Spectrum Pharmaceuticals (NASDAQ:SPPI) Stock Hits Another Low: Provides Key Financial Updates

Biopharmaceutical company focusing on acquiring, developing, and commercializing novel and targeted oncology therapies, Spectrum Pharmaceuticals (NASDAQ:SPPI), on August 12, 2021, announced financial results for the quarter ending June 30, 2021, and also gave a corporate update.

The company confirmed that Momentum continues to build with poziotinib and it is targeting submission of NDA later in the year.

Joe Turgeon, President, and CEO of Spectrum Pharmaceuticals said that the firm is even seeking clarification on the recent CRL for ROLONTIS and have a Type A meeting with the FDA early. It confirmed on continued preparation for poziotinib new drug application and said that it would be done based on positive results from the Zenith20 clinical trial, later in the year. Spectrum also confirmed that meaningful data was presented in June at the American Society of Clinical Oncology Annual Meeting for poziotinib.

The company had a net loss of $49.9 million, or $0.32 loss per basic and diluted share, by end of June 30, 2021, vis-à-vis net loss of $32.2 million, or $0.29 loss per basic and diluted share, of 2020. It had seen research and development expenses of $29.1 million in the quarter while the selling, general and administrative expenses were $15.0 million in the quarter. It had cash, cash equivalents, and marketable securities of $158.8 million.

The firm also had a conference call on August 12, 2021.