Spectrum Pharmaceuticals Appoints Lee F. Allen, M.D., Ph.D., Industry Veteran, As Chief Medical Officer

HENDERSON, Nev.--(BUSINESS WIRE)--Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, today announced the appointment of Lee F. Allen, M.D., Ph.D., as Chief Medical Officer. Dr. Allen will be responsible for leading the clinical development of Spectrum’s product pipeline, including belinostat, for which the Company anticipates an NDA filing mid-year, apaziquone, and glycol-free formulation of melphalan for both of which the NDA filings are expected in 2014. Dr. Allen brings over 15 years of biotech and pharma experience, as well as over 10 years of extensive research experience with over 40 papers published. He will report to Ken Keller, Executive Vice President and Chief Operating Officer. Spectrum also announced today that Dr. Steve Fruchtman, previously Chief Medical Officer at Spectrum, will take on the new role of Senior Vice President, Hematology and Oncology R&D, as of March 18, 2013. In this newly created position, he will report directly to Dr. Allen.

"We are pleased to announce the appointments of Lee Allen as Chief Medical Officer and Steve Fruchtman as head of hematology and oncology R&D," said Rajesh C. Shrotriya, M.D., Chairman, President and Chief Executive Officer of Spectrum Pharmaceuticals, Inc. "Lee Allen has had a distinguished career in industry, including leadership positions at both Wyeth and Pfizer where he successfully advanced these companies’ respective oncology portfolios. He also is a hematologist and oncologist, and will be intimately involved with the advancement of belinostat, apaziquone and melphalan as these product candidates near NDA filing. Steve Fruchtman has been key to our success in advancing our focused pipeline.”

"I am very excited to join Spectrum, which I believe has a very promising portfolio of late-stage compounds," said Dr. Allen. "The Company has the prospect of being able to introduce two to three new anti-cancer products by 2015 or 2016, including a propylene glycol-free formulation of melphalan recently acquired by the Company for which an NDA filing is anticipated in the first half of 2014. I am eagerly looking forward to working with the Spectrum team in bringing these important treatments to cancer patients as quickly as possible."

Prior to joining Spectrum, Dr. Lee F. Allen served as Chief Medical Officer and Executive Vice President at AMAG Pharmaceuticals, where he led the Company's clinical development, medical affairs and regulatory activities. Previously, he held senior leadership roles at Wyeth Pharmaceuticals, serving as Vice President of Clinical Research and Development for the Oncology Therapeutic Area and as the Cambridge Clinical Site Head. Before joining Wyeth, he held positions of increasing responsibility at Pfizer and BASF's Knoll Pharmaceuticals. Prior to entering the pharmaceutical industry, he was a faculty member at Duke University Medical Center and at the University of Utah’s Huntsman Cancer Institute. Dr. Allen received his Ph.D. and M.D. degrees from the University of Medicine and Dentistry of New Jersey, and trained as a post-doctoral fellow studying signal transduction pathways in the laboratory of Nobel Laureate, Dr. Robert J. Lefkowitz. His work has been published in scientific journals including the Proceedings of the National Academy of Sciences, Nature and Science.

About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on acquiring, developing, and commercializing drug products, with a primary focus in oncology and hematology. Spectrum and its affiliates market three oncology drugs ─ FUSILEV® (levoleucovorin) for Injection in the U.S.; FOLOTYN® (pralatrexate injection), also marketed in the U.S.; and ZEVALIN® (ibritumomab tiuxetan) Injection for intravenous use, for which the Company has worldwide marketing rights. Spectrum's strong track record in in-licensing and acquiring differentiated drugs, and expertise in clinical development have generated a robust, diversified, and growing pipeline of product candidates in advanced-stage Phase 2 and Phase 3 studies. More information on Spectrum is available at www.sppirx.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 are based on management's current beliefs and expectations. These statements include, but are not limited to, statements that relate to our business and its future, including certain company milestones, Spectrum's ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, leveraging the expertise of partners and employees around the world to assist us in the execution of our strategy, 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 applications to the FDA and other regulatory agencies may not receive approval 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 our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of sustained revenue history, 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.

SPECTRUM PHARMACEUTICALS, INC.®, FUSILEV®, FOLOTYN®, and ZEVALIN®are registered trademarks of Spectrum Pharmaceuticals, Inc. and its affiliates. REDEFINING CANCER CARE™ and the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc.