That’s got­ta hurt. FDA turns thumbs down on Spec­trum’s 'break­through' pitch for can­cer drug pozi­o­tinib and shares tum­ble

Every­body loves a break­through ther­a­py drug des­ig­na­tion from the FDA. But woe be­tide the pub­lic biotech com­pa­ny that comes away from the BTD quest emp­ty-hand­ed in this frac­tious mar­ket.

Take Spec­trum Phar­ma­ceu­ti­cals as an ex­am­ple.

The biotech $SP­PI sub­mit­ted their BTD pitch for pozi­o­tinib as a new ther­a­py for metasta­t­ic non-small cell lung can­cer us­ing mid-stage da­ta, but the agency said nyett, dri­ving their stock down a painful 35% — wip­ing out hun­dreds of mil­lions of dol­lars in mar­ket cap.

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