
satisfied and the Company shall have delivered to Investor a certificate to that
effect signed by the Company, and dated as of the Closing Date.

         6.3 NO ADVERSE EVENTS. Between the date hereof and the Closing Date,
neither the business, assets or condition, financial or otherwise, of the
Company taken as a whole shall have been materially adversely affected in any
manner.

                                       6
<PAGE>

         6.4 DELIVERY OF DOCUMENTS.

                  6.4.1 The Company shall have effected the transfers and
deliveries set forth in Section 1.1 and 1.3;

                  6.4.2 The Company shall have delivered to the Investor a legal
opinion, in the form of Schedule 6.4 attached hereto.

7.       MISCELLANEOUS
         -------------

         7.1 EXPENSES, COMMISSIONS AND TAXES. Each party shall bear and pay its
own expenses, including legal, accounting and other professional fees, and taxes
incurred in connection with the transactions referred to in this Agreement. The
party responsible under applicable law shall bear and pay in their entirety all
other taxes and registration and transfer fees, if any, payable by reason of the
sale and conveyance of the Shares and Warrants.

         7.2 ENTIRE AGREEMENT; MODIFICATIONS; WAIVER. This Agreement, together
with the related agreements or certificates referenced herein, constitutes the
final, exclusive and complete understanding of the parties with respect to the
subject matter hereof and supersedes any and all prior agreements,
understandings and discussions with respect thereto. No variation or
modification of this Agreement and no waiver of any provision or condition
hereof, or granting of any consent contemplated hereby, shall be valid unless in
writing and signed by the party against whom enforcement of any such variation,
modification, waiver or consent is sought.

         7.3 FURTHER ASSURANCES. The parties hereto shall use their best
efforts, and shall cooperate with one another, to secure all necessary consents,
approvals, authorizations, exemptions and waivers from third parties as shall be
required in order to consummate the transactions contemplated hereby, and shall
otherwise use their best efforts to cause such transactions to be consummated in
accordance with the terms and conditions hereof. At any time or from time to
time after the Closing Date, each party hereto, shall execute and deliver any
further instruments or documents and take all such further action as such
requesting party may reasonably request in order to consummate and document the
transactions contemplated hereby.

         7.4 CAPTIONS. The captions in this Agreement are for convenience only
and shall not be considered a part of or affect the constructing or
interpretation of any provision of this Agreement.

         7.5 SECTION REFERENCES. Unless otherwise noted, all section references
herein are to sections of this Agreement.

         7.6 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, including electronically transmitted counterparts, each of which
when so executed shall constitute an original copy hereof, but all of which
together shall constitute one agreement.

         7.7 SUCCESSORS AND ASSIGNS. Neither party shall have the right to
assign this Agreement.

         7.8 PARTIES IN INTEREST. Nothing in this Agreement, whether express or
implied, is intended to confer any rights or remedies under or by reason of this
Agreement on any persons other than the parties to it and their respective

                                       7
<PAGE>

successors and assigns, nor is anything in this Agreement intended to relieve or
discharge the obligation or liability of any third persons to any party to this
Agreement, nor shall any provision give any third persons any right of
subrogation or action over against any party to this Agreement.

         7.9 NOTICES. All notices, requests, demands and other communications
hereunder ("Notices") shall be in writing and shall be deemed to have been duly
given if delivered by hand or by registered or certified mail, postage prepaid,
return receipt requested, but only upon receipt of such return receipt, as
follows:

         If to Investors:                   As noted in Exhibit I

         If to the Company:                 Peregrine Pharmaceuticals, Inc.
                                            14272 Franklin Avenue, Suite 100
                                            Tustin, California 92780
                                            Attn.:  President

or to such other address as any party may have furnished to the others in
writing in accordance herewith, except that notices of change of address shall
only be effective upon receipt. All Notices shall be deemed received on the date
of delivery or, if mailed, on the date appearing on the return receipt therefor.

         7.10 LAW GOVERNING. This Agreement shall be governed by, and construed
and enforced in accordance with the laws of the State of California, without
regard to its choice-of-laws or conflicts-of-law rules.

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, all as of date first above written.

                                           "The Company"
                                           Peregrine Pharmaceuticals, Inc.,
                                           a Delaware corporation

                                           By: EDWARD J. LEGERE
                                               ----------------------------

                                           Name: /S/ EDWARD J. LEGERE
                                                 --------------------------

                                           Title: PRESIDENT & CEO
                                                  -------------------------

                                       9
<PAGE>

                                   SCHEDULE I
                                 "The Investors"

Print or Type:

Name of Purchaser (Institution)        ZLP Master Fund, LTD

Tax ID No.:                            98-0212785

Address:                               Goldman Sachs (Cayman) Trust, Limited
                                       P.O. Box 896 Harbour Centre 2nd Fl.
                                       North Church Street
                                       George Town, Grand Cayman
                                       Cayman Islands, B.W.I.
                                       C/o Darren Martian

Address to deliver Shares              45  Broadway- 28th Floor
(IF DIFFERENT):                        New York, NY  10006
---------------

Name in which the Shares should be
registered (if different):             ___________________________________

Signature by:                          /S/ STUART J. ZIMMER
                                       -----------------------------------

Name of Individual representing
Purchaser:                             Stuart J. Zimmer

NUMBER OF SHARES TO BE PURCHASED:      1,000,000

PER SHARE PURCHASE PRICE:              $2.00

AGGREGATE PURCHASE PRICE:              $2,000,000

                                       10
<PAGE>

                                   SCHEDULE I
                                 "The Investors"

Print or Type:

Name of Purchaser (Institution)        Vertical Capital Holdings, Ltd.

Tax ID No.:

Address:                                c/o Primeway SA
                                        for Vertical Capital Holdings, Ltd
                                        7 Rue du Rhone
                                        CH-1204, Geneva

Address to deliver Shares              900 Third Avenue, 26th Floor
(if different)                         NY, NY  10022

Name in which the Shares should be
registered (if different):             ______________________________________

Signature by:                          /s/ Beat Kunz

Name of Individual representing
Purchaser:                             Beat Kunz

NUMBER OF SHARES TO BE PURCHASED:      100,000

PER SHARE PURCHASE PRICE:              $2.00

AGGREGATE PURCHASE PRICE:              $200,000

                                       11
<PAGE>

                                  SCHEDULE 3.5

                                   LITIGATION

None

                                       12

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