Spectrum Pharmaceuticals Receives Complete Response Letter from U.S. Food and Drug Administration for Poziotinib; Reaffirms Focus on the Commercialization of ROLVEDON™ (eflapegrastim-xnst) injection
Spectrum Pharmaceuticals (SPPI) has announced a significant shift in strategy, prioritizing the reduction of its poziotinib program and its R&D workforce by 75% after receiving a Complete Response Letter from the FDA, rejecting its NDA for poziotinib in treating certain lung cancers. The company will explore strategic alternatives for the drug while focusing on its recently launched product, ROLVEDON, targeting a market opportunity of approximately $2 billion. Spectrum believes these changes will align its resources effectively through 2024.
- Focus on ROLVEDON, with an estimated market opportunity of approximately $2 billion.
- Cost savings from workforce reduction expected to support strategic refocusing through 2024.
- FDA issued a Complete Response Letter for poziotinib, requiring additional data for approval.
- Immediate de-prioritization of the poziotinib program reflects serious regulatory challenges.
— Immediately de-prioritizes poziotinib program, accelerates cost reductions, including
— Spectrum to explore strategic alternatives for the poziotinib program, including partnerships and business development opportunities —
“While we are not surprised by the CRL given the ODAC recommendation in September, we are disappointed. After multiple interactions with the FDA since ODAC, and following careful consideration, we have made the strategic decision to immediately de-prioritize the poziotinib program,” said
The Company will de-prioritize poziotinib program activities, effective immediately, and is in the process of reducing its R&D workforce by approximately
The Company will focus efforts on driving growth for its recently launched commercial drug, ROLVEDON. ROLVEDON was approved by the FDA in
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Notice Regarding Forward-looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These forward-looking statements relate to a variety of matters, including, without limitation, statements that relate to Spectrum’s business and its future, including the timing and magnitude of its planned reduction in force; the cost savings to be achieved from the planned restructuring and the Company’s ability to fund its projected operating expenses and working capital through 2024; the future potential of poziotinib as a meaningful treatment option for patients; the likelihood and timing of potential strategic alternatives for poziotinib; the success of the Company’s commercial launch of ROLVEDON, including the potential therapeutic benefits of ROLVEDON and the potential market opportunity for ROLVEDON; the potential of the Company’s pipeline to transform the Company in the near future and other statements that are not purely statements of historical fact. These forward- looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Spectrum and are subject to significant risks and uncertainties that could cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. Risks that could cause actual results to differ include, but are not limited to, the possibility that ROLVEDON may not be more effective, safer or more cost efficient than competing drugs; our dependence on third parties for manufacturing, distribution and quality control; the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail and other risks that are described in further detail in the company's reports filed with the
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