Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) has released on Tuesday its financial report for the second quarter. The company has also given a few key updates on its clinical development programs.
Q2 Financial Highlights
For the period, Spectrum Pharmaceuticals
had a total of $30.90 million in product sales. This figure includes $900,000 in net sales of EVOMELA (melphalan), $2.10 million in net sales of MARQIBO (vinCRIStine sulfate LIPOSOME injection), $2.80 million in net sales of ZEVALIN (ibritumomab tiuxetan), $3.70 million in net sales of BELEODAQ (belinostat for injection), $10.50 million in net sales of FUSILEV (levoleucovorin), and $11 million in net sales of FOLOTYN (pralatrexate injection).
The pharmaceutical giant had a net loss of $24.30 million during the second quarter.
Research and Development (R&D) expenses amounted to $14.30 million, which is up year-over-year from $9.60 million. On the other hand, Selling, General, and Administrative (SG&A) expenses amounted to $27.60 million, which is up year-over-year from $22.60 million.
Spectrum Pharmaceuticals noted that a Phase 3 clinical trial for SPI-2012 (eflapegrastim) among breast cancer patients with chemotherapy-induced neutropenia had been commenced under a Special Protocol Assessment (SPA) from the US Food and Drug Administration (FDA). Accordingly, enrollment for the trial is ongoing.
Moreover, the company has also confirmed that enrollment for the Phase clinical trial of Poziotinib in breast cancer patients is ongoing. Multiple Phase 2 clinical trials are also being developed in South Korea.
Furthermore, Spectrum Pharmaceuticals is awaiting approval from the US FDA for Qapzola. The US FDA is expected to hold an advisory meeting next month. Currently, the company is enrolling an additional Phase 3 clinical trial for Qapzola under an SPA.
Rajesh Shrotriya, M.D., Spectrum Pharmaceuticals Chairman and CEO, reiterated in behalf of the company that he is delighted with the progress of its R&D efforts. He boasted that any significant developments from the ongoing clinical trials will substantially transform Spectrum Pharmaceuticals and its position in the pharmaceutical industry. Shrotriya elaborated that the potential success of these R&D initiatives will not only strengthen the confidence of the company’s investors but will most importantly help cancer patients.