Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) (“Spectrum” or the
“Company”), a biopharmaceutical company focused on novel and
targeted oncology therapies, today announced the pricing of an
underwritten public offering of 21,666,667 shares of its common
stock at a public offering price of $3.00 per share. The gross
proceeds to Spectrum from this offering are expected to be
approximately $65 million, before deducting underwriting discounts,
commissions and estimated offering expenses. In addition, Spectrum
has granted the underwriters a 30-day option to purchase up to an
additional 3,250,000 shares of common stock. The offering is
expected to close on August 3, 2020, subject to customary closing
conditions. All of the shares are being offered by Spectrum.
Spectrum intends to use the net proceeds from the offering for
general corporate purposes, including, without limitation, the
continued development of its pipeline assets, sales and marketing
activities, pre-launch activities associated with ROLONTIS and
potential business development initiatives.
Jefferies and Cantor Fitzgerald & Co. are acting as the
joint book-running managers for this offering. JMP Securities is
acting as the lead manager for this offering. B. Riley FBR and H.C.
Wainwright & Co. are acting as co-managers for this
offering.
The securities are being offered pursuant to a shelf
registration statement on Form S-3 (333-237319), which was declared
effective by the Securities and Exchange Commission (the “SEC”) on
May 8, 2020. The offering will be made only by means of a
prospectus supplement and accompanying prospectus that form a part
of the registration statement. A preliminary prospectus supplement
relating to the offering was filed by Spectrum with the SEC on July
29, 2020 and is available on the SEC’s website at www.sec.gov. A
final prospectus supplement and the accompanying prospectus will be
filed with the SEC and will be available at the SEC’s website
located at www.sec.gov. When available, copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering may be obtained for free by contacting: Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, by telephone at
1-877-547-6340 or by email at Prospectus_Department@Jefferies.com;
or Cantor Fitzgerald & Co., Attention: Capital Markets, 499
Park Ave., 6th Floor, New York, NY 10022, or by email at
prospectus@cantor.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a biopharmaceutical company focused
on acquiring, developing, and commercializing novel and targeted
oncology therapies. Spectrum has a strong track record of
successfully executing across the biopharmaceutical business model,
from in-licensing and acquiring differentiated drugs, clinically
developing novel assets, successfully gaining regulatory approvals
and commercializing in a competitive healthcare marketplace.
Spectrum has a late-stage pipeline with novel assets that serve
areas of unmet need. This pipeline has the potential to transform
the company in the near future.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as amended
to date. These forward-looking statements relate to a variety of
matters, including, without limitation, the intended use of net
proceeds from the offering and the timing of the closing of the
offering, as well as statements that relate to Spectrum’s business
and its future, including Spectrum’s ability to advance development
of its late-stage pipeline assets and such assets’ ability to serve
areas of unmet need; the future potential of Spectrum’s existing
drug pipeline; and other statements containing the words
“anticipate,” “believe,” “continue,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “target,” “will,” “would,” and
similar expressions. These forward-looking statements are made on
the basis of the current beliefs, expectations, and assumptions of
the management of Spectrum and are subject to significant risks and
uncertainties that could cause actual results to differ materially
from what may be expressed or implied in these forward-looking
statements. Risks that could cause actual results to differ include
risks and uncertainties related to market conditions, the
satisfaction of customary closing conditions related to the
offering, and general economic factors, the possibility that
Spectrum’s existing and new drug candidates may not prove safe or
effective, the possibility that Spectrum’s existing and new
applications to the U.S. Food and Drug Administration and other
regulatory agencies may not receive approval in a timely manner or
at all, the possibility that Spectrum’s existing and new drug
candidates, if approved, may not be more effective, safer or more
cost efficient than competing drugs, the possibility that
Spectrum’s efforts to acquire or in-license and develop additional
drug candidates may fail, Spectrum’s dependence on third parties
for clinical trials, manufacturing, distribution and quality
control and other risks that are described in further detail in
Spectrum’s reports filed with the SEC. There can be no assurance
that Spectrum will be able to complete the offering on the
anticipated terms or at all. In addition, any forward-looking
statements included in this press release represent Spectrum’s
views only as of the date of this release and should not be relied
upon as representing Spectrum’s views as of any subsequent date.
Spectrum does not plan to update any such forward-looking
statements and expressly disclaims any duty to update the
information contained in this press release except as required by
law. For a further discussion of risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Spectrum in general, see the risk disclosures in the
Annual Report on Form 10-K of Spectrum for the year ended December
31, 2019, and in subsequent reports on Forms 10-Q and 8-K and other
filings made with the SEC by Spectrum.
SPECTRUM PHARMACEUTICALS, INC.® is a registered trademark of
Spectrum Pharmaceuticals, Inc. and its affiliates. REDEFINING
CANCER CARE™ and the Spectrum Pharmaceuticals’ logos are trademarks
owned by Spectrum Pharmaceuticals, Inc. Any other trademarks are
the property of their respective owners.
© 2020 Spectrum Pharmaceuticals, Inc. All Rights Reserved
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730005297/en/
Robert Uhl Managing Director, Westwicke ICR 858.356.5932
robert.uhl@westwicke.com
Kurt Gustafson Chief Financial Officer 949.788.6700
InvestorRelations@sppirx.com
Spectrum Pharmaceuticals (NASDAQ:SPPI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Spectrum Pharmaceuticals (NASDAQ:SPPI)
Historical Stock Chart
From Apr 2023 to Apr 2024