Spectrum Pharmaceuticals Inc., a biotechnology company focusing on oncology, today announced preliminary unaudited fourth quarter and fiscal 2010 revenues and anticipations for its products in the upcoming year. The company plans to report its full fourth quarter and fiscal year results in mid-March 2011.
For the fourth quarter of 2010, the company’s estimated product revenues increased 500 percent to more than $30 million as compared to approximately $5 million in the fourth quarter of 2009. Fourth quarter total revenues increased 267 percent to more than $33 million compared to approximately $9 million reported in the fourth quarter of last year.
Fiscal year 2010 product revenues are estimated in excess of $60 million, up 114 percent as compared to approximately $28 million in fiscal year 2009. Fiscal year 2010 total revenues increased 92 percent to more than $73 million as compared to $38 million in fiscal year 2009.
“We are excited with our accomplishments in 2010, particularly the record product revenues of both of our marketed, proprietary anticancer drugs ZEVALIN® and FUSILEV®,” Rajesh C. Shrotriya, MD, chairman, CEO, and president of Spectrum stated in the press release. “In the near-term, we expect 2011 and 2012 to be the years of great achievements. We anticipate FDA decisions on the use of FUSILEV in colorectal cancer in April, the bioscan removal for ZEVALIN later in the year, and NDA filings for belinostat and apaziquone in 2011 and 2012, respectively. Even in these difficult economic times, Spectrum is well capitalized and has resources not only to carry out key value adding activities but is also able to execute on its business strategy. Spectrum has no debt.”
The company reported cash, cash equivalents and investments as of December 31, 2010, at approximately $104 million, as compared to approximately $125 million as of December 31, 2009, a net decrease of $21 million after cash used for an in license of Belinostat of $30 million, offset by cash received from out-license of apaziquone of $17 million. Fourth quarter cash, cash equivalents and investments increased from $92 million as of September 30, 2010, to approximately $104 million as of December 31, 2010, reflecting a net increase of approximately $12 million.
Spectrum also posted its 2011 corporate events and valuation catalysts, including an expected April FDA decision for approval of the company’s FUSILEV colorectal cancer indication; anticipation of an FDA decision for bioscan removal ZEVALIN by the end of 2011; expected data for a trial of Belinostat; and complete enrollment in registrational study and file rolling new drug application (NDA) for Peripheral T-Cell Lymphoma in 2011.
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