Document:

<PAGE>

                                                                     Exhibit 4.1

                          REGISTRATION RIGHTS AGREEMENT

            This Registration Rights Agreement (this "Agreement") is made and
entered into as of August 13, 2003, among Spectrum Pharmaceuticals, Inc., a
Delaware corporation (the "Company"), and each of the purchasers executing this
Agreement and listed on Schedule 1 attached hereto (collectively, the
"Purchasers"), and each of the holders of the Placement Agent Warrants (as
hereinafter defined).

            This Agreement is being entered into pursuant to the Common Stock
and Warrant Purchase Agreement, dated as of the date hereof, by and among the
Company and the Purchasers (the "Purchase Agreement").

            The Company and the other parties hereto hereby agree as follows:

      1.    Definitions.

            Capitalized terms used and not otherwise defined herein shall have
the meanings given such terms in the Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

            "Advice" shall have the meaning set forth in Section 3(m).

            "Affiliate" means, with respect to any Person, any other Person that
directly or indirectly controls or is controlled by or under common control with
such Person. For the purposes of this definition, "control," when used with
respect to any Person, means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise;
and the terms of "affiliated," "controlling" and "controlled" have meanings
correlative to the foregoing.

            "Blackout Period" shall have the meaning set forth in Section 3(n).

            "Board" shall have the meaning set forth in Section 3(n).

            "Business Day" means any day except Saturday, Sunday and any day
which shall be a legal holiday or a day on which banking institutions in the
state of New York generally are authorized or required by law or other
government actions to close.

            "Commission" means the Securities and Exchange Commission.

            "Common Stock" means the Company's Common Stock, par value $0.001
per share.

            "Effectiveness Date" means with respect to the Registration
Statement the 90th day following the Closing Date, or such later date, if any,
to which the Effectiveness Date is extended pursuant to Section 3(m)(i).

                                       1
<PAGE>
            "Effectiveness Period" shall have the meaning set forth in Section
2.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            "Filing Date" means the 45th day following the Closing Date, or such
later date, if any, to which the Filing Date is extended pursuant to Section
3(m)(i).

            "Holder" or "Holders" means the holder or holders, as the case may
be, from time to time of Registrable Securities, including without limitation
the Purchasers and their assignees.

            "Indemnified Party" shall have the meaning set forth in Section
5(c).

            "Indemnifying Party" shall have the meaning set forth in Section
5(c).

            "Losses" shall have the meaning set forth in Section 5(a).

            "NASDAQ" shall mean the National Association of Securities Dealers
Automatic Quotation System.

            "Person" means an individual or a corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

            "Placement Agent Warrants" means those certain warrants issued or
issuable to SCO Financial Group LLC, and/or its designees, pursuant to that
certain financial advisory agreement between the Company and SCO Financial Group
LLC, dated February 1, 2003, on account of the purchase by the Purchasers of
Common Stock and Series 2003-1 Warrants pursuant to the Purchase Agreement.

            "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

            "Prospectus" means the prospectus included in the Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by the Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference in such Prospectus.

            "Purchase Agreement" has the meaning set forth in the preamble to
this Agreement.

            "Registrable Securities" means (i) the Purchased Shares and the
Warrant Shares, and any shares issued upon any stock split, stock dividend,
recapitalization or similar event with respect

                                       2
<PAGE>
to such Purchased Shares or Warrant Shares and (ii) any other securities
(whether issued by the Company or any other Person) distributed as a dividend or
other distribution with respect to, conversion or exchange of, or in replacement
of, Registrable Securities.

            "Registration Statement" means the registration statements and any
additional registration statements contemplated by Section 2, including (in each
case) the Prospectus, amendments and supplements to such registration statement
or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference into such registration
statement.

            "Rule 144" means Rule 144 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 158" means Rule 158 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Rule 415" means Rule 415 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

            "Securities Act" means the Securities Act of 1933, as amended.

            "Series D Piggyback Rights" means the rights of holders of the
Common Stock acquired or hereafter acquirable upon conversion or exercise of the
Company's Series D Preferred Stock and Series D-1, D-2 and D-3 Common Stock
Purchase Warrants to include such Common Stock in a registration statement by
the Company, as such rights are set forth in Section 7 (d) of the Series D
Registration Rights Agreement.

