Staff and Wire Reports
Tuesday, 15 February 2011 08:09
Spectrum Pharmaceuticals (Nasdaq:SPPI), the biotechnology company with a primary focus in oncology has announced preliminary unaudited fourth quarter and fiscal 2010 revenues. The company has several catalysts in 2011 which we will be covering in this space.
In a prepared statement, Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals said: “In the near-term, we expect 2011 and 2012 to be the years of great achievements. We anticipate FDA decisions on the use of FUSILEV in colorectal cancer in April, the bioscan removal for ZEVALIN later in the year, and NDA filings for belinostat and apaziquone in 2011 and 2012, respectively. Even in these difficult economic times, Spectrum is well capitalized and has resources not only to carry out key value adding activities but is also able to execute on its business strategy."
Spectrum has no debt and the management team at the company said that they are excited by record product revenues of both of their marketed, proprietary anticancer drugs ZEVALIN® and FUSILEV®.” The company plans to report full Fourth Quarter and Fiscal Year ended December 31, 2010 financial results in mid-March 2011, but today released some preliminary numbers, including:
- Fourth Quarter 2010 product revenues in excess of $30 million, up 500% as compared to approximately $5 million in the fourth quarter 2009
- Fourth Quarter 2010 total revenues in excess of $33 million, up 267% as compared with approximately $9 million in the fourth quarter 2009
- Fiscal Year 2010 product revenues in excess of $60 million, up 114% as compared to approximately $28 million in fiscal year 2009
- Fiscal Year 2010 total revenues in excess of $73 million, up 92% as compared to approximately $38 million in fiscal year 2009
Below are some of the company's corporate events and valuation catalysts:
- FDA decision for approval of Fusilev's colorectal cancer indication is expected in less than three months, by April 29, 2011.
- Anticipate FDA decision on Zevalin's bioscan removal before the end of 2011.
In regards to the company's two late stage development candidates, Belinostat and Apaziquone, the company said that investors can expect:
- Release of data in Carcinoma of Unknown Primary trial in the second half of 2011;
- Complete enrollment in registrational study and file rolling NDA for Peripheral T-Cell Lymphoma in 2011
- Anticipate data from Apaziquone's Phase 3 bladder cancer trials and filing NDA in 2012.
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