http://www.thestreet.com/story/11627155/1/biotech-stock-mailbag-peregrine-pharma.html

"Peregrine executives are sneaky and two faced. In public, Peregrine CEO Steven King talks enthusiastically about the "exceptional" data from a phase II study of bavituximab in non-small cell lung cancer that has resulted in a "surge" in interest from potential partners.

Privately, however, King has directed the company to sell massive amounts of stock in opaque, back-door financing deals that have diluted shareholders by an astounding 45% in the most recently completed fiscal year, regulatory records show.

Investors should pay more attention to what company executives do, rather than listen to what they say. In Peregrine's case, the company is selling tons of cheapstock on the sly, mostly to uninformed retail investors who are buying it on the belief that company executives are sincere about their stated excitement for bavituximab.

Peregrine executives don't talk publicly about the company's ATM sales. In fact, Peregrine does a pretty good job of keeping these stock sales as opaque as possible, burying details in the footnotes of its most recent 10-K filed with the SecuritiesandExchange Commission."

Do you believe it's even remotely possible that these kinds of financing events occur without the strategic input and approval of a company's BOD ?