Spectrum Pharmaceuticals, Inc. - SPPI STOCK NEWS

Spectrum Pharmaceuticals reported Q4 2022 net sales of $10.1 million from the launch of ROLVEDON™ (eflapegrastim-xnst). This marks a significant milestone as the product was approved by the FDA on September 9, 2022. Operating expenses were reduced by 45% year-over-year, with a net loss of $11.7 million for the quarter, down from a loss of $39.8 million in Q4 2021. The company has $75.1 million in cash equivalents, ensuring financial stability through 2024. ROLVEDON has gained traction, with 70 targeted accounts purchasing the product, including leading oncology networks, and has received a permanent J-Code for reimbursement.

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) will host a conference call on March 22, 2023, at 8:30 a.m. Eastern to discuss its fourth quarter and full year 2022 financial results, along with a corporate update. Interested participants can register through a provided link for dial-in details and listen to a live webcast on the company's investor relations webpage. Spectrum focuses on developing and commercializing targeted oncology therapies, leveraging its expertise across the biopharmaceutical sector. The company emphasizes its commitment to gaining regulatory approvals and succeeding in a competitive market.

Spectrum Pharmaceuticals announced the issuance of a permanent J-code, J1449, for its product ROLVEDON (eflapegrastim-xnst) effective April 1, 2023. This significant milestone is expected to enhance reimbursement efficiency in outpatient settings. The J-code facilitates streamlined billing and claims submission for Medicare Part B drugs. ROLVEDON is designed to reduce febrile neutropenia incidence in adult patients undergoing myelosuppressive chemotherapy. The product had shown positive results in two Phase 3 trials, demonstrating non-inferiority to pegfilgrastim. This approval positions Spectrum to increase brand awareness and customer confidence.

Spectrum Pharmaceuticals (NASDAQ: SPPI) announced preliminary unaudited net sales of approximately $10 million for Q4 2022, reflecting the initial uptake of its product ROLVEDON, launched on October 18, 2022. The launch strategy targets community oncology and has attracted 70 accounts, including leading networks representing 22% of the clinic market. As of December 31, 2022, the company reported $75 million in cash, expected to fund operations through 2024. A detailed financial update will be provided in March 2023.

Spectrum Pharmaceuticals (NASDAQ: SPPI) announced the grant of 20,833 inducement restricted stock units (RSUs) to a new commercial employee for the launch of ROLVEDON (eflapegrastim-xnst) on January 26, 2023. The RSUs are part of the company's 2022 Employment Inducement Incentive Award Plan and will vest over three years, contingent on continued service. This strategic hire highlights Spectrum's commitment to the successful commercialization of its oncology therapies.

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) announced the immediate resignation of Dr. Francois J. Lebel, its Executive Vice President and Chief Medical Officer, to pursue other opportunities. Taking over his responsibilities is Dr. Shanta Chawla, who has over a decade of experience within the company and played a key role in the development of ROLVEDON™ (eflapegrastim-xnst), which recently received FDA approval. The company aims to capitalize on ROLVEDON’s potential in the $2 billion market for oncology therapies aimed at preventing febrile neutropenia in cancer patients.

Spectrum Pharmaceuticals, Inc. (SPPI) announced that ROLVEDON (eflapegrastim-xnst) has been included in the National Comprehensive Cancer Network's (NCCN) latest guidelines for supportive care in oncology. This addition positions ROLVEDON as a treatment option for patients at risk for febrile neutropenia during chemotherapy. CEO Tom Riga emphasized the significance of this milestone, reinforcing ROLVEDON's clinical profile. The drug is designed to reduce infection incidence in adult patients undergoing myelosuppressive chemotherapy, reflecting its efficacy proven in Phase 3 clinical trials.

Spectrum Pharmaceuticals (NASDAQ: SPPI) announced on December 5, 2022, that its Board of Directors has granted 736,988 inducement restricted stock units (RSUs) to non-executive commercial employees hired for the launch of ROLVEDON™. These RSUs will vest over three years, contingent upon continued service. The grants are pursuant to the 2022 Employment Inducement Incentive Award Plan and comply with Nasdaq Listing Rule 5635(c)(4). Spectrum focuses on developing and commercializing oncology therapies and aims to address unmet medical needs.