Spectrum Pharmaceuticals - Chancen und Risiken? (Seite 247)
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ISIN: US84763A1088 · WKN: 164623 · Symbol: SPPI
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Can Spectrum Pharmaceuticals Benefit from FDA Action on Zevalin?
by Michael Becker
According to the American Cancer Society [ACS], non-Hodgkin lymphoma [also known as non-Hodgkin’s lymphoma, NHL, or sometimes just lymphoma] is a cancer that starts in cells of the lymph system, which is part of the body’s immune system. NHL is the fifth most common cancer in both men and women in the United States [not counting skin cancers]. In 2009, the ACS estimates that there will be nearly 66,000 new cases of NHL in the United States and that about 20,000 people will die from the disease. In general, the overall 5-year relative survival rate for people with NHL is 65%, and 10-year relative survival is 54%.
By 2003, the U.S. Food and Drug Administration [FDA] had approved two radioactive labeled monoclonal antibodies for the treatment of patients with “relapsed” or “refractory”, low-grade or follicular B-cell NHL. Refractory NHL is disease that never responded or has stopped responding to standard therapies. Relapsed NHL is disease that has returned after successful initial treatment.
Both products utilize monoclonal antibodies that target an antigen expressed by certain normal and malignant B-cell lymphocytes [CD20] combined with the killing power of radiation to eradicate tumor cells. Zevalin® [ibritumomab tiuxetan] by Spectrum Pharmaceuticals, Inc. (SPPI) in the United States and Bayer Schering Pharma ex-United States employs yttrium-90 as its therapeutic payload, while Bexxar® [tositumomab] by GlaxoSmithKline (GSK) uses iodine-131.
In April 2008, the European Commission extended the marketing authorization for Zevalin in Europe to include first line consolidation therapy for patients with NHL. The decision by the European Commission to expand Zevalin’s indication was based on data from the pivotal Phase 3 First-Line Indolent Trial [FIT] demonstrating that the addition of Zevalin significantly prolonged the median progression-free survival time from 13.5 months [control arm] to 37 months [p<0.0001]. The data were presented for the first time at the 49th Annual Meeting of the American Society of Hematology [ASH] in December 2007.
In November 2008, the FDA accepted and granted priority review status for Spectrum Pharmaceuticals’ supplemental Biologics License Application [sBLA] for expanded use of Zevalin as a first line consolidation therapy for patients with NHL. A Prescription Drug User Fee Act [PDUFA] target date of July 2, 2009 has been established by the FDA for a decision regarding the Zevalin sBLA, although PDUFA dates appear to be a moving target with the agency nowadays.
Assuming the sBLA is approved, which appears likely based on the European Commission decision, Spectrum Pharmaceuticals stated that Zevalin’s addressable patient population would increase by approximately 18,000. At an approximate cost of $25,000 per treatment, the additional market for Zevalin would be worth $450 million. Not bad.
Unfortunately, despite the fact that both Zevalin and Bexxar have been demonstrated as safe and effective treatments for patients with relapsed or refractory NHL for years, it has been reported that fewer than 10% of patients who are candidates for the products ever receive them. Recall the aforementioned statistic regarding NHL relative survival rates, indicating that a significant number of patients experience relapsed or refractory NHL. According to Spectrum Pharmaceuticals, Zevalin’s annual sales in the United States were a mere $11.4 million in 2008.
Therefore, while an expanded indication for Zevalin is nice, the fact that the product has yet to penetrate the market indication afforded approximately five years ago implies that there are other obstacles to the product’s success. For example, while medical oncologists are the key prescribing audience for Zevalin and Bexxar, most aren’t licensed to administer radiopharmaceuticals – resulting in patient referrals to radiation oncologists and/or nuclear medicine physicians in the hospital setting. This may provide an economic incentive to medical oncologists to exhaust all non-radioactive options, such as chemotherapy, before referring NHL patients to receive products that will not improve their bottom line. Sad but true, this and other factors were discussed in my opinion editorial for Oncology Business Review [OBR] back in September 2007 titled “Radiopharmaceuticals Need a Jump-STaRT.”
Spectrum Pharmaceuticals’ stock has been strong as of late – but perhaps more a result of Russell Investments adding Spectrum Pharmaceuticals to the Russell Global®, the Russell 3000® and the Russell 2000® Indexes. For investors, significantly improved sales of Zevalin in future quarters will be much more important to Spectrum Pharmaceuticals than near-term approval of the sBLA.
Disclosure: No positions
by Michael Becker
According to the American Cancer Society [ACS], non-Hodgkin lymphoma [also known as non-Hodgkin’s lymphoma, NHL, or sometimes just lymphoma] is a cancer that starts in cells of the lymph system, which is part of the body’s immune system. NHL is the fifth most common cancer in both men and women in the United States [not counting skin cancers]. In 2009, the ACS estimates that there will be nearly 66,000 new cases of NHL in the United States and that about 20,000 people will die from the disease. In general, the overall 5-year relative survival rate for people with NHL is 65%, and 10-year relative survival is 54%.
By 2003, the U.S. Food and Drug Administration [FDA] had approved two radioactive labeled monoclonal antibodies for the treatment of patients with “relapsed” or “refractory”, low-grade or follicular B-cell NHL. Refractory NHL is disease that never responded or has stopped responding to standard therapies. Relapsed NHL is disease that has returned after successful initial treatment.
Both products utilize monoclonal antibodies that target an antigen expressed by certain normal and malignant B-cell lymphocytes [CD20] combined with the killing power of radiation to eradicate tumor cells. Zevalin® [ibritumomab tiuxetan] by Spectrum Pharmaceuticals, Inc. (SPPI) in the United States and Bayer Schering Pharma ex-United States employs yttrium-90 as its therapeutic payload, while Bexxar® [tositumomab] by GlaxoSmithKline (GSK) uses iodine-131.
