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news.Spectrum Pharmaceuticals has won the arbitration dispute with Cell Therapeutics, with regard to certain liabilities of CTI and joint venture expenses. The court awarded $4.3 million as set forth in the arbitration award, where $3.5 million was ordered to be immediately released from the escrow account to Spectrum.
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Also, CTI was ordered to immediately pay an additional $776,454 to Spectrum by wire transfer.
Raj Shrotriya, MD, Chairman, CEO and President of Spectrum Pharmaceuticals, said: “we are very pleased with the outcome of the arbitration process, and remain very excited about the commercial potential of ZEVALIN. We continue to view the year ahead as a transformative period for Spectrum Pharmaceuticals, and we are committed to executing on our strategy and building sustainable shareholder value.”