Spectrum Pharmaceuticals, Inc. Ranked #22 Fastest Growing Company in North America on Deloitte's 2009 Technology Fast 500
* Attributes Its 11,034% Revenue Growth to Financial Discipline, Sale of Non-Core Assets, and Sales of Its Proprietary Oncology Drug FUSILEV®
* Product Sales of ZEVALIN® Will Drive Growth in 2009 and Beyond
* Press Release
* Source: Spectrum Pharmaceuticals, Inc.
* On 8:01 am EDT, Tuesday October 20, 2009
Companies:
o Spectrum Pharmaceuticals, Inc.
IRVINE, Calif.--(BUSINESS WIRE)--Spectrum Pharmaceuticals (NasdaqGM: SPPI - News), a commercial-stage biotechnology company with a primary focus in oncology, today announced that it ranked #22 on Technology Fast 500™, Deloitte LLP’s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the five year period from 2004-2008. Spectrum Pharmaceuticals grew 11,034% during this period.
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“We are pleased to be one of the fastest growing companies in North America,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “We believe that the sale of our non-core assets in early 2008, as well as sales of FUSILEV in the second half of 2008, contributed greatly to our growth. With the completion of our acquisition of ZEVALIN in early 2009, and the FDA’s approval in September 2009, for the use of ZEVALIN as first-line therapy for NHL, we believe we will be able to continue to grow our business, and remain on the Deloitte Technology Fast 500™ list of growing companies in North America.”
“Technology Fast 500™ recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth,” said Phil Asmundson, Vice Chairman and U.S. technology, Media and Telecommunications leader, Deloitte LLP. “We congratulate Spectrum Pharmaceuticals on this accomplishment.”
“With its impressive 5-year growth, Spectrum Pharmaceuticals has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America,” said Mark Jensen, Managing Partner, Technology and Venture Capital Services, Deloitte & Touche LLP. “Deloitte is proud to honor Spectrum Pharmaceuticals for its achievement.”
Overall, Technology Fast 500™ award winners for 2009 had growth rates ranging from 212% to 146,050% over five years, with an average growth rate of 2,486%.
Technology Fast 500™ Selection and Qualifying Criteria
Technology Fast 500™ provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500™ website, and public company database research conducted by Deloitte. Technology Fast 500™ award winners for 2009 are selected based on percentage fiscal year revenue growth during the five year period from 2004 to 2008.
In order to be eligible for Technology Fast 500™ recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company’s operating revenues. Using other companies’ technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.
Technology Fast 500™ award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About Deloitte
As used in this document, “Deloitte” means Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals is a commercial-stage biotechnology company with a primary focus in oncology. The Company’s strategy is comprised of acquiring and developing a broad and diverse pipeline of late-stage clinical and commercial products; establishing a commercial organization for its approved drugs; continuing to build a team with people who have demonstrated skills, passion, commitment and have a track record of success in its areas of focus; and, leveraging the expertise of partners around the world to assist it in the execution of its strategy. For more information, please visit the Company’s website 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 include but are not limited to statements that relate to our business and its future, Spectrum's ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, establishing a commercial organization for our approved drugs, continuing to build our team, leveraging the expertise of partners around the world to assist us in the execution of our strategy, that product sales of ZEVALIN® will drive growth in 2009 and beyond, that we will be able to continue to grow our business, and remain on the Deloitte Technology Fast 500™ list of growing companies in North America, 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 drug candidates may not receive approval from the FDA, and other regulatory agencies 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 revenues, 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® and ZEVALIN® are registered trademarks of Spectrum Pharmaceuticals, Inc. TURNING INSIGHTS INTO HOPE™ and the Spectrum Pharmaceutical logos are trademarks owned by Spectrum Pharmaceuticals, Inc.
© 2009 Spectrum Pharmaceuticals, Inc. All Rights Reserved.
