FDA Plays

[colorofmoney]

SPPI News - Growth in Fourth Quarter and Fiscal Year 2010; Ends Year with $104 Million in
Cash, Cash Equivalents and Investments

-- Fourth Quarter and Fiscal Year Product Revenues in Excess of $30 Million
and $60 Million, Respectively, as Compared to Approximately $5 Million
and $28 Million in Fourth Quarter and Fiscal Year 2009, Respectively

-- Achieved ZEVALIN(R) Sales Guidance Target

-- Approximately $104 Million in Cash, Cash Equivalents and Investments as
of December 31, 2010; During the Fourth Quarter, Cash, Cash Equivalents
and Investments Increased from $92 Million as of September 30, 2010 to
$104 Million as of December 31, 2010

-- Two Late Stage Clinical Programs on Track for New Drug Application
Filings
IRVINE, Calif.--(BUSINESS WIRE)--February 15, 2011--

Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully
integrated commercial and drug development operations with a primary focus in
oncology, today announced preliminary unaudited fourth quarter and fiscal 2010
revenues.

"We are excited with our accomplishments in 2010, particularly the record
product revenues of both of our marketed, proprietary anticancer drugs
ZEVALIN(R) and FUSILEV(R)," said Rajesh C. Shrotriya, MD, Chairman, Chief
Executive Officer, and President of Spectrum Pharmaceuticals. "In the
near-term, we expect 2011 and 2012 to be the years of great achievements. We
anticipate FDA decisions on the use of FUSILEV in colorectal cancer in April,
the bioscan removal for ZEVALIN later in the year, and NDA filings for
belinostat and apaziquone in 2011 and 2012, respectively. Even in these
difficult economic times, Spectrum is well capitalized and has resources not
only to carry out key value adding activities but is also able to execute on
its business strategy. Spectrum has no debt."

2010 Estimated Revenues (unaudited)
-- Fourth Quarter 2010 product revenues in excess of $30 million, up 500%
as compared to approximately $5 million in the fourth quarter 2009

-- Fourth Quarter 2010 total revenues in excess of $33 million, up 267% as
compared with approximately $9 million in the fourth quarter 2009

-- Fiscal Year 2010 product revenues in excess of $60 million, up 114% as
compared to approximately $28 million in fiscal year 2009

-- Fiscal Year 2010 total revenues in excess of $73 million, up 92% as
compared to approximately $38 million in fiscal year 2009

Cash, Cash Equivalents and Investments as of December 31, 2010 aggregated
approximately $104 million, as compared to approximately $125 million as of
December 31, 2009, a net decrease of $21 million after cash used for an in
license of Belinostat of $30 million, offset by cash received from out-license
of apaziquone of $17 million. During the fourth quarter Cash, Cash Equivalents
and Investments increased from $92 million as of September 30, 2010 to
approximately $104 million as of December 31, 2010, reflecting a net increase
of approximately $12 million.

The company plans to report full Fourth Quarter and Fiscal Year ended
December 31, 2010 financial results in mid-March 2011.

2011 Corporate Events and Valuation Catalysts

FUSILEV(R)
-- FDA decision for approval of colorectal cancer indication is expected in

less than three months, by April 29, 2011.

ZEVALIN(R)
-- Anticipate FDA decision on bioscan removal before the end of 2011.

Belinostat
-- Expect data in Carcinoma of Unknown Primary trial in the second half of
2011;

-- Complete enrollment in registrational study and file rolling NDA for
Peripheral T-Cell Lymphoma in 2011.

Apaziquone
-- Anticipate data from Phase 3 bladder cancer trials and filing NDA in
2012.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a biotechnology company with fully integrated
commercial and drug development operations with a primary focus in oncology.
The Company's strategy is comprised of acquiring, developing and
commercializing a broad and diverse pipeline of late-stage clinical and
commercial products. The Company markets two oncology drugs, FUSILEV and
ZEVALIN, and has two drugs, apaziquone and belinostat, in late stage
development along with a diversified pipeline of novel drug candidates. The
Company has assembled an integrated in-house scientific team, including
clinical development, medical research, regulatory affairs, biostatistics and
data management, formulation development, and has established a commercial
infrastructure for the marketing of its drug products. The Company also
leverages the expertise of its worldwide partners to assist in the execution of
its strategy. For more information, please visit the Company's website at
www.sppirx.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, including certain
company milestones, Spectrum's ability to identify, acquire, develop and
commercialize a broad and diverse pipeline of late-stage clinical and
commercial products, leveraging the expertise of partners and employees 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. (R), ZEVALIN(R), and FUSILEV(R) are registered
trademarks of Spectrum Pharmaceuticals, Inc. REDEFINING CANCER CARE(TM) and the
Spectrum Pharmaceuticals logos are trademarks owned by Spectrum
Pharmaceuticals, Inc.

(c) 2011 Spectrum Pharmaceuticals, Inc. All Rights Reserved.

CONTACT: Spectrum Pharmaceuticals, Inc.

Paul Arndt

Senior Manager, Investor

Relations

949-788-6700 x 216

SOURCE: Spectrum Pharmaceuticals, Inc.
Copyright Business Wire 2011


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02-15-11 0702ET

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