U.S. FDA declines to approve Spectrum Pharmaceuticals' lung cancer drug (updated)

Spectrum Pharmaceuticals

25/11/2022 11:21

(Adds details on planned job cuts)
       Nov 25 (Reuters) - Spectrum Pharmaceuticals Inc  SPPI.O 
said on Friday the U.S. Food and Drug Administration (FDA)
declined to approve its experimental lung cancer drug, citing
the need for an additional study.
    The company now plans to de-prioritize the development of
the drug, called poziotinib, and said it was in the process of
cutting 75% of its research and development workforce.
    Spectrum had 164 employees as of Dec 31, 2021.
    The health regulator's decision is in line with an advisory
panel's recommendation to not approve the drug.
 (Reporting by Khushi Mandowara; Editing by Krishna Chandra
Eluri, Devika Syamnath and Shounak Dasgupta)
 ((Khushi.Mandowara@thomsonreuters.com))