Spectrum Pharma sees quicker reimbursement for neutropenia injection; shares up

Spectrum Pharmaceuticals

08/02/2023 15:40

** Shares of drug developer Spectrum Pharmaceuticals Inc
 SPPI.O  rise 7.6% to 89 cents 
    ** Co says its injection, Rolvedon, has been assigned a
permanent product-specific billing code, that should speed up
reimbursement process in an outpatient setting
    ** J-code - J1449, assigned by the Centers for Medicare and
Medicaid Services (CMS) is effective as of April 1, 2023
    ** The permanent reimbursement code, or J-code, is used by
payers such as Medicare to classify drugs that can be injected
and are intended to simplify claims submission and documentation
process 
    ** Co's drug is meant to decrease incidence of neutropenia
in cancer patients receiving chemo and radiation therapy, among
others 
    ** Neutropenia is characterized by decrease in the number of
white blood cells and is common after receiving chemotherapy
    ** SPPI reported the drug's commercial availability in
October, which received U.S. FDA approval in September, last
year  
    ** In 2022, SPPI stock lost nearly 71% 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))