SPECTRUM PHARMACEUTICALS COMPLETES $42 MILLION PUBLIC OFFERING WITH LEADING BIOTECH INSTITUTIONAL INVESTORS

Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) today announced that it has raised 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 received 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 were issued pursuant to an effective shelf registration statement.

PR Newswire (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/09-19-2005/0004109946&EDATE=)