GPC Biotech, of Munich, Germany, plans to complete the filing of a marketing application for the drug with the Food and Drug Administration by the end of 2006, and Pharmion, Boulder, Colo., plans to file a marketing application in Europe in the first half of 2007.
Irvine, Calif.-based Spectrum Pharmaceuticals Inc., which is partnered with GPC, said it stands to make up to $20 million in milestone payments upon U.S. and Europe approval of the drug.
In premarket trading, Pharmion shares added $2.64, or 15 percent, to $20.65, while Spectrum Pharmaceuticals soared by 48 percent to $5.15.
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