Spectrum Slapped by FDA (SPPI)

Posted in pre-market 
October 9th, 2009

Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) is getting its wings clipped this morning.  The company received a complete response letter from FDA for FUSILEV in advanced metastatic colorectal cancer.  The response noted that it did not demonstrate that FUSILEV is non-inferior to leucovorin and recommended that it meet with them to discuss options for continuing to seek approval of FUSILEV in advanced metastatic colorectal cancer.

UPDATE at 8:32 AM EST… 1.06 million shares have traded and the stock is now down 15.4% at $5.25.

At 8:15 AM EST we have seen a drop of 18% to $5.07 and there have been some 522,000 shares traded.  Average volume is over 2 million shares and the 52-week trading range is $0.55 to $10.00.  -JON OGG

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