Spectrum Pharmaceuticals Acquires Rights for Apaziquone in the U.S., Europe and Other Territories from Allergan; Expects to File

  Spectrum Pharmaceuticals Acquires Rights for Apaziquone in the U.S., Europe
  and Other Territories from Allergan; Expects to File New Drug Application

  *Based on communication with the FDA, Spectrum anticipates an Advisory
    Committee meeting to review a potential NDA for apaziquone.
  *The Company expects to file an NDA, which Spectrum will seek to expedite
    as part of a plan to achieve potential commercialization of apaziquone in
    key markets.
  *Apaziquone is in development to treat non-muscle invasive bladder cancer
    (NIMBC) as a single instillation following transurethral resection of
    bladder tumor (TURBT).
  *Approximately 70% of all patients with newly diagnosed bladder cancer have
    NMIBC, and yet there are no FDA-approved agents for post resection
    chemotherapy.

Business Wire

HENDERSON, Nev. -- January 31, 2013

Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully
integrated commercial and drug development operations with a primary focus in
hematology and oncology, today announced the Company has reacquired
development and commercialization rights for apaziquone in the United States,
Europe and other territories pursuant to an agreed-upon restructuring of
Spectrum’s collaboration with Allergan, Inc. In exchange, Allergan will
receive a royalty on future revenue. Apaziquone is an anticancer agent being
developed for the treatment of non-muscle invasive bladder cancer (NIMBC) as a
single instillation following transurethral resection of bladder tumor
(TURBT).

Spectrum also announced that a scheduled meeting with the U.S. Food & Drug
Administration (FDA) was held last month to discuss the results from the
Company’s Phase 3 clinical trials. Based on the discussions with the FDA,
Spectrum understands that the FDA can accept the NDA filing with the current
Phase III data and will likely convene an Advisory Committee meeting. Further,
based on discussions with the FDA, Spectrum has agreed to conduct one
additional Phase III study following consultation with the FDA on its design.

“Regaining apaziquone rights will enable Spectrum to take the steps we believe
are essential to advancing apaziquone toward commercialization in the U.S.,
Europe and other key territories,” stated Rajesh C. Shrotriya, M.D., Chairman,
President and Chief Executive Officer of Spectrum Pharmaceuticals, Inc.
“Spectrum is committed to expediting our program for apaziquone, with the goal
of accelerating potential registration and integrating apaziquone into our
plan to expand our footprint in the U.S. and build our presence in the EU.
Spectrum is grateful to the FDA for its thoughtful feedback on the apaziquone
clinical program. We believe there continues to be a significant unmet need as
no drugs have been approved and marketed in the U.S. for more than 20 years
for low-grade NMIBC.”

Apaziquone is an anticancer drug that requires activation by bio-reductive
enzymes that are over-expressed in bladder cancer cells, to render it a
cytotoxic alkylating agent. Spectrum conducted two multi-center, international
Phase 3 trials of a single dose of intravesical instillation of apaziquone
into the bladder in the immediate post-operative period after surgical
resection of low-grade, non-muscle invasive bladder tumors. In April 2012,
Spectrum announced that the Phase 3 trials did not meet their primary endpoint
of a statistically significant difference in the rate of tumor recurrence at 2
years between treatment and placebo arms. However, analysis of the pooled data
from both studies showed a statistically significant treatment effect in favor
of apaziquone in the primary endpoint of the rate of tumor recurrence at 2
years (p-value = 0.0174) and in a key secondary endpoint, time to recurrence
(p-value = 0.0076).

NMIBC is a form of bladder cancer localized in the surface layers of the
bladder that has not spread to the deeper muscle layer. Approximately 70% of
all patients newly diagnosed with bladder cancer have NMIBC. More than one
million patients in the U.S. and Europe are estimated to be affected by the
disease, which is treated predominantly by urologists. Professional urology
associations and NCCN Guidelines recommend instillation of a cytotoxic agent
following transurethral resection of bladder tumor (TURBT) for NMIBC. However,
in the US, there are no FDA-approved agents for this indication.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary focus
in oncology and hematology. Spectrum and its affiliates market three oncology
drugs ─ FUSILEV^® (levoleucovorin) for Injection in the U.S.; FOLOTYN^®
(pralatrexate injection), also marketed in the U.S.; and ZEVALIN^®
(ibritumomab tiuxetan) Injection for intravenous use, for which the Company
has worldwide marketing rights. Spectrum's strong track record in in-licensing
and acquiring differentiated drugs, and expertise in clinical development have
generated a robust, diversified, and growing pipeline of product candidates in
advanced-stage Phase 2 and Phase 3 studies. More information on Spectrum is
available 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 are based on management's
current beliefs and expectations. 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 applications to the FDA and other regulatory agencies may not
receive approval 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 sustained revenue history, 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.^®, FUSILEV^®, FOLOTYN^®, and ZEVALIN^® are
registered trademarks of Spectrum Pharmaceuticals, Inc and its affiliates.
REDEFINING CANCER CARE^™ and the Spectrum Pharmaceuticals logos are trademarks
owned by Spectrum Pharmaceuticals, Inc.

© 2013 Spectrum Pharmaceuticals, Inc. All Rights Reserved.

Contact:

Spectrum Pharmaceuticals, Inc.
Shiv Kapoor, 702-835-6300
Vice President, Strategic Planning & Investor Relations
InvestorRelations@sppirx.com
 
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