Healthcare Industry News: GPC Biotech
News Release - November 6, 2007
Spectrum Pharmaceuticals Announces Arbitration Panel RulingIRVINE, Calif.--(HSMN NewsFeed)--Spectrum Pharmaceuticals, Inc. (Nasdaq:SPPI ) today announced that an arbitration panel has issued a ruling in the dispute between Spectrum and GPC Biotech. In its ruling, the arbitration panel dismissed all claims of each party against the other. The panel's ruling is binding according to the terms of the agreement between Spectrum and GPC.
“We are disappointed in the panel’s decision regarding our claims,” said Rajesh C. Shrotriya, M.D., President and Chief Executive Officer of Spectrum Pharmaceuticals, Inc. “We are also disappointed in the unfortunate comments made by GPC Biotech that mischaracterize some of the decisions of the panel. However, we are focusing on the future and working on the advancement of our portfolio of the ten other drugs in our pipeline.”
Spectrum’s demand for arbitration was based on its exclusion from participating in nearly $70 million in sublicense income received by GPC Biotech, and to address other non-monetary material violations of its license agreement. GPC Biotech counterclaimed and demanded a royalty-free license, etc.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals acquires, develops and commercializes a diversified portfolio of oncology drug candidates that meet critical health challenges for which there are few other treatment options. The company's pipeline includes promising early and late-stage drug candidates with unique formulations and mechanisms of action that address the needs of seriously ill patients, such as at-home chemotherapy and new treatment regimens for refractory disease. 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 its portfolio of drug candidates, the Company's promising pipeline, the advancement of our portfolio of ten other drugs in our pipeline, 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.
Source: Spectrum Pharmaceuticals
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