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Spectrum Pharmaceuticals Announces Strategic Restructuring

Spectrum Pharmaceuticals Announces Strategic Restructuring


Workforce reduction of close to 30%

Cash runway extended into 2023

Sources to be targeted on late-phase belongings, poziotinib and ROLONTIS®

HENDERSON, Nev., January 05, 2022–(Small business WIRE)–Spectrum Prescription drugs (NasdaqGS: SPPI), a biopharmaceutical enterprise focused on novel and focused oncology therapies, today announced a strategic restructuring. The organization will prioritize its late-stage merchandise options, poziotinib and ROLONTIS® (eflapegrastim), and will deprioritize growth functions of its early-stage medical improvement and investigation programs. The organization has designed these selections pursuing a comprehensive evaluate of its functions, portfolio and development opportunities, and will focus its means accordingly.

“The final decision to restructure the corporation is important to emphasis on our sophisticated medical systems that will generate our potential advancement. I would like to categorical my appreciation to our colleagues who are affected by this selection and are leaving Spectrum. We are grateful for their determination and their contributions to advancing our mission,” claimed Tom Riga, President and Chief Govt Officer, Spectrum Prescribed drugs. “The alterations we are implementing are envisioned to end result in a reduction in functioning charges and the extension of the company’s income runway into 2023.”

Spectrum intends to put into action the adhering to strategic restructuring initiatives to decrease its charges and prolong its existing income runway:

  • Spectrum is prioritizing the development functions for its late-stage assets, poziotinib and ROLONTIS, and will deprioritize do the job on its early-stage pipeline, In shape Application (IGN 002) and IL-12.

  • The company restructuring will result in a workforce reduction of approximately 30%.

  • Running dollars melt away is anticipated to be minimized by 20-25%, which must increase the money runway into 2023.

  • The bodily footprint of selected facilities will be drastically lowered in 2022.

About Spectrum Prescribed drugs, Inc.

Spectrum Pharmaceuticals is a biopharmaceutical business centered on attaining, establishing, and commercializing novel and specific oncology therapies. Spectrum has a robust keep track of record of productively executing throughout the biopharmaceutical business enterprise product, from in-licensing and buying differentiated prescription drugs, clinically acquiring novel assets, correctly gaining regulatory approvals and commercializing in a aggressive health care market. Spectrum has a late-phase pipeline with novel property that provide locations of unmet will need. This pipeline has the possible to change the business in the in close proximity to potential. For more facts on Spectrum Pharmaceuticals please go to www.sppirx.com.

Forward-on the lookout statement — This press launch might contain ahead-looking statements relating to future situations and the long run effectiveness of Spectrum Prescribed drugs that entail hazards and uncertainties that could lead to real effects to vary materially. These statements are primarily based on management’s latest beliefs and anticipations as of the date hereof. These statements contain, but are not confined to, statements that relate to Spectrum’s company and its upcoming, such as the timing and success of Spectrum’s strategic restructuring and the rewards anticipated to be derived therefrom, Spectrum’s skill to travel long run progress by concentrating on its highly developed medical courses, the timing and outcomes of Food and drug administration choices relating to poziotinib and ROLONTIS, and any statements that relate to the intent, belief, programs or anticipations of Spectrum or its management, or that are not a assertion of historical simple fact. Risks that could cause actual results to vary contain the risk that Spectrum may possibly are unsuccessful to successfully implement prepared price reduction steps, the likelihood that Spectrum’s present and new drug candidates could not show safe or powerful, the risk that our existing and new applications to the Fda and other regulatory businesses could not acquire approval in a well timed way or at all, the likelihood that our current and new drug candidates, if permitted, may possibly not be far more efficient, safer or far more price tag efficient than competing drugs, the possibility that our initiatives to purchase or in-license and develop added drug candidates may perhaps are unsuccessful, our dependence on third get-togethers for clinical trials, production, distribution and high quality handle and other hazards that are explained in further more detail in the company’s studies filed with the Securities and Trade Commission. The organization does not plan to update any these ahead-hunting statements and expressly disclaims any duty to update the data contained in this push launch besides as necessary by law.

SPECTRUM Prescription drugs, INC.® and ROLONTIS® are registered logos of Spectrum Pharmaceuticals, Inc and its affiliate. REDEFINING Cancer CARE™ and the Spectrum Pharmaceuticals logos are emblems owned by Spectrum Prescribed drugs, Inc. Any other trademarks are the property of their respective owners.

© 2022 Spectrum Prescribed drugs, Inc. All Rights Reserved

Watch source version on businesswire.com: https://www.businesswire.com/news/household/20220105005424/en/

Contacts

Robert Uhl
Taking care of Director, Westwicke ICR
858.356.5932
[email protected]

Kurt Gustafson
Chief Fiscal Officer
949.788.6700
[email protected]



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