
Spectrum's penny stock takes another hit as CFO quietly plans exit
A little less than 2 months after penny stock player Spectrum Pharmaceuticals took out the budget ax to chop off about a third of its staff, the CFO is now on the way out as well.
In an SEC filing the company reported that Kurt Gustafson is off in search of new opportunities.
There’s no explanation, just the standard:
Mr. Gustafson’s departure is not related to any disagreement with the Company or its auditors on any matter relating to the Company’s financial and accounting operations, policies or practices.
Spectrum announced right after the start of the new year that it was circling the wagons around 2 key assets, including their drug Rolontis, which was hit by a CRL last summer. The biotech cited manufacturing issues as the reason for the rejection, vowing to get that right.
The stock was trading at 69 cents Wednesday afternoon, down 9%.