Spectrum completes $32M financing

California, USA-based Spectrum Pharmaceuticals has completed the sale of 5,134,100 shares of common stock at a price of $6.25 each. No warrants were issued in this offering. The net proceeds to the company from the financing, after placement agent fees and estimated expenses, were around $30.0 million.

Rajesh Shrotriya, chief executive of Spectrum, said: "this funding, in addition to the approximately $20.0 million in satraplatin development milestones we expect to receive over the next 15 months, allows us to aggressively enroll patients into the Phase III trials for EOquin (apaziquone) for non-invasive bladder cancer, as well as build upon the momentum from the rapid enrollment of the ozarelix Phase IIb trial for benign prostatic hypertrophy to initiate a Phase III trial in the second half of this year. In addition, these additional funds will allow us to further execute on our business model of identifying and acquiring promising drug candidates and adding value through further clinical development and risk-reduced methods of commercialization."