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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