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Spectrum Receives $16 Million in Payments

From Associated Press (January 29, 2010)

IRVINE, Calif.--Spectrum Pharmaceuticals Inc. said Friday it received a $16 million in payments from partners in Asia.

The company said it received $15 million from Nippon Kayaku in connection with the partnership on the potential bladder cancer treatment apaziquone, or EOquin. Spectrum said it also received $1 million from Handok Pharmaceuticals.

The company also has a partnership deal with Allerga n Inc. on the drug for North America, Europe and other key markets.

Under the deals, Spectrum is also eligible to receive potential milestone payments of up to $450 million for clinical development, regulatory, and commercial goals. Spectrum will also receive royalties on all sales outside the U.S.

Posted: January 2010