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Posted: Nov 03, 2010
Spectrum Pharmaceuticals Receives Nearly $1 Million in Grants for Qualifying Therapeutic Discovery Projects
(Nanowerk News) Spectrum Pharmaceuticals, Inc., a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology, today announced that it has been awarded grants totaling $977,900 under the Qualifying Therapeutic Discovery Project (QTDP) Program administered under section 48D of the Internal Revenue Code.
"We are pleased to be awarded this grant for our drug development programs," said Rajesh C. Shrotriya, MD, Chairman of the Board of Directors, Chief Executive Officer, and President of Spectrum Pharmaceuticals. "We are proud that our scientific work bringing new treatment options for cancer and other unmet medical needs is being recognized. This source of funding will be used to advance our various drug development programs including RenaZorb®, an oral drug for the treatment of hyperphosphatemia in patients with chronic kidney disease."
The Qualifying Therapeutic Discovery Project tax credit is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to:
Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions,
Reduce the long-term growth of health care costs in the United States, and/or
Significantly advance the goal of curing cancer within 30 years.
RenaZorb, or SPI-014, is a non-aluminum, non-polymer, non-calcium, lanthanum-based nanotechnology with highly potent and selective phosphate binding properties, for the potential treatment via oral administration, of hyperphosphatemia (high phosphate levels in the blood), in patients with chronic kidney disease (CKD). Hyperphosphatemia in Stage 5 CKD, also known as end-stage renal disease (ESRD), can lead to significant bone disease (including pain and fractures), secondary hyperthyroidism in renal sufficiency, cardiovascular disease, and is independently associated with increased mortality. Currently marketed therapies for treating hyperphosphatemia include polymer-based and lanthanum-based phosphate binders, aluminum-based phosphate binders, and calcium-based phosphate binders. According to the United States Renal Data System (USRDS), over the last 20 years, the number of patients with ESRD in the US has grown 4-fold. By 2010 there will be an estimated 661,330 patients with ESRD.
About Spectrum Pharmaceuticals
Spectrum Pharmaceuticals is a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology. The Company's strategy is comprised of acquiring, developing and commercializing a broad and diverse pipeline of late-stage clinical and commercial products. The Company markets two oncology drugs, FUSILEV and ZEVALIN, and has two drugs, apaziquone and belinostat, in late stage development along with a diversified pipeline of novel drug candidates. The Company has assembled an integrated in-house scientific team, including clinical development, medical research, regulatory affairs, biostatistics and data management, formulation development, and has established a commercial infrastructure for the marketing of its drug products. The Company also leverages the expertise of its worldwide partners to assist in the execution of its strategy. For more information, please visit the Company's website at www.sppirx.com.