Spectrum Pharmaceuticals Bolsters Generic Capabilities With the Addition of Two Industry Veterans
"Tom Speace and Fred Defesche bring more than three decades of combined experience in building and growing generic drug companies, including participation in the filing of over 125 ANDAs, to Spectrum," stated Rajesh C. Shrotriya, M.D., Chairman, Chief Executive Officer and President of Spectrum Pharmaceuticals, Inc. "Fred's experience in manufacturing and developing injectable generic drugs and Tom's demonstrated success in building and managing business development, marketing, sales, and distribution functions for multiple generic pharmaceutical product launches should prove invaluable as we await the potential approval of our first generic drug, and as we continue to move into the injectable and other generic markets."
"I am very excited to join the Spectrum team, and look forward to contributing to the growth and development of Spectrum's generic drug business," stated Thomas M. Speace, Vice President, Marketing, Sales and Business Development of Spectrum Pharmaceuticals. "Spectrum has made progress over the last year with ANDA filings for ciprofloxacin and carboplatin and has other products in development for additional filings in the years to follow. Spectrum's strategy is to seek to capitalize on the continued demand for high-quality generic drugs. We plan to do so by combining the low cost and high quality manufacturing capabilities of Indian and other pharmaceutical companies with our own development, regulatory, sales and marketing expertise in targeted market niches, such as oncology, to establish and grow a revenue base in the generic drug business. We believe that continued high-premium consolidation in the generic segment could present new opportunities for growth for focused pharmaceutical companies such as Spectrum. "
During his career to date, Tom Speace contributed to the filing of more than 100 ANDAs. He began his career at ESI/Lederle Pharmaceuticals where over nine years he helped to establish the Company as a leader in the generic injectable market. He then spent twelve years at GensiaSicor Pharmaceuticals, where he co-led the establishment of the company. Tom also served in executive management positions with DSM Pharmaceuticals and Alpha Therapeutic. Tom received his Bachelor's Degree from The Wharton School at the University of Pennsylvania, and received an MBA from St. Joseph's University.
Prior to joining Spectrum Pharmaceuticals, Fred Defesche was Manager, Drug Development Project Management for American Pharmaceutical Partners, where he managed both in-house and outsourced development and manufacturing for up to 8 ANDA submissions and product launches annually. Fred also held positions in manufacturing and formulation development for Supergen, Inc. and Sulzer Carbomedics. Fred received his Bachelor's Degree from Louisiana State University and a Master's Degree in Chemical Engineering from The University of Texas.
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, and 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 is also actively seeking to out-license or co-develop its pipeline of pre-clinical neurological drug candidates for disorders such as attention-deficit hyperactivity disorder, schizophrenia, mild cognitive impairment and chronic pain. 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 our generic drug business and its future, Mr. Speace's and Mr. Defesche's ability to contribute to the growth of our generic drug business, the generic drug industry and the manufacturing capabilities of our strategic partners, as well as any 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 limited marketing experience, our limited experience with the generic drug industry, 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, the possibility of changes to high-premium consolidation in the generic drug segment and the demand for high quality generic drugs, a change in the effectiveness of our manufacturing partners and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission.
For further information, please contact: Rajesh C. Shrotriya, M.D., CEO and President of Spectrum Pharmaceuticals, Inc., +1-949-743-9295.