The lender was another firm. It's interesting to consider the strategic variables (legal and investment) of likely reasons why Johnson and Swartz (both current BOD members) didn't loan them the money. Especially since Roswell Capital has a history of $78 Million in Placements and Equity commitments to PPHM in the past. http://roswellcapital.com/historical-transactions/

http://finance.yahoo.com/news/propthink-pphms-clandestine-capital-raise-131501966.html

"In a move of self-preservation, Peregrine Pharmaceuticals (PPHM) announced Wednesday that it raised $14.3 million in gross proceeds through an ATM (At The Market) agreement with MLV & Co. We find it interesting that the company reported "gross" proceeds and not "net" proceeds, once again demonstrating a lack of complete transparency with investors."

"An investment in PPHM, now more than ever, relies on the company being crystal clear with investors, particularly given the prior hype on "great" bavituximab data that turned out to be bogus. We do not believe the capital raise announced today changes the story for the better, and in fact, suggests that the company could continue to sell shares to stay alive while no one is looking"