Rodman & Renshaw acted as exclusive placement agent for Spectrum’s transaction

Sep 19 2009

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), today announced that its client Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI), a commercial-stage biotechnology company with a focus in oncology, has received commitments from institutional investors to purchase $50 million of securities in a registered direct offering. Under the terms of a Securities Purchase Agreement, Spectrum will sell an aggregate of approximately 6,622,500 shares of its common stock and warrants to purchase up to 2,649,000 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase approximately 0.4 shares of common stock, will be sold for a purchase price of $7.55.

The warrants to purchase additional shares will be exercisable at an exercise price of $7.55 per share beginning six months after issuance and will expire 90 days from the date they are first exercisable. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes. The offering is expected to be consummated no later than September 21, 2009, subject to customary closing conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., (Nasdaq:RODM), acted as the exclusive placement agent for the transaction.

A shelf registration statement relating to the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) has been filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. A prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from the Company by contacting Spectrum Pharmaceuticals, Inc., 157 Technology Drive, Irvine, California 92618. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of Spectrum’s shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.