Key Developments For Spectrum Pharmaceuticals Inc
Spectrum Pharmaceuticals Inc (SPPI.O) (Consolidated Issue listed on NASDAQ Global Market)
Spectrum Pharmaceuticals, Inc. And Handok Pharmaceuticals Co., Ltd. Announces Collaboration Agreement For Apaziquone in South Korea
Spectrum Pharmaceuticals, Inc. (Spectrum) and Handok Pharmaceuticals Co., Ltd. (Handok) announced a collaboration for the development and commercialization of apaziquone in South Korea. Under the terms of the agreement, Handok will pay Spectrum an upfront payment and potential payments totaling over $19 million. The potential milestones will be based on the achievement of certain regulatory and commercialization milestones. Handok received rights to apaziquone for the treatment of non-muscle invasive bladder cancer in South Korea. Handok will conduct the apaziquone clinical trials pursuant to a development plan and will be responsible for all expenses relating to the development and commercialization of apaziquone in South Korea.
Spectrum Pharmaceuticals, Inc. And Nippon Kayaku Enter Collaboration Agreement For Apaziquone In Asian Territories
Spectrum Pharmaceuticals, Inc. and Nippon Kayaku announced an exclusive collaboration for the development and commercialization of apaziquone in Asia. Apaziquone is an antineoplastic agent being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation. Under the terms of the agreement, Nippon Kayaku will pay Spectrum an upfront payment of $15 million and will make additional payments of up to $136 million based on the achievement of certain regulatory and commercialization milestones. Nippon Kayaku received exclusive rights to apaziquone for the treatment of non-muscle invasive bladder cancer in Asia, including Japan and China. Nippon Kayaku will conduct the apaziquone clinical trials pursuant to a development plan. Nippon Kayaku will be responsible for all expenses relating to the development and commercialization of apaziquone in the Nippon Kayaku territory.
Spectrum Pharmaceuticals, Inc. Receives Complete Response Letter From FDA For FUSILEV In Advanced Metastatic Colorectal Cancer
Spectrum Pharmaceuticals, Inc. announced that it has received a Complete Response letter from the U.S. Food and Drug Administration (FDA) regarding its supplemental New Drug Application (sNDA) for FUSILEV (levoleucovorin) for injection for treatment of patients with advanced metastatic colorectal cancer. The FDA stated in the Complete Response letter that the submission did not demonstrate that FUSILEV is non-inferior to leucovorin; and recommended that the Company meet with them to discuss options for continuing to seek approval of FUSILEV in advanced metastatic colorectal cancer. The Company plans to promptly request such meeting to discuss options for FUSILEV in this indication. The FDA did not request any changes to the currently approved indications and package insert.
Spectrum Pharmaceuticals, Inc. Receives $50 Million From Institutional Investors At $7.55 Per Share
Spectrum Pharmaceuticals, Inc. announced that it has received $50 million from existing institutional investors in a previously announced registered direct offering. Spectrum Pharmaceuticals received net proceeds of approximately $47.5 million after deducting placement agent fees and other offering expenses. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. acted as the exclusive placement agent for the transaction.
Spectrum Pharmaceuticals, Inc. To Raise Up To $50 Million From Institutional Investors At $7.55 Per Share
Spectrum Pharmaceuticals, Inc. announced that it has received commitments from institutional investors to purchase $50 million of securities in a registered direct offering. Under the terms of a Securities Purchase Agreement, the Company will sell an aggregate of approximately 6,622,500 shares of its common stock and warrants to purchase up to 2,649,000 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase approximately one-half of a share of common stock, will be sold for a purchase price of $7.55. Proceeds from the transaction will be used for general corporate purposes. The offering is expected to be consummated no later than September 21, 2009. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., acted as the exclusive placement agent for the transaction.
