Spectrum Pharmaceuticals Announces Year-End, Special Cash Dividend of $0.15 per Share of Common Stock
First dividend payment on common stock since inception of Spectrum
Payment date set for December 28, 2012
The company continues to have a $100 million buyback program in
place through which the company has bought $12 million of Spectrum
HENDERSON, Nev.--(BUSINESS WIRE)--
Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with
fully integrated commercial and drug development operations with a
primary focus in hematology and oncology, today announced that its Board
of Directors has approved the payment of a year-end special dividend of
$0.15 to holders of common stock of record at close of business on
December 20, 2012. The dividend will be paid on or about December 28,
2012. Future special cash dividends will be at the discretion of the
Board of Directors.
"Our year-end dividend is based on our successful growth in revenue and
profits this year, including the growth in our last quarter's sales and
profits, and reflects our confidence in our ability to generate future
returns for shareholders," said Rajesh C. Shrotriya, M.D., Chairman,
President and Chief Executive Officer of Spectrum Pharmaceuticals, Inc.
"In addition, we feel this is an appropriate way to provide an
additional return on investment to our many loyal shareholders who have
been supporting us in our ongoing efforts in building such an exciting
company. With three marketed products, an expanding international
footprint, pending late-stage clinical data, a growing R&D pipeline, and
a leading team of managers, we are excited about the positive direction
of Spectrum and our potential for further growth in meeting the needs of
the oncology community and adding value for our shareholders."
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary
focus in oncology and hematology. Spectrum and its affiliates market
three oncology drugs ─ FUSILEV® (levoleucovorin) for
Injection in the U.S.; FOLOTYN® (pralatrexate injection),
also marketed in the U.S.; and ZEVALIN® (ibritumomab
tiuxetan) Injection for intravenous use, for which the Company has
worldwide marketing rights. Spectrum's strong track record in
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 our 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, leveraging the expertise of partners and employees
around the world to assist us in the execution of our strategy, 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 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 lack of sustained revenue history, 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.
SPECTRUM PHARMACEUTICALS, INC.®, FUSILEV®,
FOLOTYN® and ZEVALIN®,
are registered trademarks of Spectrum Pharmaceuticals, Inc and its
affiliates. REDEFINING CANCER CARE™ and
the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum
© 2012 Spectrum Pharmaceuticals, Inc. All Rights Reserved.
Spectrum Pharmaceuticals, Inc.
Shiv Kapoor, 702-835-6300
President, Strategic Planning & Investor Relations
Source: Spectrum Pharmaceuticals, Inc.
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