Spectrum Pharmaceuticals Continues To Post Steep Loss

(RTTNews) - After gapping open sharply lower, shares of Spectrum Pharmaceuticals, Inc. (SPPI) continue to see significant weakness in afternoon trading on Thursday. Spectrum is currently down by 35.8 percent after hitting its lowest intraday level in well over a year.

The initial sell-off by Spectrum came after the FDA did not grant Breakthrough Therapy Designation to the biotechnology company's lung cancer drug poziotinib.

Spectrum said its overall development plan and timeline for a New Drug Application filing based on the first cohort of the ZENITH20 trial remains unchanged.