Spectrum Pharmaceuticals, Inc. Wins Arbitration with Cell Therapeutics, Inc.
IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI - News), a commercial-stage biotechnology company with a focus in oncology, announced today the results of an arbitration dispute with Cell Therapeutics (CTI) with regard to certain liabilities of CTI and joint venture expenses. Related Quotes
The arbitrator awarded Spectrum $4,276,454. Specifically, as set forth in the arbitration award, $3.5 million was ordered to be immediately released from the escrow account and distributed entirely to Spectrum. Additionally, CTI was ordered to immediately pay an additional $776,454 to Spectrum by wire transfer.
Per the agreement, the arbitration award is final, binding, and non-appealable by either party.
“We are very pleased with the outcome of the arbitration process, and remain very excited about the commercial potential of ZEVALIN. We continue to view the year ahead as a transformative period for Spectrum Pharmaceuticals, and we are committed to executing on our strategy and building sustainable shareholder value,” said Raj Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals is a commercial-stage biotechnology company with a focus in oncology. The Company’s strategy is comprised of acquiring and developing a broad and diverse pipeline of late-stage clinical and commercial products; establishing a commercial organization for its approved drugs; continuing to build a team with people who have demonstrated skills, passion, commitment and have a track record of success in its areas of focus; and, leveraging the expertise of partners around the world to assist it in the execution of its strategy. For more information, please visit our website at www.spectrumpharm.com.
Forward-looking statement – This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements include but are not limited to statements that relate to our business and its future, that 2009 will be a transformative year for Spectrum, that we are committed to executing on our strategy and building sustainable shareholder value, Spectrum's ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, establishing a commercial organization for our approved drugs, continuing to build our team, leveraging the expertise of partners around the world to assist us in the execution of our strategy, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates, may not prove safe or effective, the possibility that our existing and new drug candidates may not receive approval from the FDA, and other regulatory agencies in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of revenues, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.
SPECTRUM PHARMACEUTICALS, INC.™, TURNING INSIGHTS INTO HOPE™ and the Spectrum Pharmaceutical logos are trademarks owned by Spectrum Pharmaceuticals, Inc. ZEVALIN® is a registered trademark of RIT Oncology, LLC, a subsidiary of Spectrum.
© 2009 Spectrum Pharmaceuticals, Inc. All Rights Reserved.
Contact:
Spectrum Pharmaceuticals, Inc. Russell Skibsted Sr. Vice President & Chief Business Officer 949-788-6700x234 or Paul Arndt Senior Manager, Investor Relations 949-788-6700x216