Spectrum Pharmaceuticals to Raise $21 Million from Institutional Investors at $7.1525 Per Share

IRVINE, Calif.--(Business Wire)--
Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI), a commercial-stage
biotechnology company with a focus in oncology, today announced that it has
received commitments from institutional investors to purchase $21 million of
securities in a registered direct offering. Spectrum expects to receive net
proceeds of approximately $20 million after deducting placement agent fees and
other offering expenses. Under the terms of a Securities Purchase Agreement,
Spectrum will sell an aggregate of 2,936,037 shares of its common stock and
warrants to purchase up to 1,468,020 additional shares of its common stock. Each
unit, consisting of one share of common stock and a warrant to purchase
approximately one-half of a share of common stock, will be sold for a purchase
price of $7.1525.

The warrants to purchase additional shares will be exercisable at an exercise
price of $7.10 per share beginning six months after issuance and will expire 90
days from the date they are first exercisable. All of the securities were
offered pursuant to an effective shelf registration statement. Proceeds from the
transaction will be used for general corporate purposes. The offering is
expected to be consummated no later than July 6, 2009, subject to customary
closing conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.,
(Nasdaq: RODM), acted as the exclusive placement agent for the transaction.

A shelf registration statement relating to the shares of common stock and
warrants issued in the offering (and the shares of common stock issuable upon
exercise of the warrants) has been filed with the Securities and Exchange
Commission (the "SEC") and has been declared effective. A prospectus supplement
relating to the offering will be filed with the SEC. Copies of the prospectus
supplement and accompanying prospectus may be obtained directly from the Company
by contacting Spectrum Pharmaceuticals, Inc., 157 Technology Drive, Irvine,
California 92618. This announcement is neither an offer to sell nor a
solicitation of an offer to buy any of our shares of common stock or warrants.
No offer, solicitation or sale will be made in any jurisdiction in which such
offer, solicitation or sale is unlawful.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals is a commercial-stage biotechnology company with a
focus in oncology. The Company`s strategy is comprised of acquiring and
developing a broad and diverse pipeline of late-stage clinical and commercial
products; establishing a commercial organization for its approved drugs;
continuing to build a team with people who have demonstrated skills, passion,
commitment and have a track record of success in its areas of focus; and,
leveraging the expertise of partners around the world to assist it in the
execution of its strategy. For more information, please visit our website at
www.spectrumpharm.com.

Forward-looking statement - This press release may contain forward-looking
statements regarding future events and the future performance of Spectrum
Pharmaceuticals that involve risks and uncertainties that could cause actual
results to differ materially. These statements include but are not limited to
statements that relate to our business and its future, Spectrum's ability to
identify, acquire, develop and commercialize a broad and diverse pipeline of
late-stage clinical and commercial products, establishing a commercial
organization for our approved drugs, continuing to build our team, leveraging
the expertise of partners around the world to assist us in the execution of our
strategy, and any statements that relate to the intent, belief, plans or
expectations of Spectrum or its management, or that are not a statement of
historical fact. Risks that could cause actual results to differ include the
possibility that our existing and new drug candidates, may not prove safe or
effective, the possibility that our existing and new drug candidates may not
receive approval from the FDA, and other regulatory agencies in a timely manner
or at all, the possibility that our existing and new drug candidates, if
approved, may not be more effective, safer or more cost efficient than competing
drugs, the possibility that our efforts to acquire or in-license and develop
additional drug candidates may fail, our lack of revenues, our limited marketing
experience, our dependence on third parties for clinical trials, manufacturing,
distribution and quality control and other risks that are described in further
detail in the Company's reports filed with the Securities and Exchange
Commission. We do not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in this press
release except as required by law.

SPECTRUM PHARMACEUTICALS, INC. is a registered trademark of Spectrum, TURNING
INSIGHTS INTO HOPE and the Spectrum Pharmaceutical logos are trademarks owned by
Spectrum Pharmaceuticals, Inc.

© 2009 Spectrum Pharmaceuticals, Inc. All Rights Reserved.

Spectrum Pharmaceuticals, Inc.
Russell Skibsted
Sr. Vice President & Chief Business Officer
949-788-6700x234
or
Paul Arndt
Senior Manager, Investor Relations
949-788-6700x216

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