Spectrum Pharmaceuticals Inc. announced today that it has received $2 million from GPC Biotech AG to enable the continuation of their ongoing research into prostate cancer drug satraplatin.

Spectrum president and CEO Rajesh C Shrotriya said 'with the receipt of these proceeds, Spectrum now has more than $25 million in cash on hand to fund the development of out phase 2 oncology products, Eoquin and elsamitrucin, and move forward the expansion of our genetic drug portfolio.

The first patient in the satraplatin Phase 3 registrational hormone-refractory prostate cancer trial was treated last month.

The cash is to fund the final stages of the drug's development, as well as expenses related to licensing and commercialisation.