Shareholder Rights Plan Amended to Eliminate Poison Pill
Bylaws Amended to Enable Proxy Access and Majority Voting
Dr. Bernice R. Welles Recommended to be Added to Spectrum’s Board of
HENDERSON, Nev.--(BUSINESS WIRE)--Apr. 30, 2018--
Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biotechnology company
with fully integrated commercial and drug development operations with a
primary focus in hematology and oncology, announced today that it has
taken a number of actions designed to further enhance its corporate
On March 23, 2018, the board approved amendments to Spectrum’s bylaws
and shareholder rights plan to establish proxy access rights, implement
a majority voting standard and rescind the stockholder rights plan,
commonly referred to as a poison pill. Additionally, the nominating and
corporate governance committee has recommended one new candidate, Dr.
Bernice Welles, to replace Dr. Rajesh Shrotriya and Dr. Luigi Lenaz, and
will reduce the size of the board to eight members.
“In response to feedback from our shareholders, we have taken steps to
improve our corporate governance practices,” said Joe Turgeon, President
and CEO of Spectrum Pharmaceuticals. “Recently, our board of directors
facilitated the transition to new management, separation of the chairman
and CEO functions, and revisions related to executive
compensation. These previous changes along with the three amendments
announced today, align Spectrum’s corporate governance with best
“To further enhance and broaden the independence of our board, I am
pleased to announce the nomination of Dr. Bernice Welles,” said Stuart
M. Krassner, ScD, PsyD, chairman of the board. “Dr. Welles is a
practicing oncologist, the chief executive officer at Alquest
Therapeutics, Inc. and chief medical officer at Enject, Inc. She brings
expertise and leadership in development of cutting edge biotechnology.
With the addition of Dr. Welles and the recent additions of Joseph W.
Turgeon and William L. Ashton, we believe we have the right balance of
experience and expertise for the next stage of Spectrum’s growth. I
would also like to thank Dr. Shrotriya and Dr. Lenaz for their years of
service to the company.”
The board of directors currently consists of eight annually-elected
directors. The nominating and corporate governance committee evaluates
the quality of the board and nominates the best possible candidates.
Acting upon the recommendation of Spectrum’s nominating and corporate
governance committee, the board nominated William L. Ashton, Raymond W.
Cohen, Gilles R. Gagnon, Stuart M. Krassner, Anthony E. Maida, Joseph W.
Turgeon, Dolatrai M. Vyas and Bernice R. Welles for election to the
board at the 2018 Annual Meeting.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary
focus in hematology and oncology. Spectrum currently markets six
hematology/oncology drugs, and has an advanced stage pipeline that has
the potential to transform the company. Spectrum's strong track record
for in-licensing and acquiring differentiated drugs, and expertise in
clinical development have generated a robust, diversified, and growing
pipeline of product candidates in advanced-stage Phase 2 and Phase 3
studies. More information on Spectrum is available at www.sppirx.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 are based on management's current beliefs and expectations.These statements include, but are not limited to, statements that
relate to Spectrum’s business and its future, including certain company
milestones, Spectrum's ability to identify, acquire, develop and
commercialize a broad and diverse pipeline of late-stage clinical and
commercial products, the timing and results of FDA decisions, 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 Spectrum’s existing and new drug candidates may not
prove safe or effective, the possibility that our existing and new
applications to the FDA and other regulatory agencies may not receive
approval 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 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.The company does not plan to
update any such forward-looking statements and expressly disclaims any
duty to update the information contained in this press release except as
required by law.
SPECTRUM PHARMACEUTICALS, INC.® is a
registered trademark of Spectrum Pharmaceuticals, Inc and its affiliate.
REDEFINING CANCER CARE™ and the Spectrum Pharmaceuticals logos are
trademarks owned by Spectrum Pharmaceuticals, Inc. Any other trademarks
are the property of their respective owners.
© 2018 Spectrum Pharmaceuticals, Inc. All Rights Reserved
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Source: Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals, Inc.
Strategic Planning & Investor Relations