Shares of Spectrum Pharmaceuticals (SPPI) - Get Report jumped nearly 50% in premarket trading Tuesday after announcing positive data from the Phase 2 trial of its lung cancer treatment candidate, poziotinib.
The company said the results were a "significant milestone" for the treatment of non-small cell lung cancer and that it was looking forward to meeting with the Food and Drug Administration about possible drug approval.
"We believe that poziotinib is a significant advancement for patients with this deadly disease in an area of high unmet medical need," said Joe Turgeon, CEO of Spectrum Pharmaceuticals.
The trial involved a total of 90 patients who received a once daily oral dose of the treatment with all of the enrolled patients having failed at least on prior line of therapy, including chemotherapy and immunotherapy.
The median duration of response to the treatment was 5.1 months with a median follow up of 8.3 months. The disease control rate among the group was 70% and the median progression free survival was 5.5 months.
During its last earnings release, Spectrum said that poziotinib's Phase 3 trial was fully enrolled and the company expects to have topline results from the trial in the second half of the year.
Spectrum jumped 71% in extended trading Monday after announcing the results, jumping as high as $5.53 a share after closing the session at $3.24.
The stock was trading 50.3% higher at $4.87 Tuesday.
Year to date, Spectrum's stock has fallen nearly 11% and over the past 12 months the stock has dropped almost 60%.