UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2011
SPECTRUM PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-35006 | 93-0979187 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
11500 S. Eastern Ave., Ste. 240, Henderson, NV |
89052 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (702) 835-6300
Not Applicable |
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 28, 2011, Spectrum Pharmaceuticals, Inc. issued a press release which sets forth our results of operations for the quarter ended September 30, 2011. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information, including Exhibit 99.1, is being furnished under Item 2.02 and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. | Description | |
99.1
|
Press Release dated October 28, 2011. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 28, 2011
SPECTRUM PHARMACEUTICALS, INC.
By: /s/ Brett L. Scott
Brett L. Scott
Senior Vice President and Acting Chief
Financial Officer
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EXHIBIT INDEX
Exhibit No. | Description | |
99.1
|
Press Release dated October 28, 2011 |
4
| $209 Million In Cash, Cash Equivalents, Investments and Receivables as of September 30, 2011 | ||
| Record Performance in the Three- and Nine-Month 2011: |
| Total Revenues of $51 Million and $140 Million, Respectively, Vs. $17 Million and $40 Million in 2010 | ||
| Product Revenues of $48 Million and $131 Million, Respectively, Vs. $14 Million and $30 Million in 2010 | ||
| Net Income of $20 Million and $40 Million, or $0.38 and $0.77 Per Share Basic, and $0.34 and $0.70 Per Share Diluted, Respectively |
| November 20, 2011 FDA Decision Date for ZEVALIN Bioscan Removal | ||
| Two New Drug Applications on Track for Filing in 2012 | ||
| Board-Approved Stock Repurchase Program In Effect |
Friday, October 28, 2011 @ 1:30 p.m. Eastern/10:30 a.m. Pacific |
||
Domestic:
|
(877) 837-3910, Conference ID# 14508947 | |
International:
|
(973) 796-5077, Conference ID# 14508947 |
Conference Call audio replays will be available through November 11, 2011 | ||
Domestic:
|
855-859-2056 | |
International:
|
404-537-3406 |
| Continue to promote FUSILEV and grow revenue in advanced metastatic colorectal cancer, | |
| Initiate additional clinical studies to expand FUSILEV indications. |
| Bioscan removal FDA decision date (PDUFA) November 20, 2011 | |
| Upcoming Presentations at the Annual Meeting of the American Society of Hematology (ASH) 2011 in San Diego, December 10-13, 2011 |
| To date, a total of seven ZEVALIN data presentations have been accepted, six of which have been selected for oral presentations by the lymphoma review committee of ASH |
| Continue a pivotal study in Diffuse Large B-Cell Lymphoma and initiate additional ZEVALIN registrational studies vs. rituximab in non-Hodgkin lymphoma |
| File NDA in 2012 |
| File NDA in 2012 |
| Continued development of novel compounds. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues: |
||||||||||||||||
Product sales, net |
$ | 47,949 | $ | 13,660 | $ | 130,759 | $ | 30,050 | ||||||||
License and contract revenue |
3,075 | 3,075 | 9,225 | 10,117 | ||||||||||||
Total revenues |
$ | 51,024 | $ | 16,735 | $ | 139,984 | $ | 40,167 | ||||||||
Operating costs and expenses: |
||||||||||||||||
Cost of product sales (excludes amortization
of purchased intangible assets) |
8,845 | 3,789 | 23,555 | 10,626 | ||||||||||||
Selling, general and administrative |
15,811 | 11,411 | 47,261 | 36,075 | ||||||||||||
Research and development |
7,388 | 7,485 | 20,904 | 50,314 | ||||||||||||
Amortization of purchased intangibles |
930 | 930 | 2,790 | 2,790 | ||||||||||||
Total operating costs and expenses |
32,974 | 23,615 | 94,510 | 99,805 | ||||||||||||
Income (loss) from operations |
18,050 | (6,880 | ) | 45,474 | (59,638 | ) | ||||||||||
Change in fair value of common stock warrant liability |
2,999 | 1,629 | (3,488 | ) | 6,030 | |||||||||||
Other income, net |
(144 | ) | 578 | 550 | 245 | |||||||||||
Income (loss) before provision for income taxes |
20,905 | (4,673 | ) | 42,536 | (53,363 | ) | ||||||||||
Provision for income taxes |
(650 | ) | 79 | (2,300 | ) | 79 | ||||||||||
Net income (loss) |
$ | 20,255 | $ | (4,594 | ) | $ | 40,236 | $ | (53,284 | ) | ||||||
Net income (loss) per share: |
||||||||||||||||
Basic |
$ | 0.38 | $ | (0.09 | ) | $ | 0.77 | $ | (1.08 | ) | ||||||
Diluted |
$ | 0.34 | $ | (0.09 | ) | $ | 0.70 | $ | (1.08 | ) | ||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
53,810,047 | 49,739,072 | 52,477,789 | 49,146,245 | ||||||||||||
Diluted |
59,469,863 | 49,739,072 | 57,326,069 | 49,146,245 | ||||||||||||
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Cash, cash equivalents |
110,293 | 53,557 | ||||||
Marketable securities |
38,604 | 42,117 | ||||||
Accounts receivable, net |
47,766 | 21,051 | ||||||
Inventories, net |
10,285 | 4,234 | ||||||
Prepaid expenses and other current assets |
571 | 906 | ||||||
Total current assets |
207,519 | 121,865 | ||||||
Investments |
11,880 | 8,569 | ||||||
Property and equipment, net |
2,821 | 3,158 | ||||||
Intangible assets, net |
43,078 | 29,605 | ||||||
Other assets |
576 | 434 | ||||||
Total Assets |
$ | 265,874 | $ | 163,631 | ||||
Current liabilities |
$ | 75,553 | $ | 63,322 | ||||
Deferred revenue and other credits less current portion |
16,173 | 25,495 | ||||||
Other long-term liabilities |
315 | 338 | ||||||
Total liabilities |
92,041 | 89,155 | ||||||
Total stockholders equity |
173,833 | 74,476 | ||||||
Total liabilities and stockholders equity |
$ | 265,874 | $ | 163,631 | ||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
GAAP income (loss) before income taxes |
$ | 20,905 | $ | (4,673 | ) | $ | 42,536 | $ | (53,363 | ) | ||||||
Stock-based compensation |
4,336 | 2,056 | 15,216 | 6,267 | ||||||||||||
Change in fair value of common stock warrant liability |
(2,999 | ) | (1,629 | ) | 3,488 | (6,030 | ) | |||||||||
Income (loss) before income taxes |
22,242 | (4,246 | ) | 61,240 | (53,126 | ) | ||||||||||
Estimated provision for income taxes |
(650 | ) | 79 | (2,300 | ) | 79 | ||||||||||
Non-GAAP income (loss) |
$ | 21,592 | $ | (4,167 | ) | $ | 58,940 | $ | (53,047 | ) | ||||||
Non-GAAP income (loss) per share Basic |
$ | 0.40 | $ | (0.08 | ) | $ | 1.12 | $ | (1.08 | ) | ||||||