Spectrum Pharmaceuticals Inc said its experimental drug to treat bladder cancer failed to significantly reduce the recurrence of tumors in late-stage trials, sending its shares down 16 percent in premarket trade.The company was testing the drug apaziquone in two late-stage trials for non-muscle invasive bladder tumors, which are currently removed through surgery.Patients in the late-stage trials either received a single dose of apaziquone or a placebo into the bladder after the surgery.Spectrum said the drug failed to show a statistically significant difference in the rate of tumor recurrence at two years against a placebo.
Spectrum Pharmaceuticals, Inc. ( Spectrum) is a commercial stage biopharmaceutical company, engaged in developing and commercializing therapies with a focus primarily in the areas of hematology-oncology and urology. Shares of SPPI remained unchanged at $12.21. In the past year, the shares have traded as low as $6.94 and as high as $16.00. On average, 1692950 shares of SPPI exchange hands on a given day and today's volume is recorded at 132726.
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