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, today announced that Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals, is an Ernst & Young Orange County Region Entrepreneur of the Year® award winner. Dr. Shrotriya was specifically cited for his turn-around of Spectrum. According to Ernst & Young LLP, the award program recognizes entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. Dr. Shrotriya was chosen from 15 finalists by a panel of independent judges. Award winners were announced at a special gala event on June 11, 2011.
“I am honored to have won such a prestigious award,” said Dr. Shrotriya. “About nine years ago, before I was appointed Chairman, Chief Executive Officer, and President, Spectrum’s major drug had failed in clinical trials and the Company was in a precarious financial condition. In 2002, the Company was left with only a handful of employees, its market capitalization was under $2 million, and it had received a delisting notice from Nasdaq. Today, Spectrum is listed on Nasdaq’s most prestigious category, the Nasdaq Global Select Market. Spectrum now has nearly 150 employees and is well capitalized with significant and growing revenues from two anticancer drugs, which are expected to exceed well over $100 million this year, resulting in profitability. Spectrum’s market capitalization is now approaching a half billion dollars. In the past months tens of thousands of cancer patients have benefited from the drugs marketed by Spectrum. As we look to the future, we continue to grow the FUSILEV® and ZEVALIN® brands in colorectal cancer and non-Hodgkin’s lymphoma, respectively, bringing the benefits of these two drugs to thousands of patients. We also continue to make preparations for two New Drug Application filings with the FDA in 2012 for two of our novel late-stage drugs, one for bladder cancer and one for peripheral T-Cell lymphoma, that if approved would benefit many more patients and continue to grow our revenue and profitability.”
The Ernst & Young Entrepreneur of the Year Program celebrates its 25th anniversary this year. The program has expanded to recognize business leaders in more than 140 cities and more than 50 countries throughout the world.
Regional award winners are eligible for consideration for the Entrepreneur of the Year National Award. Award winners in several national categories, as well as the Entrepreneur of the Year overall National Award winner, will be announced at the annual awards gala in Palm Springs, California, on November 12, 2011. The awards are the culminating event of the Ernst & Young Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies, which will be held November 9–13, 2011.
About Ernst & Young Entrepreneur of the Year®
Ernst & Young Entrepreneur of the Year® is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur of the Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.
About the Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. For more information about our organization, please visit www.ey.com.
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 Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc.
© 2011 Spectrum Pharmaceuticals, Inc. All Rights Reserved
Spectrum Pharmaceuticals, Inc.
Senior Manager, Investor Relations
KEYWORDS: United States North America California Nevada
INDUSTRY KEYWORDS: Health Biotechnology Oncology Pharmaceutical