Spectrum Pharmaceuticals Announces Nasdaq Decision to Continue Company's Smallcap Market Listing
"We are very pleased to hear that the Nasdaq Listing Qualifications Panel has confirmed our compliance with all the requirements for continued listing on The Nasdaq SmallCap Market," stated Rajesh C. Shrotriya, Chairman, Chief Executive Officer and President of Spectrum Pharmaceuticals, Inc. "This confirmation by Nasdaq symbolizes the successful completion of the financial restructuring and recapitalization of the Company that we worked so hard on over the past fifteen months."
On May 30, 2003, the Nasdaq Listing Qualifications Panel decided to conditionally continue the listing of Spectrum's common stock. The conditional listing required the Company to show that it continued to meet the minimum stockholders' equity and other requirements for continued listing on the Nasdaq SmallCap Market by making timely filings of its 10-Q reports with the Securities and Exchanges Commission for the 2nd and 3rd quarters of 2003. The Company has met these requirements; and its form 10-Q for the 3rd quarter evidences stockholders' equity of $13.4 million. In a letter dated November 19, 2003, Nasdaq informed Spectrum of the Panel's determination that Spectrum is in compliance with the terms of the Panel's decision to continue listing, and that the hearing file has been closed.
Spectrum Pharmaceuticals' primary focus is to develop in-licensed drugs for the treatment and supportive care of cancer patients. The Company's lead drug, satraplatin, is a phase 3 oral, anti-cancer drug being co-developed with GPC Biotech AG, which has been granted fast-track status by the United States Food and Drug Administration. Elsamitrucin, a phase 2 drug, will initially target non-Hodgkin's lymphoma. Eoquin is being studied in the treatment of superficial bladder cancer, and may have applications as a radiation sensitizer. The Company is actively working to develop, seek approval for and oversee the marketing of generic drugs in the U.S. Spectrum also has a pipeline of pre-clinical neurological drug candidates for disorders such as attention-deficit hyperactivity disorder, schizophrenia, mild cognitive impairment and pain, which it is actively seeking to out-license or co- develop. For additional information about the Company, visit the Company's web site at www.spectrumpharm.com.
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 the intent, belief, plans or expectations of the company or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include our lack of revenues and need for additional financing, the possibility that our existing drug product candidates may not prove to be safe or effective, our limited experience in establishing strategic alliances, our limited experience with the generic drug industry and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission.