Over the past five years, the FDA has often used half-day sessions of the Oncologic Drugs Advisory Committee (ODAC) to administer public floggings to flawed cancer drugs.
Spectrum Pharmaceuticals, BioCryst Pharmaceuticals and Curis were among the biotech stock movers in premarket trading on Thursday.
The FDA told Spectrum not to seek approval for its bladder cancer drug. Spectrum filed anyway but never told investors about the FDA warning.
An FDA committee said on Wednesday that Spectrum Pharmaceuticals' (SPPI) Qapzola drug for bladder tumors did not show substantial evidence of efficacy.