Spectrum Announces Completion Of Target Enrollment In Ozarelix Phase 2b Trial In Benign Prostate Hypertrophy

Top Line Data Expected in 2H07 -- Safety and Efficacy Data Expected to Be Used to Support a NDA -- Phase 3 Registrational Trials Expected to Start in 2H07

IRVINE, CA, USA | May 01, 2007 |
Spectrum Pharmaceuticals, Inc., (Nasdaq: SPPI) today announced that the Company has reached its enrollment target in the Phase 2b trial of ozarelix in patients suffering from benign prostatic hypertrophy (BPH).

"We received FDA approval to initiate the trial in January 2007 and the first patient was enrolled shortly thereafter. Target enrollment was reached in approximately 3 months. The rapid enrollment in this study is certainly indicative of the large unmet medical need for more effective BPH treatments, as well as the high level of interest our investigators have in ozarelix," said Rajesh C. Shrotriya, M.D., Chairman, President and Chief Executive Officer of Spectrum Pharmaceuticals. "However, enrollment would not have been completed this quickly without the efficiency and effectiveness of our outstanding team here at Spectrum."

The Phase 2b study is a randomized, double blind, placebo controlled trial of ozarelix in men suffering from BPH. In this trial, patients are dosed with 15 mg of ozarelix or placebo on day 1 and day 15 and followed for six months. The study is evaluating the safety and efficacy of ozarelix as a treatment for BPH. The primary endpoint of the study is the improvement of BPH symptoms as measured by the International Prostate Symptom Score (IPSS), the standard method of assessing BPH symptoms. The study will also measure urine flow and quality of life as secondary endpoints.

Data from the Phase 2b trial are expected to be available in the second half of 2007, with safety and efficacy data expected to be used to support a New Drug Application (NDA) for ozarelix. A Phase 3 trial of ozarelix in BPH is expected to begin enrollment in the second half of 2007.

Ozarelix Phase 2 Data

In late 2006, Spectrum reported highly statistically significant results in favor of ozarelix from a double-blinded, randomized, placebo-controlled, multi-center, dose ranging Phase 2 trial in patients suffering from BPH. Results from that trial were used to support an Investigational New Drug application (IND) with the FDA. Following the acceptance of the IND by the FDA in January 2007, a randomized, placebo-controlled Phase 2b trial of ozarelix enrolling approximately 75 men suffering from BPH was initiated.

About Ozarelix and Development Alliance with AEterna Zentaris

Ozarelix is a fourth generation Luteinizing Hormone Releasing Hormone (LHRH) antagonist administered as an intramuscular injection. In August 2004, Spectrum received an exclusive license from AEterna Zentaris to develop and market ozarelix for all potential indications in North America (including Canada and Mexico) and India.

In addition, Spectrum will receive 50 percent of any upfront and milestone payments, royalties and/or profits from sales of the product in Japan. Japanese rights for all potential oncology indications have been licensed to Nippon Kayaku, a key player in the Japanese oncology market.

Spectrum is developing ozarelix for BPH, hormone-dependent prostate cancer and other indications.

About Benign Prostatic Hypertrophy

Benign prostatic hypertrophy is a non-cancerous enlargement of the prostate frequently occurring in men over the age of 50. According to the National Institutes of Health, BPH affects more than 50% of men over the age of 60 and as many as 90% of men over the age of 70 and it is estimated that there are currently more than 28 million men suffering from BPH in the United States.

The IPSS (also known as AUA symptom index) is a standardized scoring system, which evaluates the seven principal symptoms of BPH. The enlargement can result in the gradual squeezing of the urethra, resulting in increased frequency or difficulty in urinating. Treatment options for BPH include surgery and medications to reduce the amount of tissue and increase the flow of urine. Current treatment options have limited efficacy, leading to inadequate compliance. Medications currently available belong to two classes: alpha blockers (such as FLOMAX(R)[1], CARDURA(R)[2] and HYTRIN(R)[3]) which relax the muscles in the neck of the bladder and in the prostate, but have no direct effect on the prostate growth itself, and alpha reductase inhibitors (such as PROSCAR(R)[4] and AVODART(R)[5]), which can result in some reduction of the prostate size but have a very slow onset of action, and may be associated with impotence and decreased libido.

About Spectrum Pharmaceuticals

Spectrum Pharmaceuticals acquires, develops and commercializes a diversified portfolio of oncology drug candidates that meet critical health challenges for which there are few other treatment options. Spectrum's expertise lies in identifying undervalued drugs with demonstrated safety and efficacy, and adding value through further clinical development and selection of the most viable and reduced-risk methods of commercialization. The company's pipeline includes promising early and late-stage drug candidates with unique formulations and mechanisms of action that address the needs of seriously ill patients, such as at-home chemotherapy and new treatment regimens for refractory disease. For more information, please visit our website at www.spectrumpharm.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 include but are not limited to statements that relate to our business and its future, Spectrum's ability to identify, acquire, develop and commercialize its portfolio of drug candidates, the Company's promising pipeline, our team's ability to identify promising drugs and move these drugs through development and toward commercialization, the safety and efficacy of ozarelix, that top line data expected in 2H07, that safety and efficacy data are expected to be used to support a NDA, that the Phase 3 trials are expected to start in 2H07, that we plan to continue to enroll and treat patients so that we have enough data to use as a basis in our discussion with the FDA, that data from the Phase 2b trial are expected to be available in the second half of 2007 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 drug candidates may not receive approval from the FDA, and other regulatory agencies 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 price and other competitive pressures may make the marketing and sale of our generic drugs not commercially feasible, the possibility that our efforts to acquire or in- license and develop additional drug candidates may fail, our lack of revenues, 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.

[1] FLOMAX is a registered trademark of Boehringer Ingelheim
[2] CARDURA is a registered trademark of Pfizer, Inc.
[3] HYTRIN is a registered trademark of Abbott Laboratories
[4] PROSCAR is a registered trademark of MERCK & CO., Inc.
[5] AVODART is a registered trademark of GlaxoSmithKline

Russell Skibsted Susan Neath
SVP & Chief Business Officer Porter Novelli Life Sciences
Paul Arndt
Manager, Investor Relations

SOURCE Spectrum Pharmaceuticals

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