IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Pharmaceuticals, Inc. (NasdaqGM:SPPI - News), a commercial-stage biotechnology company with a primary focus in oncology, today announced that it has acquired 100% rights to RenaZorb® (a family of compounds represented by SPI-014, also known as RZB-014), a lanthanum-based nanotechnology compound with potent and selective phosphate binding properties, for all human and non-human indications.
“While focused on the oncology field, we remain opportunistic with our other value-driving assets such as RenaZorb, a drug candidate with the potential to reduce dosage burden for chronic kidney disease patients and enable more effective management of their disease,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “Having full rights to this selective and potent nanotechnology-based drug candidate will facilitate our development and partnering strategy for this asset.”
In 2005, the Company acquired the worldwide license to develop RenaZorb for all human therapeutic uses from Altair Nanotechnologies. Today’s acquisition includes all uses and thus provides full rights, and intellectual property, for the asset. In consideration for the license, Spectrum will pay to Altair a total of $750,000 in restricted common stock.
“Given the importance of effectively controlling serum phosphate levels for patients with chronic kidney disease, there has been significant recent activity to extend the use of phosphate binding medications to a wider proportion of the 26 million Americans currently suffering with CKD,” said Amar Singh, Chief Commercial Officer. “Given this activity, and the limitations of existing phosphate binding medications, the market opportunity for new safe and effective phosphate binding medications has significantly increased not only in the U.S. but in other major pharmaceutical markets such as Europe, China, and Japan. Having full title to this asset allows us to maximize the value of this opportunity.”
About RenaZorb®
RenaZorb, or SPI-014, is a non-aluminum, non-polymer, non-calcium, lanthanum-based nanotechnology with highly potent and selective phosphate binding properties, for the potential treatment via oral administration, of hyperphosphatemia, (high phosphate levels in the blood), in patients with chronic kidney disease (CKD). Hyperphosphatemia in Stage 5 CKD, also known as end-stage renal disease (ESRD), can lead to significant bone disease (including pain and fractures), secondary hyperthyroidism in renal sufficiency, cardiovascular disease, and is independently associated with increased mortality. Currently marketed therapies for treating hyperphosphatemia include polymer-based and lanthanum-based phosphate binders, aluminum-based phosphate binders, and calcium-based phosphate binders. According to the United States Renal Data System (USRDS), over the last 20 years, the number of patients with ESRD in the US has grown 4-fold. By 2010 there will be an estimated 661,330 patients with ESRD.
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, 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, RenaZorb’s potential to reduce dosage burden for chronic kidney disease patients and enable more effective management of their disease, that having full title to RenaZorb allows us to maximize the value of this opportunity 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.
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© 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
