Exhibit 99.1
COMPANY CONTACTS
Paul Arndt
Senior Manager, Investor Relations
702-835-6300
SPECTRUM PHARMACEUTICALS RECEIVES APPROXIMATELY $25 MILLION FROM WARRANT EXERCISE
| • | Nearly $160 Million in Cash, Cash Equivalents, and Investments as of September 16, 2011, Up From Approximately $119 Million in Cash, Cash Equivalents, and Investments as of June 30, 2011 |
HENDERSON, Nevada – September 20, 2011 – Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, today announced that it received approximately $25 million in proceeds from the exercise of long-term warrants issued in 2005. The warrants had a strike price of $6.62, and were exercised on or before the September 15, 2011 expiration date.
“Unlike many companies at our stage of development, we generate cash from operations. We market two proprietary anticancer drugs, FUSILEV® for colorectal cancer and ZEVALIN® for non-Hodgkin’s lymphoma, and continue to build value for our shareholders,” said Rajesh C. Shrotriya, MD, Chairman, President, and Chief Executive Officer of Spectrum Pharmaceuticals. “The proceeds from the exercise of these warrants will further enhance our financial position. We continue to maintain strong fiscal discipline. The revenues generated from FUSILEV and ZEVALIN help provide the necessary financial resources for development of our late stage drugs apaziquone and belinostat as well as advancing the other products in our pipeline, and funding other corporate growth initiatives.”
About Spectrum Pharmaceuticals,
Inc.
Spectrum Pharmaceuticals is a biotechnology company with
fully integrated commercial and drug development operations with a primary
focus in oncology and hematology. The Company’s strategy is comprised of
acquiring, developing and commercializing a broad and diverse pipeline of
late-stage clinical and commercial products. The Company markets two
oncology drugs, FUSILEV and ZEVALIN and has two drugs, apaziquone and
belinostat, in late stage development along with a diversified pipeline of
novel drug candidates. The Company has assembled an integrated in-house
scientific team, including clinical development, medical research, regulatory
affairs, biostatistics and data management, formulation development, and has
established a commercial infrastructure for the marketing of its drug
products. The Company also leverages the expertise of its worldwide
partners to assist in the execution of its strategy. For more
information, please visit the Company’s website at www.sppirx.com.
Forward-looking statement – This press release may contain
forward-looking statements regarding future events and the future performance
of Spectrum Pharmaceuticals that involve risks and uncertainties that could
cause actual results to differ materially. These statements are based on
management’s current beliefs and expectations. These statements include
but are not limited to statements that relate to our business and its future,
including certain company milestones, Spectrum’s ability to identify,
acquire, develop and commercialize a broad and diverse pipeline of late-stage
clinical and commercial products, leveraging the expertise of partners and
employees, around the world to assist us in the execution of our strategy, and
any statements that relate to the intent, belief, plans or expectations of
Spectrum or its management, or that are not a statement of historical fact.
Risks that could cause actual results to differ include the possibility that
our existing and new drug candidates, may not prove safe or effective, the
possibility that our existing and new drug candidates may not receive approval
from the FDA, and other regulatory agencies in a timely manner or at all, the
possibility that our existing and new drug candidates, if approved, may not be
more effective, safer or more cost efficient than competing drugs, the
possibility that our efforts to acquire or in-license and develop additional
drug candidates may fail, our lack of sustained revenue history, our limited
marketing experience, our dependence on third parties for clinical trials,
manufacturing, distribution and quality control and other risks that are
described in further detail in the Company’s reports filed with the
Securities and Exchange Commission. We do not plan to update any such
forward-looking statements and expressly disclaim any duty to update the
information contained in this press release except as required by law.
SPECTRUM PHARMACEUTICALS, INC. ®, ZEVALIN®, and FUSILEV® are registered trademarks of Spectrum Pharmaceuticals, Inc. REDEFINING CANCER CARE™ and the Spectrum Pharmaceutical logos are trademarks owned by Spectrum Pharmaceuticals, Inc.
© 2011 Spectrum Pharmaceuticals, Inc. All Rights Reserved
11500 S. Eastern Ave., Ste. 240 • Henderson, Nevada 89052 • Tel: 702-835-6300 • Fax: 702-260-7405 • www.sppirx.com • NASDAQ: SPPI