Spectrum Pharmaceuticals received $47.5 million from existing institutional investors through a registered direct offering of $50 million. This adds to the $106 million that the company holds in cash, as was reported on August 13.
The company’s lead candidate is EOquin®, a synthetic bio-reductive prodrug that is being investigated in the treatment of noninvasive bladder cancer. It began two Phase III studies in 2007.
Spectrum also has three compounds in Phase II development: Ozarelix, for the treatment of prostate cancer and benign prostatic hypertrophy, Ortataxel, for the treatment of taxane-refractory tumors, and Satraplatin, a Phase II oral, anticancer drug, being investigated for non-small-cell lung cancer.
The company has three molecules in Phase I trials: SPI-1620, an adjunct to chemotherapy, Elsamitrucin, which targets advanced solid tumors, and Lucanthone, a chemotherapy sensitizer in the treatment of recurrent, malignant brain tumors.
Other drugs in development include RenaZorb™, used in the treatment of hyperphosphotemia in end-stage renal disease and SPI-205 for chemotherapy-induced neuropathy.
Spectrum has two approved medications: Zevalin® for non-Hodgkin's lymphoma and Fusilev™ indicated after high-dose methotrexate therapy in osteosarcoma and to diminish toxicity and counteract effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists.
Consolidated revenue for the first half of this year was $22.3 million, with product sales contributing $18.1 million and another $4.2 million coming from a licensing fee from Allergan. Zevalin brought in $5.9 million and Fusilev $12.2 million. This compares to $20.7 million in one-time, nonrecurring revenue in the same period of 2008.