Spectrum Pharmaceutecals Inc (SPPI)

[antihama]

Hey Just Jack, I agree but w some nuances. Regarding,

Should include an update on the Poziotinib compassionate use patient.

I agree but I wouldn’t be totally surprised if that pt has passed away. If she continues to have stable disease by the time the next meeting rolls around that makes it 8.5 months which is mind boggling compared to the less than 2 months for SoC and bodes well for the effectiveness of poziotinib for pts w NSCLC w EGFR exon 20 insertions. Because of that I’ll be more attuned to how trial progress is going and would be looking for an update and any further hints of effectiveness.

Throw in an enrollment update on Rolontis.

At the last quarterly, Dr. Raj mentioned recruiting 135 pts between Jan and April 30th and approximately 75% of patients have been enrolled in this study. Doing the math, recruitment should be completed in around 3-4 months. the enrollment picture they gave was a trial that would have stopped recruiting by August-September. So looking to hear something positive about Rolontis enrollment status albeit it may be a little early to hear that the study has finished recruiting pts.

possibly raising cash to pay off convertible notes, which wouldn't necessarily be a bad thing

The notes aren’t due till Dec 2018 and between now and then there could be some significant good news (i.e. positive poziotinib progress in NSCLC w EGFR exon 20 insertions by end of 2017, start of a pivotal P2 trial in NSCLC w EGFR exon 20 insertions, news on the US P2 trial for poziotinib in metastatic breast cancer (with higher dosage than Korean trial), the poziotinib/ TDM-1 combo trial start in 2nd line BC, Rolontis p3 data/ BLA filing/approval, out licensing deal in the US/ EU, etc) so I could see the convertibles, well, converted for stock in lieu of cash. However, Spectrum traditionally likes to have over a 100M in the bank and their bank account went from 158M in the 4th qtr to 137M in the 1st so assuming a 21M cash burn, I expect them looking for money in the 4th Q 2017. Hopefully, with possible good news such as poziotinib in NSCLC and/or Rolontis P3/ BLA submittal the SP price they dilute at will be higher.