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.
Top NewsTuesday, May 26, 2009
Spectrum Pharmaceuticals Wins $4.3M In Arbitration