Spectrum Pharmaceuticals Announces Results of Annual Meeting of Shareholders

  • Complete Slate of Board Nominees Reelected to Serve One Year Term
  • Shareholders Approve Several Management Proposals

HENDERSON, Nev.--(BUSINESS WIRE)-- Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology, announced the results of its annual meeting of shareholders, which was held June 13, 2011.

The shareholders reelected all six of the Company’s director nominees: Dr. Krishan K. Arora, Dr. Stuart M. Krassner, Dr. Luigi Lenaz, Dr. Anthony E. Maida, Dr. Dilip J. Mehta, and Dr. Rajesh C. Shrotriya. Shareholders also approved management’s proposal for an increase in the number of shares the Company is authorized to issue and also approved the appointment of Ernst & Young, LLP as the Company’s Independent Registered Public Accounting Firm.

“We appreciate the strong support of our shareholders as we continue to focus on growing the FUSILEV® brand in colorectal cancer and ZEVALIN® for non-Hodgkin’s lymphoma,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “We expect a good second quarter and that 2011 will be a year of record achievements for these two products with revenues from them exceeding $100 million. In addition, we have two drugs in late stage development, belinostat and apaziquone, with potential New Drug Applications in 2012.”

In a “Say-on-Pay” advisory vote shareholders approved by an over 90% vote the Company’s executive compensation and recommended an annual vote on such matters.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology. The Company’s strategy is comprised of acquiring, developing and commercializing a broad and diverse pipeline of late-stage clinical and commercial products. The Company markets two oncology drugs, FUSILEV and ZEVALIN and has two drugs, apaziquone and belinostat, in late stage development along with a diversified pipeline of novel drug candidates. The Company has assembled an integrated in-house scientific team, including clinical development, medical research, regulatory affairs, biostatistics and data management, formulation development, and has established a commercial infrastructure for the marketing of its drug products. The Company also leverages the expertise of its worldwide partners to assist in the execution of its strategy. For more information, please visit the Company’s website 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 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.

SPECTRUM PHARMACEUTICALS, INC. ®, ZEVALIN®, and FUSILEV® are registered trademarks of Spectrum Pharmaceuticals, Inc. REDEFINING CANCER CARE™ and the Spectrum Pharmaceutical logos are trademarks owned by Spectrum Pharmaceuticals, Inc.

© 2011 Spectrum Pharmaceuticals, Inc. All Rights Reserved.


Spectrum Pharmaceuticals
Paul Arndt
Senior Manager, Investor Relations

KEYWORDS:   United States  North America  Nevada

INDUSTRY KEYWORDS:   Health  Biotechnology  Oncology  Pharmaceutical