HENDERSON, Nev., January 04, 2022–(Small business WIRE)–Spectrum Prescribed drugs (NasdaqGS: SPPI), a biopharmaceutical company concentrated on novel and focused oncology therapies, nowadays announced a $20 million equity expenditure by Hanmi Pharmaceutical alongside with revisions to the licensing agreements for ROLONTIS® (eflapegrastim) and poziotinib. Less than the terms of the strategic expenditure, Hanmi entered into a $20 million equity invest in arrangement that will be priced at $1.60 per share.
“This financial commitment signifies a strengthening in the romantic relationship that we have with Hanmi,” explained Tom Riga, President and CEO of Spectrum Pharmaceuticals. “We search ahead to our continued partnership with Hanmi and to accomplishing the shared target of getting Food and drug administration approval for ROLONTIS and poziotinib.”
“Subsequent a recent meeting in Korea with Spectrum management, we wanted to make this investment decision as a symbol of our self-confidence in their strategic path shifting ahead,” said Se-Chang Kwon, Ph.D., Chief Executive Officer at Hanmi Pharmaceutical. “We see our collaboration with Spectrum as a important driver of our future advancement and an integral section of bringing Hanmi’s novel molecules to the U.S. industry.”
Amendments to the licensing agreements for both ROLONTIS and poziotinib will end result in the conversion of the upfront milestone payments for both products to deferred royalties. In addition, the royalty obligation for ROLONTIS will be modified to mid-one digits as a per cent of gross sales for a specified interval. Previously, the contract terms stipulated tiered royalties ranging from small double digits to mid-teens on Spectrum’s yearly net profits of ROLONTIS. The milestone payment primarily based on ROLONTIS acceptance in the U.S. will be removed in return for an additional royalty, that will go on until finally the milestone is absolutely paid, based on the incremental royalty. Also, the amended agreement gets rid of poziotinib’s approval milestone payment in return for an supplemental royalty that will proceed until the milestone is fully paid out, primarily based on the incremental royalty. The organizations also agreed to an amended provide arrangement that is predicted to result in a lessen price tag of products marketed for Spectrum.
About ROLONTIS® (eflapegrastim)
ROLONTIS is a novel, prolonged-performing granulocyte colony-stimulating factor (G-CSF) looking for an indication for the remedy of neutropenia in individuals getting myelosuppressive anti-cancer medications. The BLA for ROLONTIS is supported by facts from two identically made Period 3 medical trials, Progress and Recover, which evaluated the protection and efficacy of ROLONTIS in 643 early-stage breast most cancers clients for the treatment of neutropenia thanks to myelosuppressive chemotherapy. In both equally scientific studies, ROLONTIS shown the pre-specified speculation of non-inferiority (NI) in length of serious neutropenia (DSN) and a identical safety profile to pegfilgrastim. ROLONTIS also shown non-inferiority to pegfilgrastim in the DSN across all 4 cycles (all NI p<0.0001) in both trials.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a biopharmaceutical company focused on acquiring, developing, and commercializing novel and targeted oncology therapies. Spectrum has a strong track record of successfully executing across the biopharmaceutical business model, from in-licensing and acquiring differentiated drugs, clinically developing novel assets, successfully gaining regulatory approvals and commercializing in a competitive healthcare marketplace. Spectrum has a late-stage pipeline with novel assets that serve areas of unmet need. This pipeline has the potential to transform the company in the near future. For additional information on Spectrum Pharmaceuticals please visit 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, and speak only as of the date hereof. These statements include, but are not limited to, statements that relate to Spectrum’s business and its future, including the likelihood and timing of achieving certain company milestones, Spectrum’s ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, and the ability of such pipeline to transform the company in the near future, the timing and results of FDA decisions relating to ROLONTIS and poziotinib, the impact of the amendment to the supply agreement on the company’s cost of goods sold, and any other 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 Spectrum’s existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval 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 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. The company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law.
SPECTRUM PHARMACEUTICALS, INC.® and ROLONTIS® are registered trademarks of Spectrum Pharmaceuticals, Inc and its affiliate. REDEFINING CANCER CARE™ and the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc. Any other trademarks are the property of their respective owners.
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