In September 2002, Spectrum entered into a partnership with GPC Biotech AG to co-develop satraplatin. Highlights of the Spectrum/GPC relationship include:
- $4 million received so far from GPC Biotech
- GPC Biotech to pay all development costs, estimated to be approximately $30 million
- Will pay Spectrum an additional $18 million upon achievement of a series of milestones
- Will pay Spectrum a royalty on sales of satraplatin
- Spectrum retains Co-Promotional rights in the U.S. under certain conditions.
GPC and Spectrum have formed a joint-development committee to oversee the clinical development of satraplatin. Meetings which have been held with the U.S. FDA regarding development plans and protocols have resulted in Fast-Track designation.
GPC Biotech, AG – Website
