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Pharmaceutical company to get $25 million for haematology and oncology development

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Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, today announced that it received approximately $25 million in proceeds from the exercise of long-term warrants issued in 2005. The warrants had a strike price of $6.62, and were exercised on or before the September 15, 2011 expiration date.

“Unlike many companies at our stage of development, we generate cash from operations. We market two proprietary anticancer drugs, FUSILEV® for colorectal cancer and ZEVALIN® for non-Hodgkin’s lymphoma, and continue to build value for our shareholders,” said Rajesh C. Shrotriya, MD, Chairman, President, and Chief Executive Officer of Spectrum Pharmaceuticals. “The proceeds from the exercise of these warrants will further enhance our financial position. We continue to maintain strong fiscal discipline. The revenues generated from FUSILEV and ZEVALIN help provide the necessary financial resources for development of our late stage drugs apaziquone and belinostat as well as advancing the other products in our pipeline and funding other corporate growth initiatives.”

Ref and Read more: http://www.therapeuticsdaily.com/news/article.cfm?contenttype=newsarchive&contentvalue=803838&channelID=28

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