>>Wanna try to update re. your candidates, over the next couple of years??>> Just to show this is on-topic or at least sort of.
Spectrum Pharmaceuticals to Receive $1 Million Investment
Friday February 7, 8:30 am ET
Investment to Support Accelerated Development of Spectrum's Generic Drug Business
IRVINE, Calif., Feb. 7 /PRNewswire-FirstCall/ -- Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI - News) today announced that it has entered into an agreement with a strategic investor who has agreed to invest $1 million in Spectrum Pharmaceuticals to support the Company's emerging generic drug business. The investment will be subject to the achievement of two milestones, both of which relate to the first Abbreviated New Drug Application (ANDA) filed by Spectrum with the U.S. Food and Drug Administration (FDA) in January 2003. The investor will purchase $250,000 of unregistered Spectrum common stock upon acceptance by the FDA of the ANDA. The investor will purchase an additional $750,000 of unregistered Spectrum common stock upon approval of this ANDA by the FDA. The purchase prices in the transactions will be at a 5 percent premium to the closing price of Spectrum stock on the day prior to acceptance and approval, respectively. The investor will also receive five year warrants to purchase Spectrum common stock at a price $1.00 above the purchase price of the common stock purchased in each transaction. The number of warrants will be equal to 20 percent of the number of common shares issued in each transaction.
"Earlier this year we filed our first ANDA with the US Food and Drug Administration, and we look forward to additional filings going forward," stated Rajesh C. Shrotriya, M.D., Chairman, Chief Executive Officer and President of Spectrum Pharmaceuticals. "This investment should help accelerate and expand our generic drug business, and we appreciate the investor's confidence in our potential. We look forward to achieving both milestones in this agreement, so that we can move to realize some of the significant revenue opportunities that we see from being a high quality, low-cost supplier in the growing U.S. generic drug market."
Comments: They are still strapping the boots over at Spectrum. Money is flowing to the company. Despite the odds. Raj seems to be doing a fine job.
Erik |
