- Spectrum Pharmaceuticals Inc (NASDAQ:SPPI) entered into a five-year debt financing agreement with SLR Capital Partners for a term loan facility of up to $65 million.
- The company believes this transaction, combined with Spectrum’s existing cash balance of $68 million as of June 30, provides sufficient capital to optimize the commercial launch of Rolvedon (eflapegrastim-xnst) injection and fund Spectrum’s operations through 2024.
- The first was a $30 million loan drawn upon closing. The remaining $35 million will be made available in three additional tranches subject to achieving pre-specified regulatory and financial milestones.
- Earlier this month, the FDA approved Rolvedon to decrease the incidence of infection, as manifested by febrile neutropenia, in adult patients with non-myeloid malignancies.
- The debt funding follows FDA’s Oncologic Drugs Advisory Committee voted 9-4 against Spectrum poziotinib benefit-risk profile.
- One of the highlighted issues is delayed confirmation of benefit, as the company has yet to enroll patients in its proposed confirmatory study.
- Futility analysis for the confirmatory trial is expected in 2024, with topline results in 2026.
- Price Action: SPPI shares are down 33.2% at $0.42 on the last check Friday.
Why SunPower (SPWR) Shares Are Rising
SunPower Corp (NASDAQ: SPWR) shares are trading higher by 4.21% to $13.62 during Thursday's pre-market session after the company announced $450 million in financing commitments.
