The value of small cap stock for Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) climbed higher during Thursday trading, shortly after the company announced it had launched its Lucanthone Phase 2 Clinical trial for treatment of primary Glioblastoma Multiforme (GBM).
Spectrum announced on July 3, 2012, that it had begun a global, randomized and placebo-controlled Phase 2 study to further assess lucanthone. The treatment is administered orally, and works by inhibiting topoisomerase II and AP endonuclease. The drug has already proven to make tumors more susceptible to radiation and chemotherapy.
"We have been very encouraged by our earlier-stage clinical findings for lucanthone," said Dr. Rajesh C. Shrotriya, chairman, president and CEO of Spectrum. "Those findings include an impressive safety profile in earlier studies, supported by the extensive track record of use of this agent in another indication."
According to the Pharmaceutical Business Review, the study will assess the drug in about 140 patients. All participants will be placed into one of two groups – those who receive the treatment and those who receive a placebo.
Shares of Spectrum rose 6.29 percent, or 0.98 cents, to $16.71 by 2:18 p.m. on Thursday, July 5.