Spectrum Pharmaceuticals (SPPI), the U.S. partner of Hanmi Pharm, recorded $10.1 million (13 billion won) in sales in the first year of releasing Rolontis (eflapegrastim with the U.S. product name of Rolvedon), a neutropenia treatment, in the U.S. market.

On Wednesday (local time), the company unveiled its sales performance in the fourth quarter of 2022 and the whole year. The U.S. company has the right to develop and commercialize some of Hanmi’s pipelines, including Rolontis and non-small cell lunger cancer (NSCLC) treatment, poziotinib.

SPPI obtained the product permit for Rolvedon from the U.S. Food and Drug Administration in September of last year and put it on the market the following month. Rolvedon is the sole commercialized pipeline owned by SPPI.

The company suffered a net loss of about $78.1 million in 2022, a sharp reduction from the net loss of $154.8 million in the preceding year.

Besides, SPPI’s annual selling, general, and administrative (SG&A) expenses also fell steeply from $60.4 million to $38.8 million, thanks to lowered labor costs caused by the company’s personnel trimming since January 2022.

The company also explained it could reduce operating costs by 45 percent last year as it invested money in its key business, including the commercialization of Rolvedon.

Its research and development expenses dropped from $87.3 million to $42.2 million. It also reflected SPPI’s reduced R&D activities regarding Rolvedon, poziotinib, and some early-stage compounds.

According to SPPI, the number of purchasing organizations of Rolvedon totaled 70 last year, accounting for 22 percent of the total U.S. clinical market. The company expected Rolvedon to show improved sales performance as it was registered with the list of drugs subject to a refund from the U.S. public health insurance.

The company added that as of December, it had cash and cashable assets, marketable securities worth $75.1 million, and could operate without additional funding until 2024.

“Last year was the year of change for Spectrum Pharmaceuticals,” said CEO Tom Riga. “We released Rolvedon, bearing in mind that SPPI’s long-term growth depends on its success.”

He went on to say, “We are making a solid beginning and are encouraged by the initial market response to Rolvedon.”