Spectrum Pharmaceuticals, Inc (NASDAQ:SPPI) has lately been going through difficult times. The most tragic point was when the biopharma pronounced the failure of the drugs in the Phase II trial. These had been targeted towards the treatment of very severe lung cancer. The test confirmed that the drug did not meet the required endpoint, something that has resulted in the company’s stock declining by almost half its market value.
Spectrum outlined that it had hoped the poziotinib would meet the standard primary endpoint. Unfortunately for it, this drug that was under test for the treatment of the non-small-cell lung cancer tuned out to be a failure.
From a previous check, the company’s shares had fallen by almost 56%, standing at $3.86.
The company reveals that it enrolled 115 patients in its Zenith20 trial Spectrum serving each with 16 milligrams of the product every day. There were a total of seventeen patients showcasing positive response, whereas 62 were diagnosed with a “stable disease” in line with a 68.7% control rate.
The turn of events
Spectrum says it has always taken its business activities with a lot of seriousness, and that won’t stop anytime soon. The business intends to continue its analysis activities, saying that it won’t give up because of the recent results. It outlines that there are enough reasons to hold on.
The president of Spectrum, who is also the company’s current CEO, Joe Turgeon, has spoken concerning the matter. This official admits that the Cohort 1 response rate was indeed lower than what they had anticipated. However, the official thinks that the positive signals were enough encouragement for them to embark on further clinical evaluations.
Turgeon says that he sees significant potential in poziotinib and that his leadership has never inclined to give up on important projects.
The leader adds that there is quite a significant patient population that requires their services. It is thus important to pay focus to the unmet needs of these patients by serving them with leading solutions.