Spectrum Pharmaceuticals Inc. in Irvine said today it has received commitments from institutional investors for $21 million 
in a direct stock offering.
This investment brings to $51 million the amount Spectrum has raised in the past three months.
Long-time institutional investors put in $20 million in late May and another $10 million in June, said Senior Vice President Russell Skibsted.
The biotech company, which trades on NASDAQ, has a series of cancer treatments in various stages of development including Zevalin, an FDA-approved drug for relapses of non-Hodgkin’s lymphoma, and drugs in trials for treatment of cancer of the bladder and prostate.
Spectrum may hear today whether the FDA will approve Zevalin for treating first instances of non-Hodgkin’s lymphoma, Skibsted.
“We are pleased that existing institutional investors continue to show their support for Spectrum,” said Chairman Rajesh C. Shrotriya.
In the most recent deal, which should close by July 6, Spectrum will sell 2.9 million shares and warrants for an additional 1.5 million shares. The company expects to net $20 million after paying $1 million in agents fees and other offering costs.
Click here for more details about the offering.
Click here to read Register staffer Colin Stewart’s profile of the company.
Other investing stories…
- Private equity investments hit 7-year low
- ‘Fast Pitch’ entrepreneurs win funding opportunity
- Veteran O.C. angel sees trouble for entrepreneurs
- O.C. company buys competitor
- State pension fund may hike equity investments
- O.C. body armor firm buys helmet technology
- O.C. company buys a neighbor
- O.C. firm bought by Massachusetts company
Im pleased to read this news. Cancer, a terminal illness if not benign is so damaging, that one could only imagine what life may be like as a cancer victim. I personally suffered from selminoma germ cell ( Malignant ) cancer stage I. fortunately, my outcome has been positive. The down fall is that our medical scientific community needs much more funding to seek answers and cures to erradicate this debilitating disease. I can only hope that within due time, most concerns will have a direct answer.