            "Series D Registration Rights Agreement" means that certain
registration rights agreement dated as of May 7, 2003, by and among the Company
and certain holders of the Company's Series D Preferred Stock, and certain other
persons, as amended.

            "Special Counsel" means any one special counsel to the Holders, for
which the Holders will be reimbursed by the Company pursuant to Section 4.

            "Warrant Shares" includes (i) the Warrant Shares as defined in the
Purchase Agreement, and (ii) the shares of Common Stock acquirable upon exercise
of the Placement Agent Warrants.

            "Warrants" includes (i) the Warrants as defined in the Purchase
Agreement, and (ii) the Placement Agent Warrants.

                                       3
<PAGE>
      2.    Registration. On or prior to the Filing Date, the Company shall
prepare and file with the Commission a "shelf" Registration Statement covering
all Registrable Securities for a secondary or resale offering to be made on a
continuous basis pursuant to Rule 415. The Registration Statement shall be on
Form S-3 (or on another form appropriate for such registration in accordance
herewith). The Company shall (i) not permit any securities other than the
Registrable Securities to be included in the Registration Statement, other than
the shares of Common Stock held by or issuable to the persons specified in
Section 7(c) hereof, and (ii) use its best efforts to cause the Registration
Statement to be declared effective under the Securities Act (including filing
with the Commission a request for acceleration of effectiveness in accordance
with Rule 12dl-2 promulgated under the Exchange Act) not later than five (5)
Business Days after the date that the Company is notified (orally or in writing,
whichever is earlier) by the Commission that a Registration Statement will not
be "reviewed," or not be subject to further review, but in any event prior to
the Effectiveness Date, and to keep such Registration Statement continuously
effective under the Securities Act until such date as is the earlier of (x) the
date when all Registrable Securities covered by such Registration Statement have
been sold or (y) as to any particular Holder, the date on which all such
Holder's Registrable Securities may be sold without any restriction pursuant to
Rule 144(k), provided that if any such Holder requests, the Company shall
deliver unlegended certificates evidencing the Registrable Securities to such
Holder (the "Effectiveness Period"); provided, that if notwithstanding the
Company's best efforts, a Registration Statement has not become effective on or
before the Effectiveness Date, the Company shall continue to use its best
efforts after the Effectiveness Date to cause a Registration Statement to become
effective.

      3.    Registration Procedures.

            In connection with the Company's registration obligations hereunder,
the Company shall:

            (a)   Prepare and file with the Commission on or prior to the Filing
Date a Registration Statement on Form S-3 (or on another form appropriate for
such registration in accordance herewith) in accordance with the method or
methods of distribution thereof as specified by the Holders, and cause the
Registration Statement to become effective and remain effective as provided
herein; provided, however, that not less than five (5) Business Days prior to
the filing of the Registration Statement or any related Prospectus and not less
than two (2) Business Days prior to the filing of any amendment or supplement
thereto (including any document that would be incorporated therein by
reference), the Company shall (i) furnish to the Holders and the Special
Counsel, copies of all such documents proposed to be filed, which documents
(other than those incorporated by reference) will be subject to the review of
such Holders and such Special Counsel, and (ii) at the request of any Holder,
cause its officers and directors, counsel and independent certified public
accountants to respond to such inquiries as shall be necessary, in the
reasonable opinion of counsel to such Holders, to conduct a reasonable
investigation within the meaning of the Securities Act. The Company shall not
file the Registration Statement or any such Prospectus or any amendments or
supplements thereto to which the Holders of a majority of the Registrable
Securities or the Special Counsel shall reasonably object in writing within
three (3) Business Days after their receipt thereof.

                                       4
<PAGE>
            (b)   (i) If necessary to keep such Registration Statement accurate
and complete, prepare and file with the Commission such amendments, including
post-effective amendments, to the Registration Statement as may be necessary to
keep the Registration Statement continuously (but for the filing of such
post-effective amendment) effective as to the applicable Registrable Securities
for the Effectiveness Period and prepare and file with the Commission such
additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement,
and as so supplemented or amended to be filed pursuant to Rule 424 (or any
similar provisions then in force) promulgated under the Securities Act; (iii)
respond as promptly as reasonably practicable to any comments received from the
Commission with respect to the Registration Statement or any amendment thereto
and as promptly as reasonably practicable provide the Holders true and complete
copies of all correspondence from and to the Commission relating to the
Registration Statement; and (iv) comply in all material respects with the
provisions of the Securities Act and the Exchange Act with respect to the
disposition of all Registrable Securities covered by the Registration Statement
during the Effectiveness Period in accordance with the intended methods of
disposition by the Holders thereof set forth in the Registration Statement as so
amended or in such Prospectus as so supplemented.

