Spectrum buys rights to tumor treatment |
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Published
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Wed, 25 Jul 2007 16:07
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IRVINE, Calif. (AP) - Spectrum Pharmaceuticals Inc. said Wednesday it bought worldwide rights to a developing tumor treatment from Italy's Indena SpA.The company will give Indena an upfront payment plus make future regulatory and sales milestone payments along with royalty payments. The drug candidate, ortataxel, has already demonstrated it is active against taxane-resistant tumors during a Phase II clinical trial.Taxanes are used in chemotherapy drugs. Spectrum said ortataxel has the potential to treat tumors resistant to Bristol-Meyers Squibb's Taxol and Sanofi-Aventis' Taxotere.Shares of Spectrum fell in morning trading on news that a Food and Drug Administration panel recommended against approving GPC Biotech's prostate cancer treatment candidate until full survival data is available. Spectrum licensed that drug candidate to GPC Biotech. Spectrum shares fell 60 cents, or 12.5 percent, to $4.20 in morning trading. The stock has traded between $3.40 and $7.88 over the last 52 weeks.Shares of GPC Biotech fell $6.81, or 33.5 percent, to $13.55 in morning trading. The stock hit a 52-week low of $13.21 early in the trading session.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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