Spectrum Pharmaceuticals Announces Year-End, Special Cash Dividend of $0.15
per Share of Common Stock
*First dividend payment on common stock since inception of Spectrum
*Payment date set for December 28, 2012
*The company continues to have a $100 million buyback program in place
through which the company has bought $12 million of Spectrum stock.
HENDERSON, Nev. -- December 11, 2012
Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully
integrated commercial and drug development operations with a primary focus in
hematology and oncology, today announced that its Board of Directors has
approved the payment of a year-end special dividend of $0.15 to holders of
common stock of record at close of business on December 20, 2012. The dividend
will be paid on or about December 28, 2012. Future special cash dividends will
be at the discretion of the Board of Directors.
“Our year-end dividend is based on our successful growth in revenue and
profits this year, including the growth in our last quarter’s sales and
profits, and reflects our confidence in our ability to generate future returns
for shareholders,” said Rajesh C. Shrotriya, M.D., Chairman, President and
Chief Executive Officer of Spectrum Pharmaceuticals, Inc. “In addition, we
feel this is an appropriate way to provide an additional return on investment
to our many loyal shareholders who have been supporting us in our ongoing
efforts in building such an exciting company. With three marketed products, an
expanding international footprint, pending late-stage clinical data, a growing
R&D pipeline, and a leading team of managers, we are excited about the
positive direction of Spectrum and our potential for further growth in meeting
the needs of the oncology community and adding value for our shareholders.”
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary focus
in oncology and hematology. Spectrum and its affiliates market three oncology
drugs ─ FUSILEV^® (levoleucovorin) for Injection in the U.S.; FOLOTYN^®
(pralatrexate injection), also marketed in the U.S.; and ZEVALIN^®
(ibritumomab tiuxetan) Injection for intravenous use, for which the Company
has worldwide marketing rights. Spectrum's strong track record in in-licensing
and acquiring differentiated drugs, and expertise in clinical development have
generated a robust, diversified, and growing pipeline of product candidates in
advanced-stage Phase 2 and Phase 3 studies. More information on Spectrum is
available at www.sppirx.com.
Forward-looking statement — This press release may contain forward-looking
statements regarding future events and the future performance of Spectrum
Pharmaceuticals that involve risks and uncertainties that could cause actual
results to differ materially. These statements are based on management's
current beliefs and expectations. These statements include but are not limited
to statements that relate to our business and its future, including certain
company milestones, Spectrum's ability to identify, acquire, develop and
commercialize a broad and diverse pipeline of late-stage clinical and
commercial products, leveraging the expertise of partners and employees around
the world to assist us in the execution of our strategy, and any statements
that relate to the intent, belief, plans or expectations of Spectrum or its
management, or that are not a statement of historical fact. Risks that could
cause actual results to differ include the possibility that our existing and
new drug candidates may not prove safe or effective, the possibility that our
existing and new applications to the FDA and other regulatory agencies may not
receive approval in a timely manner or at all, the possibility that our
existing and new drug candidates, if approved, may not be more effective,
safer or more cost efficient than competing drugs, the possibility that our
efforts to acquire or in-license and develop additional drug candidates may
fail, our lack of sustained revenue history, our limited marketing experience,
our dependence on third parties for clinical trials, manufacturing,
distribution and quality control and other risks that are described in further
detail in the Company's reports filed with the Securities and Exchange
Commission. We do not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in this press
release except as required by law.
SPECTRUM PHARMACEUTICALS, INC.^®, FUSILEV^®, FOLOTYN^® and ZEVALIN^®, are
registered trademarks of Spectrum Pharmaceuticals, Inc and its affiliates.
REDEFINING CANCER CARE^™ and the Spectrum Pharmaceuticals logos are trademarks
owned by Spectrum Pharmaceuticals, Inc.
© 2012 Spectrum Pharmaceuticals, Inc. All Rights Reserved.
Spectrum Pharmaceuticals, Inc.
Shiv Kapoor, 702-835-6300
Vice President, Strategic Planning & Investor Relations
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