            (c)   Notify the Holders of Registrable Securities to be sold and
the Special Counsel as promptly as reasonably practicable (A) when a Prospectus
or any Prospectus supplement or post-effective amendment to the Registration
Statement is proposed to be filed; (B) when the Commission notifies the Company
whether there will be a "review" of such Registration Statement and whenever the
Commission comments in writing on such Registration Statement; and (C) with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective, and thereafter: (i) of any request by the Commission
or any other Federal or state governmental authority for amendments or
supplements to the Registration Statement or Prospectus or for additional
information; (ii) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement covering any or all of the
Registrable Securities or the initiation of any Proceedings for that purpose;
(iii) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; and (iv) of the occurrence of
any event that makes any statement made in the Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to the
Registration Statement, Prospectus or other documents so that, in the case of
the Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

            (d)   Use its best efforts to avoid the issuance of, or, if issued,
obtain the withdrawal of, (i) any order suspending the effectiveness of the
Registration Statement or (ii) any suspension of the qualification (or exemption
from qualification) of any of the Registrable Securities for sale in any
jurisdiction within the United States, at the earliest practicable moment.

                                       5
<PAGE>
            (e)   If requested by the Holders of a majority in interest of the
Registrable Securities, (i) promptly incorporate in a Prospectus supplement or
post-effective amendment to the Registration Statement such information
regarding a Holder or the plan of distribution as such majority of Holders may
request, provided that such information is true and complete in all material
respects, and (ii) make all required filings of such Prospectus supplement or
such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such Prospectus
supplement or post-effective amendment.

            (f)   Furnish to each Holder and the Special Counsel, without
charge, at least one conformed copy of each Registration Statement and each
amendment thereto, including financial statements and schedules, all documents
incorporated or deemed to be incorporated therein by reference, and all exhibits
to the extent requested by such Person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the
Commission.

            (g)   Promptly deliver to each Holder and the Special Counsel,
without charge, as many copies of the Prospectus or Prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such Persons may
request; and the Company hereby consents to the use of such Prospectus and each
amendment or supplement thereto by each of the selling Holders in connection
with the offering and sale of the Registrable Securities covered by such
Prospectus and any amendment or supplement thereto in conformity with the
requirements of the Securities Act.

            (h)   Prior to any public offering of Registrable Securities, use
its best efforts to register or qualify or cooperate with the Holders and the
Special Counsel in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such
jurisdictions within the United States as any Holder requests in writing, to
keep each such registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdictions of the
Registrable Securities covered by a Registration Statement; provided, however,
that the Company shall not be required to qualify generally to do business in
any jurisdiction where it is not then so qualified or to take any action that
would subject the Company to general service of process in any jurisdiction were
it is not then so subject.

            (i)   Cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities
sold pursuant to a Registration Statement, which certificates shall be free of
all restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as any Holder may request at least
two (2) Business Days prior to any sale of Registrable Securities.

            (j)   Upon the occurrence of any event contemplated by Section
3(c)(iv), as promptly as possible, prepare a supplement or amendment, including
a post-effective amendment, to the Registration Statement or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as
thereafter delivered, neither the Registration Statement nor such Prospectus
will contain an untrue

                                       6
<PAGE>
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

            (k)   Use its best efforts to cause all Registrable Securities
                  relating to such Registration Statement to be listed on NASDAQ
and any other securities exchange, quotation system, market or over-the-counter
bulletin board, if any, on which similar securities issued by the Company are
then listed as and when required pursuant to the Purchase Agreement.

            (l)   Comply in all material respects with all applicable rules
and regulations of the Commission and make generally available to its security
holders earning statements satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 not later than 45 days after the end of any 3-month
period (or 90 days after the end of any 12-month period if such period is a
fiscal year) commencing on the first day of the first fiscal quarter of the
Company after the effective date of the Registration Statement, which statement
shall conform to the requirements of Rule 158.

