"During the quarter, we made significant progress toward stabilizing, and ultimately growing, ZEVALIN® sales, even before its approval in the first line setting," said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. "We continue to expect favorable regulatory decisions on both ZEVALIN and FUSILEV's PDUFAs in September and October, respectively."

Second Quarter Results Ended June 30, 2009

Consolidated revenue of $8.1 million was comprised of product sales of $6.0 million -- $3.3 million from ZEVALIN and $2.7 million from FUSILEV -- and $2.1 million attributable to the amortization of the Allergan licensing fee. This compares to $20.7 million in one-time, non-recurring revenue in the same period of 2008. The Company recorded a net loss of $9.7 million, or ($0.28) per share, compared to net income of $10.7 million, or $0.34 per share, in the second quarter of 2008. Research and development expenses were $7.3 million, as compared to $6.7 million in the same period of 2008, a $0.6 million, or 9.0% increase, mainly due to the amortization of purchased intangibles of ZEVALIN. Selling, general and administrative expenses were $9.2 million, a $6.0 million increase, compared to the $3.2 million in the same period in 2008, attributable to the commercialization of ZEVALIN and FUSILEV.

Six-Month Results Ended June 30, 2009

Consolidated revenue of $22.3 million was comprised of product sales of $18.1 million -- $5.9 million from ZEVALIN and $12.2 million from FUSILEV

-- and $4.2 million attributable to the amortization of the Allergan licensing fee. This compares to $20.7 million in one-time, non-recurring revenue in the same period of 2008. The Company recorded a net loss of $9.1 million, or ($0.27) per share, compared to net income of $2.0 million, or $0.06 per share, in the same period of 2008. Research and development expenses were $13.9 million, as compared to $13.1 million in the same period of 2008, a $0.8 million, or 6% increase, mainly due to the amortization of purchased intangibles of ZEVALIN. Selling, general and administrative expenses were $15.5 million, a $9.7 million increase, compared to the $5.8 million in the same period in 2008, attributable to the commercialization of ZEVALIN and FUSILEV.

Net cash provided by operations in the six month period ended June 30, 2009 was $4.3 million. The positive operating cash flows are primarily due to sales of FUSILEV, arbitration proceeds related to ZEVALIN, and the contribution to research and development expenses by Allergan, Inc.

During the second quarter ended June 30, 2009, the company sold 8.5 million shares of common stock for $51 million in gross proceeds. As of June 30, 2009, the Company had cash, cash equivalents, marketable securities, and financing proceeds receivable of $106 million, compared to $64 million as of March 31, 2009. As of August 7, 2009, there were 42 million shares issued and outstanding.

* All numbers above are approximates.

Value Drivers in the Next 12-18 Months:

ZEVALIN

September 7, 2009 PDUFA action date for 1st line NHL consolidation therapy; and,

Establish reimbursement standards in concert with Centers for Medicare and Medicaid Services (CMS) by early 2010.

FUSILEV

October 8, 2009 PDUFA action date for advanced metastatic colorectal cancer.

Apaziquone (EOquin®)

Complete enrollment in ongoing phase 3 registrational trials by year end;

Enrolled more than 1,200 patients to date,

Initiate trials in BCG-Failure bladder cancer by year end; and,

Sign an Asian partnership by year end.

Conference Call

Thursday, August 13, 2009 @ 12:00 p.m. Eastern/9:00 a.m. Pacific

Domestic: 888-359-3613 International: 719-325-2392

Webcast and replays: www.spectrumpharm.com.

  Audio replays will be available through August 27, 2009.   Domestic: 888-203-1112, passcode 1662447                   International: 719-457-0820, passcode 1662447               -------------------------------------------------------------------------------  

About ZEVALIN® (ibritumomab tiuxetan)

ZEVALIN® is a form of cancer therapy called radioimmunotherapy and is indicated as part of the ZEVALIN therapeutic regimen for treatment of relapsed or refractory, low-grade or follicular B-cell NHL, including patients with rituximab-refractory follicular NHL. ZEVALIN is also indicated, under accelerated approval, for the treatment of relapsed or refractory, rituximab-naïve, low-grade and follicular NHL. It was approved by the FDA in February of 2002 as the first radioimmunotherapeutic agent for the treatment of NHL.