Spectrum shares fall on wait for drug study data
HENDERSON, Nev. (AP) — Shares of drugmaker Spectrum Pharmaceuticals Inc. fell Monday after the company said it would be several months before it could calculate the results of a drug study involving lymphoma patients.
THE SPARK: The company's partner, Topotarget A/S, reported preliminary results from a study of belinostat in patients with a form of lymphoma, a blood cancer of the lymphatic system. Spectrum is continuing to collect and analyze the data, and is expected to determine the response rate to the drug in November or December, according to Spectrum.
Spectrum CEO Rajesh Shrotriya said the company is on track to file its approval application with U.S. regulators in mid-2013, with a decision expected in 2014.
THE BIG PICTURE: The drug candidate belinostat is in multiple clinical trials for blood and solid cancers. Belinostat already has "fast track" and "orphan drug" status from the Food and Drug Administration, which provides a faster review process and incentives including seven years of market exclusivity if approved.
SHARE ACTION: Spectrum Pharmaceuticals Inc. shares fell 84 cents, or 6.7 percent, to $11.67 in trading Monday.