            (m)   (i)   Require, by giving five (5) business days' prior written
notice (in accordance with Section 7(g) hereof) to each Holder, each Holder to
furnish to the Company information regarding such Holder and the distribution of
such Registrable Securities as is required by law to be disclosed in the
Registration Statement, Prospectus, supplemented Prospectus and/or amended
Registration Statement, including any information necessary to allow the Company
to fulfill its undertakings made in accordance with Item 512 of Regulation S-K,
and the Company may exclude from such registration the Registrable Securities of
any such Holder who fails to furnish such information within a reasonable time
prior to the filing of each Registration Statement, Prospectus, supplemented
Prospectus and/or amended Registration Statement; the Company's notice as herein
required shall not be given later than five (5) business days prior to the 90th
day after the Closing Date. If a Holder does not furnish the information
requested within five (5) days after delivery of the Company's written request,
the Filing Date (if not already passed) and the Effectiveness Date shall be
extended by one day for each day that a Holder fails to furnish such requested
information; provided, however, that if the Company determines to exclude such
Holder from the Registration Statement as herein permitted, no extension of the
Effectiveness Date shall be made on account of such excluded Holder beyond
extensions accrued before such determination by the Company.

                  (ii)  If the Registration Statement refers to any Holder by
name or otherwise as the holder of any securities of the Company, then such
Holder shall have the right to require (if such reference to such Holder by name
or otherwise is not required by the Securities Act or any similar federal
statute then in force) the deletion of the reference to such Holder in any
amendment or supplement to the Registration Statement filed at a time when such
reference is not required.

                  (iii) Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(c)(ii), 3(c)(iii) or
3(c)(iv), such Holder will forthwith discontinue disposition of such Registrable
Securities under the Registration Statement until such Holder's receipt of
copies of the

                                       7
<PAGE>
supplemented Prospectus and/or amended Registration Statement contemplated by
Section 3(j), or until it is advised in writing (the "Advice") by the Company
that the use of the applicable Prospectus may be resumed, and, in either case,
has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement. The Company may provide stop orders to enforce the
provisions of this paragraph, provided that the Company shall promptly remove
any such stop orders as soon as such stop orders are no longer necessary.

            (n)   If (i) there is material non-public information regarding the
Company which the Company's Board of Directors (the "Board") reasonably
determines not to be in the Company's best interest to disclose and which the
Company is not otherwise required to disclose, or (ii) there is a significant
business opportunity (including, but not limited to, the acquisition or
disposition of assets (other than in the ordinary course of business) or any
merger, consolidation, tender offer or other similar transaction) available to
the Company which the Board reasonably determines not to be in the Company's
best interest to disclose and which the Company would be required to disclose
under the Registration Statement, then, notwithstanding anything to the contrary
in this Agreement, the Company may postpone or suspend filing or effectiveness
of a Registration Statement for a period not to exceed 20 consecutive days,
provided that the Company may not postpone or suspend its obligation under this
Section 3(n) for more than 40 days in the aggregate during any 12 month period
(each, a "Blackout Period"); provided, however, that no such postponement or
suspension shall be permitted for consecutive 20 day periods, arising out of the
same set of facts, circumstances or transactions.

      4.    Registration Expenses

            All fees and expenses incident to the performance of or compliance
with this Agreement by the Company shall be borne by the Company whether or not
the Registration Statement is filed or becomes effective and whether or not any
Registrable Securities are sold pursuant to the Registration Statement. The fees
and expenses referred to in the foregoing sentence shall include, without
limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (A) with respect to filings required to be made with NASDAQ or
any other securities exchange, quotation system, market or over-the-counter
bulletin board on which Registrable Securities are required hereunder to be
listed, (B) with respect to filings required to be made with the Commission, (C)
with respect to filings required to be made under NASDAQ and any other
securities exchange, quotation system, market or over-the-counter bulletin board
and (D) in compliance with state securities or Blue Sky laws (including, without
limitation, reasonable fees and disbursements of the Holders' Special Counsel in
connection with Blue Sky qualifications of the Registrable Securities and
determination of the eligibility of the Registrable Securities for investment
under the laws of such jurisdictions as the Holders of a majority of Registrable
Securities may designate)), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities and of
printing prospectuses if the printing of prospectuses is requested by the
Holders of a majority of the Registrable Securities included in the Registration
Statement), (iii) messenger, telephone and delivery expenses, (iv) Securities
Act liability insurance, if the Company so desires such insurance, and (v) fees
and expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement,

