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Last week was quite the week for Spectrum Pharmaceuticals (NASDAQ:SPPI), and this week could be even better.

The preliminary earnings report released last week had Spectrum realizing record revenues for the first quarter. But the company also received milestone news from the FDA on Friday when it was announced that Fusilev had been approved for use in the indication of colorectal cancer.

Fusilev sales have been on the rise prior to this decision as the product is already approved for use in treating Osteosarcoma. This approval expands the potential uses for Fusilev, which should mean that the record revenues being generated by Spectrum will only continue.

Additionally, it was also recently announced that the FDA had approved Fusilev in a ready-to-use formulation, which offers doctors another option for prescribing the drug.

It's been a solid of run of good news for this company of late, and the market-moving events for 2011 are still not complete.

Come November, the FDA is slated to rule on whether or not the bioscan will be removed as a requirement for Zevalin treatment, a decision that could potentially lead to a boost in Zevalin use; the cost and inconvenience behind the bioscan makes Zevalin a less attractive option for treatment at the current time. Zevalin is approved for use in Indolent Non-Hodgkin's Lymphoma.

Given the growth potential for Spectrum's two leading products, and the advanced stages of two other products - Belinostat for Peripheral T-cell Lymphoma and Apaziquone for non-invasive bladder cancer - SPPI looks like a solid mid- to long term pick, with catalysts that can also move the stock over the short term.

There's a lot of time between now and the Zevalin bioscan news decision date, but recent developments at Spectrum could have this one on the radars of potential acquiring companies that are looking to immediately boost their own growth potential and late-stage pipelines.

It should be an exciting week ahead for Spectrum and its shareholders. And should there be any dips in price as there were on Friday, then those with eyes towards the long term may be presented with a nice buying opportunity. Shared dipped by 13% on Friday, as the approval news was not released until the after-hours of trading, but the scheduled earnings report and conference call will keep Spectrum in the news this week.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: A Long-Term Buying Opportunity in Spectrum Pharmaceuticals Is Forming