Spectrum Pharmaceuticals Inc (NASDAQ: SPPI) was one of the biggest losers in yesterday’s trading session. The stock lost by 60% to close the day at $3.5. This followed the company’s announcement that, its mid-stage trial for non-small cell lung cancer treatment did not meet its main goal.
The company announced that, the phase 2 trial named Zenith20 was analyzing poziotinib in NSCLC patients who had been treated earlier. This was in an initial group of 115 patients that were getting 15mg every day did not meet its needs. The CEO, Joe Turgeon stated that, even though the response rate from cohort 1 was below expectations, the positives observed from the same cohort did offer support for more clinical evaluation of poziotinib in the patient population with a huge unfulfilled medical need.
The CEO added that, they were looking forward to offering more readouts in 2020 from cohorts 2 and 3. He added that, the company was planning on giving a full update of the program and the strategy used in Q1 of 2020. This will come after a complete evaluation of data from cohort 1.
The company further announced that, its Biologics License Application for Rolontis was up for review by the FDA. It also set a Prescription Drug User Fee Act date on the 24th of October 2020. Rolontis is the company’s treatment for neutropenia that is triggered by chemotherapy. Neutropenia is a situation where a patient has a very low white blood cell count, as a result of cancer treatment.
Looking at its price action, Spectrum Pharmaceuticals Inc opened with a gap down after the announcement. It opened the day at $3.87 and traded between a high of $4.11 and a low of $3.46 before closing at $3.50. Volumes in the day stood at 21.37 million.
About Spectrum Pharmaceuticals Inc
Spectrum Pharmaceuticals Inc is a biopharma company that develops cancer treatments. It is based in Henderson, Nevada.