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Spectrum Pharmaceuticals Enters Into Definitive Agreements to Raise
$42 Million in Public Offering With Leading Biotech Institutional
Investors

Spectrum Pharmaceuticals, Inc. today announced that it has entered
into definitive agreements to raise approximately $42 million
through the issuance of approximately 8 million shares of its common
stock at a price of $5.25 per share. In addition, purchasers of the
common stock will receive six-year warrants to purchase up to
approximately 4 million shares of the Company's common stock at an
exercise price of $6.62 per share. The shares of common stock and
warrants will be issued pursuant to an effective shelf registration
statement.

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Rodman and Renshaw, LLC acted as the exclusive placement agent for
the offering. The net proceeds from the offering realized by the
Company will be used for general corporate purposes. A copy of the
final prospectus relating to the offering may be obtained from Shyam
Kumaria, Vice President Finance, Spectrum Pharmaceuticals, Inc., 157
Technology Drive, Irvine, CA 92618-2402.

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Spectrum Pharmaceuticals is a specialty pharmaceutical company
engaged in the business of acquiring, developing and commercializing
prescription drug products for the treatment of cancer and other
unmet medical needs.

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