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Spectrum Pharmaceuticals Receives Nasdaq Notice

April 8, 2003 at 12:00 AM EDT
Spectrum Pharmaceuticals Receives Nasdaq NoticeTuesday April 8, 7:08 pm ET

IRVINE, Calif., April 8 /PRNewswire-FirstCall/ -- Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) today announced that the Company received a Nasdaq staff determination indicating that the Company is not in compliance with the stockholder's equity requirement set forth in Marketplace Rule 4310©(2)(B), and that its securities are, therefore, subject to delisting from the Nasdaq Small Cap Market. The Company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance the Panel will grant the Company's request for continued listing. However, the hearing request will stay the delisting of the Company's securities pending the Panel's decision.

Spectrum Pharmaceuticals' primary focus is to develop in-licensed drugs for the treatment and supportive care of cancer patients. The Company's lead drug, satraplatin, is a phase 3 oral, anti-cancer drug being co-developed with GPC Biotech AG. Elsamitrucin, a phase 2 drug, will initially target non-Hodgkin's lymphoma. Neoquin™ is being studied in the treatment of superficial bladder cancer, and may have applications as a radiation sensitizer. The Company is actively working to develop, seek approval for and oversee the marketing of generic drugs in the U.S. Spectrum also has a pipeline of pre-clinical neurological drug candidates for disorders such as attention-deficit hyperactivity disorder, schizophrenia, mild cognitive impairment and pain, which it is actively seeking to out-license or co-develop. For additional information, visit the Company's web site at www.spectrumpharm.com.

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 risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission.


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For further information, please contact:




John McManus
Spectrum Pharmaceuticals, Inc.
(949) 788-6700, ext. 247