Spectrum Pharmaceuticals Gains 5% After Company Confirms FDA Review Of New Drug

Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) were trading higher by nearly 5 percent late Friday morning after the company announced that the U.S. Food and Drug Administration (FDA) has accepted its EOquin for New Drug Application (NDA) for review.

EOquin (apaziquone for intravesical instillation) is used for the treatment of non-muscle invasive bladder cancer.

Spectrum Pharmaceuticals added that the FDA indicated it plans to hold an advisory committee regarding the NDA and has set a target action date under the Prescrpition Drug User Fee Act (PDUFA) for December 11, 2016.