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Spectrum Anti-Cancer Drug Folotyn Gets 5-year Patent Extension

Spectrum Pharmaceuticals. (SPPI), a Nevada-based biotechnology company, Monday said the United States Patent and Trademark Office or USPTO has extended the patent for anti-cancer injection-Folotyn by five years from its original date of expiration on July 16, 2017 to July 16, 2022. The extension granted through the Hatch-Waxman Act will provide exclusive commercial rights for the product for five more years.

"We believe the drug is an important treatment option in relapsed or refractory PTCL. The patent extension confirms substantial expected revenue growth for the Company in the near- and long-term," said Rajesh Shrotriya, CEO and president, Spectrum.

Folotyn, a folate analogue metabolic inhibitor, which bagged an accelerated approval by the U.S. Food and Drug Administration, in September 2009, serves as a single agent to combat peripheral T-cell lymphoma or PTCL.

On Friday, the shares closed at $11.98 on the NASDAQ.

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