Spectrum gains on updated poziotinib data

Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) jumped $6.13 (42%) to $20.76 on Tuesday after it reported updated data from a Phase II trial showing that poziotinib (HM781-36B) led to a confirmed objective response rate (ORR) of 64% in 11 evaluable non-small cell lung cancer (NSCLC) patients with EGFR exon 20 insertion mutations. The move translates to an increase in the company's market cap of over $600 million.

The University of Texas MD Anderson Cancer Center sponsored the trial in collaboration with Spectrum and the Lung Cancer Research Foundation. John Heymach, who is chairman and professor of the department of thoracic/head and neck medical oncology at MD Anderson, said they had initially hoped for response rates of 20-30%. Median progression-free survival (PFS) has not yet been reached at a median follow-up of 6.5 months...