In April 2008, the European Commission extended the marketing authorization for Zevalin in Europe to include first line consolidation therapy for patients with NHL. The decision by the European Commission to expand Zevalin’s indication was based on data from the pivotal Phase 3 First-Line Indolent Trial [FIT] demonstrating that the addition of Zevalin significantly prolonged the median progression-free survival time from 13.5 months [control arm] to 37 months [p<0.0001]. The data were presented for the first time at the 49th Annual Meeting of the American Society of Hematology [ASH] in December 2007.
In November 2008, the FDA accepted and granted priority review status for Spectrum Pharmaceuticals’ supplemental Biologics License Application [sBLA] for expanded use of Zevalin as a first line consolidation therapy for patients with NHL. A Prescription Drug User Fee Act [PDUFA] target date of July 2, 2009 has been established by the FDA for a decision regarding the Zevalin sBLA, although PDUFA dates appear to be a moving target with the agency nowadays.
Assuming the sBLA is approved, which appears likely based on the European Commission decision, Spectrum Pharmaceuticals stated that Zevalin’s addressable patient population would increase by approximately 18,000. At an approximate cost of $25,000 per treatment, the additional market for Zevalin would be worth $450 million. Not bad.
Unfortunately, despite the fact that both Zevalin and Bexxar have been demonstrated as safe and effective treatments for patients with relapsed or refractory NHL for years, it has been reported that fewer than 10% of patients who are candidates for the products ever receive them. Recall the aforementioned statistic regarding NHL relative survival rates, indicating that a significant number of patients experience relapsed or refractory NHL. According to Spectrum Pharmaceuticals, Zevalin’s annual sales in the United States were a mere $11.4 million in 2008.
Therefore, while an expanded indication for Zevalin is nice, the fact that the product has yet to penetrate the market indication afforded approximately five years ago implies that there are other obstacles to the product’s success. For example, while medical oncologists are the key prescribing audience for Zevalin and Bexxar, most aren’t licensed to administer radiopharmaceuticals – resulting in patient referrals to radiation oncologists and/or nuclear medicine physicians in the hospital setting. This may provide an economic incentive to medical oncologists to exhaust all non-radioactive options, such as chemotherapy, before referring NHL patients to receive products that will not improve their bottom line. Sad but true, this and other factors were discussed in my opinion editorial for Oncology Business Review [OBR] back in September 2007 titled “Radiopharmaceuticals Need a Jump-STaRT.”
Spectrum Pharmaceuticals’ stock has been strong as of late – but perhaps more a result of Russell Investments adding Spectrum Pharmaceuticals to the Russell Global®, the Russell 3000® and the Russell 2000® Indexes. For investors, significantly improved sales of Zevalin in future quarters will be much more important to Spectrum Pharmaceuticals than near-term approval of the sBLA.
Disclosure: No positions
Antwort auf Beitrag Nr.: 37.499.206 von BrauchGeld am 01.07.09 11:43:26Bald hat SPPI die milliarde Marktkap erreicht ohne wirklich über die 10$ zugehen
Für eine solche Behauptung solltest Du schon die Fundamentals kennen.
1.000.000.000:7,50 = 133 Mio Aktien
Für eine solche Behauptung solltest Du schon die Fundamentals kennen.
1.000.000.000:7,50 = 133 Mio Aktien
Antwort auf Beitrag Nr.: 37.499.206 von BrauchGeld am 01.07.09 11:43:26SPPI die milliarde Marktkap erreicht ohne wirklich über die 10$ zugehen
Dann rechne nochmal nach...
Dann rechne nochmal nach...
!
Dieser Beitrag wurde moderiert. Grund: Provokation
Ein neuer wirklich lesenswerter Artikel.
http://seekingalpha.com/article/146382-can-spectrum-pharmace…
http://seekingalpha.com/article/146382-can-spectrum-pharmace…
Trading Spotlight
Antwort auf Beitrag Nr.: 37.498.281 von BrauchGeld am 01.07.09 09:47:41Muß nicht sein, Zevalin kann für SPPI eine große Chance werden von Bayer übernommen zu werden!
Antwort auf Beitrag Nr.: 37.498.576 von keu111 am 01.07.09 10:21:10Nein.
Spectrum hat die weltweiten Rechte mit Ausnahme der USA.
Und hier must Du dir mal die Dimension vorstellen.
Allergan macht mit Spectrum einen Vertrag über 340 Millionen Dollar.
Spectrum hat die weltweiten Rechte mit Ausnahme der USA.
Und hier must Du dir mal die Dimension vorstellen.
Allergan macht mit Spectrum einen Vertrag über 340 Millionen Dollar.
Antwort auf Beitrag Nr.: 37.498.408 von VaJo am 01.07.09 10:02:57
Sorry, aber ist Eoquin nicht schon - mit Ausnahme Asien - an Allergan auslizenziert?
Sorry, aber ist Eoquin nicht schon - mit Ausnahme Asien - an Allergan auslizenziert?
Antwort auf Beitrag Nr.: 37.498.408 von VaJo am 01.07.09 10:02:57Sieht für mich danach aus das Spectrum mit ZEVALIN die Bude eingerannt bekommt!
SPPI wird sich ganz auf Zevalin konzentrieren...
SPPI wird sich ganz auf Zevalin konzentrieren...
Der nächste DEAL ist in Anmarsch!
Seit heute frisch!!
EOquin® is available for outlicensing outside the U.S.
Seit heute frisch!!
EOquin® is available for outlicensing outside the U.S.
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