                                       8
<PAGE>
including, without limitation, the Company's independent public accountants
(including the expenses of any comfort letters or costs associated with the
delivery by independent public accountants of a comfort letter or comfort
letters, if requested by any underwriter) and legal counsel. In addition, the
Company shall be responsible for all of its internal expenses incurred in
connection with the consummation of the transactions contemplated by this
Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of
any audit, the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder and the
reasonable fees and expenses of Special Counsel.

      5.    Indemnification

            (a)   Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or
any failure to perform under a margin call of Common Stock), investment advisors
and employees of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and the officers, directors, agents and employees of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any
and all losses, claims, damages, liabilities, costs (including, without
limitation, costs of preparation and attorneys' fees) and expenses
(collectively, "Losses"), as incurred, arising out of or relating to any untrue
or alleged untrue statement of a material fact contained or incorporated by
reference in (i) the Registration Statement, (ii) any Prospectus or any form of
prospectus, (iii) any amendment or supplement thereto, or (iv) any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in the light of the circumstances under which they were
made) not misleading, except to the extent, but only to the extent, that (A)
such untrue statements or omissions are based solely upon information regarding
such Holder furnished in writing to the Company by such Holder expressly for use
therein, which information was reasonably relied on by the Company for use
therein or to the extent that such information relates to such Holder or such
Holder's proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto, or (B) such Losses arise in connection with the
use by such Holder of a Prospectus (x) after the Company has notified such
Holder of the occurrence of an event as described in Section 3(n) and prior to
receipt by such notice, or (y) during a Blackout Period of which the Holder has
received written notice from the Company. The Company shall notify the Holders
promptly of the institution, threat or assertion of any Proceeding of which the
Company is aware in connection with the transactions contemplated by this
Agreement. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of an Indemnified Party and shall survive
the transfer of the Registrable Securities by the Holders.

            (b)   Indemnification by Holders. Each Holder shall, severally and
not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of

                                       9
<PAGE>
the Exchange Act), and the directors, officers, agents or employees of such
controlling Persons, to the fullest extent permitted by applicable law, from and
against all Losses, as incurred, arising solely out of or based solely upon any
untrue statement of a material fact contained in the Registration Statement, any
Prospectus, or any form of prospectus, or arising solely out of or based solely
upon any omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or form of
prospectus or supplement thereto, in the light of the circumstances under which
they were made) not misleading, to the extent, but only to the extent, that (i)
such untrue statement or omission is contained in or omitted from any
information furnished in writing by such Holder to the Company specifically for
inclusion in the Registration Statement or such Prospectus and that such
information was reasonably relied upon by the Company for use in the
Registration Statement, such Prospectus or such form of prospectus or to the
extent that such information relates to such Holder or such Holder's proposed
method of distribution of Registrable Securities and was reviewed and expressly
approved in writing by such Holder expressly for use in the Registration
Statement, such Prospectus or such form of Prospectus Supplement, or (ii) such
Losses arise in connection with the use by such Holder of a Prospectus (x) after
the Company has notified such Holder of the occurrence of an event as described
in Section 3(n) and prior to receipt of such notice, or (y) during a Blackout
Period of which the Holder has received written notice from the Company.
Notwithstanding anything to the contrary contained herein, the Holder shall be
liable under this Section 5(b) for only that amount as does not exceed the net
proceeds to such Holder as a result of the sale of Registrable Securities
pursuant to such Registration Statement.

            (c)   Conduct of Indemnification Proceedings. If any Proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder
(an "Indemnified Party"), such Indemnified Party promptly shall notify the
Person from whom indemnity is sought (the "Indemnifying Party) in writing, and
the Indemnifying Party shall diligently assume the defense thereof, including
the employment of counsel reasonably satisfactory to the Indemnified Party and
the payment of all fees and expenses incurred in connection with defense
thereof; provided, that the failure of any Indemnified Party to give such notice
shall not relieve the Indemnifying Party of its obligations or liabilities
pursuant to this Agreement, except (and only) to the extent that it shall be
finally determined by a court of competent jurisdiction (which determination is
not subject to appeal or further review) that such failure shall have
proximately and materially adversely prejudiced the Indemnifying Party.

