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Stock Alert: Spectrum Pharma Shares Up 29%

Shares of Spectrum Pharmaceuticals Inc. (SPPI) are rising over 29% Tuesday morning, on the heels of its positive topline results in HER2 Exon20 Insertion Mutations from Cohort 2 of the Poziotinib ZENITH20 trial.

The company announced that it met the pre-specified primary endpoint in the ZENITH20 Phase 2 clinical trial evaluating poziotinib in previously treated non-small cell lung cancer or NSCLC patients with HER2 exon 20 insertion mutations (Cohort 2).

Cohort 2 was designed to be a registrational study. The company said it is in the process of requesting a meeting with the U.S. FDA to discuss the data and its plans for a New Drug Application or NDA submission.

Results from Cohort 3 are expected in the second half of the year.

"We are pleased with the results of Cohort 2," said Francois Lebel, M.D., Chief Medical Officer of Spectrum Pharmaceuticals. "There are currently no approved therapies for HER2 patients with exon 20 insertion mutations in NSCLC and we are looking forward to reviewing this data with the FDA to determine the path forward."

The stock has been trading in the range of $1.74 - $10.57 for the past one year, and is currently trading at $4.21, up 97 cents or 29.93%.

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