Spectrum's 2008 loss halves to $15.5M

The USA's Spectrum Pharmaceuticals says that its 2008 net loss more than halved on the year before to $15.5 million from $34.0 million, as  revenues jumped to $28.7 million from $7.7 million.

During 2008, net cash used in operations fell 68% to $8.0 million,  thanks to $20.7 million recorded as revenues from the sale of the  financial interest in migraine drug sumatriptan injection to Par  Pharmaceuticals.

The firm's Zevalin ([90Y]-ibritumomab tiuxetan) was approved for  relapsed or refractory, low-grade or follicular B-cell non-Hodgkin's  lymphoma, including rituximab-refractory follicular NHL in July. Last  year, the company formed a 50/50 joint venture with Cell Therapeutics to  market the radioimmunotherapeutic in the USA (Marketletter December 8,  2008). California-based Spectrum says that it hopes to establish  reimbursement standards in concert with Center for Medical Services for  Zevalin by the second quarter.