Tuesday, May 26, 2009
Spectrum Pharmaceuticals Wins $4.3M In Arbitration
Irvine-based biotechnology firm Spectrum Pharmaceuticals reports that it has won $4.3M in an arbitration over a dispute with Cell Therapeutics, over liabilities over joint venture expenses. According to the firm, $3.5M of the amount was ordered to be paid immediately to the firm from an escrow account, with an additional $776,454 to be paid from Cell Therapeutics by wire transfer. Cell Therapeutics and Spectrum had established a joint venture in December of 2008 to develop a treatment for non-Hodgkin's lymphoma; however, Cell Therapeutics then decided to sell back its stack in the joint venture in February, as the firm looked to pare operating expenses and find operating capital.