Spectrum Pharmaceuticals, Inc. (SPPI) saw its loss widen to $17.44 million, or $0.22 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.15 million, or $0.06 a share. On the other hand, adjusted net loss for the quarter widened to $8.12 million, or $0.10 a share from a loss of $4.59 million or $0.07 a share, a year ago. Revenue during the quarter dropped 29.99 percent to $35.24 million from $50.33 million in the previous year period. Operating margin for the quarter stood at negative 49.01 percent as compared to a negative 5.89 percent for the previous year period.
Operating loss for the quarter was $17.27 million, compared with an operating loss of $2.96 million in the previous year period.
"We made significant advancements in our pipeline throughout 2016 and I believe we are well positioned for transformational growth," said Rajesh C. Shrotriya, MD, chairman and chief executive officer of Spectrum Pharmaceuticals. "ROLONTIS is our highest priority drug and we are pleased that we remain on track for a BLA filing next year. Poziotinib, which is being developed for breast cancer has recently emerged as a potential treatment for a high unmet medical need in lung cancer. Data presented in December suggests that poziotinib has potential in lung cancer patients with certain genetic mutations that have poor prognosis and limited treatment options. An investigator sponsored trial of poziotinib in such patients with EGFR Exon 20 insertion mutations at MD Anderson Cancer Center could yield key results before year end. We have also obtained a new SPA for our late-stage bladder cancer drug Qapzola that significantly reduces the number of patients required for an NDA filing. Spectrum is in a unique position of having multiple opportunities to create value while benefiting patients."
Debt comes down marginally
Spectrum Pharmaceuticals, Inc. has recorded a decline in total debt over the last one year. It stood at $97.04 million as on Dec. 31, 2016, down 2.35 percent or $2.33 million from $99.38 million on Dec. 31, 2015. Spectrum Pharmaceuticals, Inc. has recorded a decline in long-term debt over the last one year. Total debt was 22.63 percent of total assets as on Dec. 31, 2016, compared with 23.59 percent on Dec. 31, 2015. Debt to equity ratio was at 0.41 as on Dec. 31, 2016, down from 0.47 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
