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Article: Spectrum investor criticizes executive pay, vies for board: company's CEO received $750K in Salary and bonuses last year.(Biotech)(Xmark Asset Management LLC)(Spectrum Pharmaceuticals Inc.)(chief executive officer)
- Article from:
- San Diego Business Journal
- Article date:
- July 4, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Spectrum Pharmaceuticals Inc. has a brewing shareholder fight on its hands.
Xmark Asset Management LLC of Stamford, Conn., contends that the Irvine-based drug maker has rebuffed or ignored its calls for reform.
The investor said it doesn't like the company's strategy, stock performance or executive pay.
Xmark, an investor in small biotechnology companies, owns 10.7 percent of Spectrum, which had a recent market value of $75 million.
"We're not going away," said Mitchell Kaye, Xmark's chief investment manager. "Management, I think, believes they're going to be able to put out press releases and waste shareholder dollars to try and deal ...