Spectrum Pharmaceuticals says net loss increases to $18.6 million in 2005

By Angela McDaniels

Seattle, March 15 - Spectrum Pharmaceuticals Inc.'s net loss for the year ended Dec. 31 increased by 51% to $18.6 million, or $1.06 per share, from $12.3 million, or $0.98 per share, for 2004, according to a company news release.

Spectrum attributed the increased net loss to increases in research and development expenses and increased legal expenses in connection with its challenge of GlaxoSmithKline's Imitrex injection patent.

Revenue increased 124% to $577,000 in 2005 from $258,000 in 2004, due mostly to a 182% increase in product sales to $521,000 for 2005 from $185,000 a year earlier.

The company had about $64 million of cash and marketable securities at Dec. 31, a 64% increase over its $39 million of cash and marketable securities at Dec. 31, 2004.

"Spectrum has continued to make significant advancements in all areas of its focus: products, people, financial resources and strategic alliances," chairman, chief executive officer and president Rajesh C. Shrotriya said in the release.

Spectrum Pharmaceuticals is based in Irvine, Calif., and acquires, develops and commercializes prescription drug products for the treatment of cancer and other unmet medical needs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.