Spectrum Pharmaceuticals (Nasdaq: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, announced today financial results for the three-month period ended September 30, 2013.
“I am excited about the performance of the company this quarter,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “We are looking forward to filing the NDA for Belinostat before the end of this year and expect to bring this important treatment option to patients next year. We anticipate topline data for Captisol-enabled Melphalan’s pivotal trial to be available in the second quarter of 2014, and to file an NDA soon thereafter. Further, SPI-2012, our long-acting, proprietary conjugated GCSF, is progressing well and could have a significant impact on our long-term growth. We remain focused on executing our long-term strategy and continue to add assets to further diversify our portfolio.”
Three-Month Period Ended September 30, 2013 (All numbers are approximate)
GAAP ResultsConsolidated revenues of $42.4 million was comprised of product net sales of $41.4 million and $1.0 million from licensing fees. This represents a 38.5% decrease from $69.0 million in consolidated revenue, including product net sales of $65.9 million, recorded in the three-month period ended September 30, 2012. Product revenues in third quarter included: FUSILEV® (levoleucovorin) net sales of $23.1 million, FOLOTYN® (pralatrexate injection) net sales of $10.5 million, ZEVALIN® (ibritumomab tiuxetan) net sales of $7.8 million and Marqibo® (vinCRIStine sulfate LIPOSOME injection) net sales of $0.1 million. The Company recorded net loss of $7.8 million, or ($0.13) per basic and diluted share in the three-month period ended September 30, 2013, compared to net income of $21.5 million, or $0.37 per basic and $0.33 per diluted share in the comparable period in 2012. Total research and development expenses were $13.6 million in the quarter, as compared to $10.0 million in the same period in 2012. Selling, general and administrative expenses were $29.0 million in the quarter, compared to $22.9 million in the same period in 2012. Expenses were higher this quarter primarily due to one time charges associated with the Talon acquisition.
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