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NeoTherapeutics Announces Resignation of Alvin J. Glasky, Ph.D. from the Company's Board of Directors

November 18, 2002 at 12:00 AM EST
NeoTherapeutics Announces Resignation of Alvin J. Glasky, Ph.D. from the Company's Board of DirectorsMonday November 18, 10:37 am ET

IRVINE, Calif., Nov. 18 /PRNewswire-FirstCall/ -- NeoTherapeutics Inc. (Nasdaq: News) announced today that Alvin J. Glasky, Ph.D. has resigned from the Company's Board of Directors, effective immediately. Dr. Glasky was the founder of the Company and served as Chairman of the Board, Chief Executive Officer and Chief Scientific Officer until his retirement in August 2002.

"I would like to take this opportunity to thank Dr. Glasky for his many contributions to NeoTherapeutics," stated Rajesh C. Shrotriya, Chairman, President and Chief Executive Officer of NeoTherapeutics.

NeoTherapeutics seeks to create value for shareholders through the development of 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. 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 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.neot.com.

This press release may contain forward-looking statements regarding future events and the future performance of NeoTherapeutics 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, including the Company's quarterly report on form 10-Q for the quarter ended September 30, 2002 and the Company's annual report on form 10-K for the year ended December 31, 2001.

Contact:
John McManus
NeoTherapeutics Inc.
(949) 788-6700, ext. 247