Spectrum Pharmaceuticals Announces Strategic Expansion and Realignment of Sales Force Post-Allos Therapeutics Acquisition in Order to Enhance Presence in U.S. Market
Sales force size expanded to over 60 professionals to support three marketed drugs, with the capacity to expand as additional drugs are added to the commercial pipeline
Six Regional Managers will lead business in the U.S. for FUSILEV® (levoleucovorin) for Injection, FOLOTYN® (pralatrexate injection), and ZEVALIN® (ibritumomab tiuxetan) Injection
Streamlining existing structure will lead to cost savings and efficiencies
Spectrum Pharmaceuticals (SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, today announced that the Company is undertaking a strategic strengthening of its sales force in the U.S. The Company will implement a structure of six geographic regions, with each regional manager empowered to align sales resources and tailor promotional and other physician and patient support initiatives to meet our customers' needs. The realignment of existing resources will result in a significantly greater hematology and oncology footprint, an increased promotional reach, and more efficient physician engagement.
Ken Keller, Executive Vice President, Chief Operating Officer of Spectrum Pharmaceuticals, Inc., commented, "As Spectrum's oncology portfolio expands, it is essential we continue to build and grow our infrastructure and capabilities. With the recent addition of FOLOTYN through the acquisition of Allos, we have the opportunity to increase our investment in both the sales force and promotional support to effectively manage our product portfolio."
Mr. Keller continued, "The new structure will allow our sale force to effectively promote all three products, resulting in a significant increase in share of voice. Synergies will also result because ZEVALIN and FOLOTYN are marketed to the same physicians. The realignment of commercial resources will result in a largely customer-facing commercial organization, keeping with Spectrum's lean, cost-efficient business model. Additionally, we believe this structure will allow us to effectively and efficiently add more oncology products in the future."
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on acquiring, developing, and commercializing drug products, with a primary focus in oncology and hematology. Spectrum and its affiliates market three oncology drugs ─ FUSILEV® (levoleucovorin) for Injection in the U.S.; FOLOTYN® (pralatrexate injection), also marketed in the U.S.; and ZEVALIN® (ibritumomab tiuxetan) Injection for intravenous use, for which the Company has worldwide marketing rights. Spectrum's strong track record in in-licensing and acquiring differentiated drugs, and expertise in clinical development have generated a robust, diversified, and growing pipeline of product candidates in advanced-stage Phase 2 and Phase 3 studies. More information on Spectrum is available at www.sppirx.com.
Forward-looking statement — This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management's current beliefs and expectations. These statements include but are not limited to statements that relate to our business and its future, including certain company milestones, Spectrum's ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, leveraging the expertise of partners and employees around the world to assist us in the execution of our strategy, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of sustained revenue history, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.
SPECTRUM PHARMACEUTICALS, INC.®, FUSILEV®, FOLOTYN® and ZEVALIN®, are registered trademarks of Spectrum Pharmaceuticals, Inc and its affiliates. REDEFINING CANCER CARE™ and the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc.
© 2012 Spectrum Pharmaceuticals, Inc. All Rights Reserved.
Shiv Kapoor, 702-835-6300
Vice President, Strategic Planning & Investor Relations