Spectrum Pharmaceuticals, Inc. has received a cash payment of $20 million from Par Pharmaceutical, Inc. The company's marketing partner for sumatriptan injection, for the sale of its share of profits from the commercialization of sumatriptan injection.
"The sumatriptan injection partnership with Par has provided us approximately $27 million in non-dilutive funding since 2006, when we saw an opportunity outside of our core business in the field of oncology and urology," said Rajesh C Shrotriya, MD, chairman, president and chief executive officer. "This cash infusion has represents a majority of our estimated 2008 net use of cash for operations. Not only does this cash infusion obviate the need to raise cash anytime soon, it enhances our ability to successfully launch LEVOleucovorin and carry out our business plan without having to worry about the financial markets at this time."
Sumatriptan injection is the generic form of GlaxoSmithKline's Imitrex injection, which is currently selling on the market and is indicated for the acute treatment of migraine attacks with or without aura and the acute treatment of cluster headache episodes.