Spectrum Pharmaceuticals Inc. late Friday said the Food and Drug Administration has approved Levoleucovorin for injection.

The drug is indicated after high-dose methotrexate therapy in patients with osteosarcoma, and to diminish the toxicity and counteract the effects of impaired methotrexate elimination or inadvertent overdose of folic acid antagonists

The company said Levoleucovorin is now approved for use after high-dose methotrexate therapy in patients with osteosarcoma, and to diminish the toxicity and counteract the effects of impaired methotrexate elimination or inadvertent overdose of folic acid antagonists.

Spectrum said it plans to seek FDA approval of the drug in colon cancer patients and as an oral tablet by mid-year. Also, The Irvine, Calif.-based biopharmaceutical company said it plans to launch sales of the injectable drug by June.