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Spectrum Pharmaceuticals Appoints Shyam Kumaria, CPA, a Deloitte & Touche Veteran, as Vice President of Finance, to Head Spectrum's Finance Department

December 9, 2003 at 12:00 AM EST
Spectrum Pharmaceuticals Appoints Shyam Kumaria, CPA, a Deloitte & Touche Veteran, as Vice President of Finance, to Head Spectrum's Finance DepartmentAccomplished Financial Executive Brings Over 30 Years of Experience in Corporate Finance, Mergers and Acquisitions, and Operations Management

IRVINE, Calif., Dec. 9 /PRNewswire-FirstCall/ -- Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI - ) announced today that Shyam Kumaria, CPA, MBA, has been named Vice President of Finance of the Company. In this role, reporting to the CEO, he will oversee all financial and accounting aspects of the Company's operations. In addition to transactional and public reporting and compliance duties, Mr. Kumaria will be instrumental in guiding the Company's strategic financial evolution, including evaluation, negotiation and liaison with the Company's current and potential strategic partners.

"We are delighted to welcome a seasoned financial executive of Shyam Kumaria's caliber to Spectrum," stated Rajesh C. Shrotriya, M.D., Chairman, Chief Executive Officer and President of Spectrum Pharmaceuticals, Inc. "Shyam's financial, operational, and managerial expertise and experience give me great confidence that he will be a key addition to our management team. Shyam will be a valuable asset in steering the company's financial strategic direction and has the talent, qualifications, and experience to take a leadership role as we advance and expand our late-stage oncology pipeline and build our generic drug business."

"I am very pleased to be joining Spectrum Pharmaceuticals," said Shyam Kumaria. "It is a unique opportunity for me to become a member of a management team with the experience and dedication to drive the evolution of Spectrum to the next levels of growth and success with the ultimate goal of becoming profitable. It is exciting to be at the ground floor of an opportunity like Spectrum Pharmaceuticals."

Shyam Kumaria brings to Spectrum over 30 years of financial, accounting, and operations management experience serving public and private companies in a variety of industries. Mr. Kumaria's career spans more than two decades at the international public accounting and consulting firm Deloitte & Touche. As a Senior Manager in the middle-market group of Deloitte & Touche, in Los Angeles, he led over 20 mergers and acquisitions and initial public offerings for client companies and served public and private companies ranging in size up to $1 billion in revenue in the healthcare, technology, and financial services industries, among others. In addition, Mr. Kumaria spent ten years providing strategic finance, accounting, and business process consulting services to small companies in turnaround and growth modes; most recently at The Finance and Accounting Connection, Inc., where he provided interim and project-based financial services to client companies.

Mr. Kumaria holds an Executive MBA from Columbia University. He is a member of the American Institute of Certified Public Accountants and the California Society of CPA's.

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, and has been granted fast-track status by the United States Food and Drug Administration. Elsamitrucin, a phase 2 drug, will initially target non-Hodgkin's lymphoma. Eoquin™ 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 is also actively seeking to out-license or co-develop its pipeline of pre-clinical neurological drug candidates for disorders such as attention-deficit hyperactivity disorder, schizophrenia, mild cognitive impairment and chronic pain. For additional information about the Company, 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 statements include but are not limited to statements that relate to our business and its future, Mr. Kumaria's ability to contribute to the growth of our business, capabilities of our strategic partners, our ability to achieve profitability as well as any statements that relate to the intent, belief, plans or expectations of the company or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include our limited marketing experience, our limited experience with the generic drug industry, our lack of revenues and need for additional financing, the possibility that our existing drug product candidates may not be approved by the FDA, our limited experience in establishing strategic alliances, our management's limited experience working together and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission.

For further information, please contact: Rajesh C. Shrotriya, M.D., CEO and President of Spectrum Pharmaceuticals, Inc., +1-949-743-9295.