            An Indemnified Party shall have the right to employ separate counsel
in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party
or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; or (2) the Indemnifying Party shall have failed promptly,
diligently and appropriately to assume the defense of such Proceeding and to
employ counsel reasonably satisfactory to such Indemnified Party in any such
Proceeding; (3) the Indemnified Party shall reasonably determine that there may
be legal defenses available to it which are not available to the Indemnifying
Party; or (4) the Indemnified Party shall reasonably determine that there is an
actual or potential conflict of interest between it and the Indemnifying Party,
including, without limitation, situations in which there are one or more legal
defenses available to the Indemnified Party that are antithetical or in
opposition to those available to the Indemnifying Party, and in any of such
cases, the Indemnifying Party shall not have the right to assume the defense
thereof and such counsel shall

                                       10

<PAGE>

be at the expense of the Indemnifying Party. The Indemnifying Party shall not be
liable for any settlement of any such Proceeding effected without its written
consent, which consent shall not be unreasonably withheld. No Indemnifying Party
shall, without the prior written consent of the Indemnified Party, effect any
settlement of any pending Proceeding in respect of which any Indemnified Party
is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of
such Proceeding and does not impose any monetary or other obligation or
restriction on the Indemnified Party.

                  All fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten (10) Business Days of written notice thereof to the
Indemnifying Party (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that
the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially
determined that such Indemnified Party is not entitled to indemnification
hereunder).

                  (d)      Contribution. If a claim for indemnification under
Section 5(a) or 5(b) is unavailable to an Indemnified Party because of a failure
or refusal of a governmental authority to enforce such indemnification in
accordance with its terms (by reason of public policy or otherwise), then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
action, statement or omission. The amount paid or payable by a party as a result
of any Losses shall be deemed to include, subject to the limitations set forth
in Section 5(c), any reasonable attorneys' or other reasonable fees or expenses
incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms. Notwithstanding anything to the contrary contained
herein, the Holder shall be liable or required to contribute under this Section
5(c) for only that amount as does not exceed the net proceeds to such Holder as
a result of the sale of Registrable Securities pursuant to such Registration
Statement.

                  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 5(d) were determined by pro
rata allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

                                       11
<PAGE>
                  The indemnity and contribution agreements contained in this
Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties. The indemnity and contribution agreements herein are
in addition to and not in diminution or limitation of any indemnification
provisions under the Purchase Agreement.

         6.       Rule 144.

                  As long as any Holder owns Purchased Shares, Warrants or
Warrant Shares, the Company covenants to timely file all reports required to be
filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of
the Exchange Act. As long as any Holder owns Purchased Shares, Warrants or
Warrant Shares, if the Company is not required to file reports pursuant to
Section 13(a) or 15(d) of the Exchange Act, it will prepare and furnish to the
Holders and make publicly available in accordance with Rule 144(c) promulgated
under the Securities Act annual and quarterly financial statements, together
with a discussion and analysis of such financial statements in form and
substance substantially similar to those that would otherwise be required to be
included in reports required by Section 13(a) or 15(d) of the Exchange Act, as
well as any other information required thereby, in the time period that such
filings would have been required to have been made under the Exchange Act. The
Company further covenants that it will take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable
such Person to sell Purchased Shares and Warrant Shares without registration
under the Securities Act within the limitation of the exemptions provided by
Rule 144 promulgated under the Securities Act, including compliance with the
provisions of the Purchase Agreement relating to the transfer of the Purchased
Shares and Warrant Shares. Upon the request of any Holder, the Company shall
deliver to such Holder a written certification of a duly authorized officer as
to whether it has complied with such requirements.

         7.       Miscellaneous.

                  (a)      Remedies. In the event of a breach by the Company or
by a Holder of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

                  (b)      No Inconsistent Agreements. Neither the Company nor
any of its subsidiaries has, as of the date hereof, entered into and currently
in effect, nor shall the Company or any of its subsidiaries, on or after the
date of this Agreement, enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. Without limiting the generality
of the foregoing, without the written consent of the Holders of a majority of
the then outstanding Registrable Securities, the Company shall not grant to any
Person the right to request the Company to register any securities of

                                       12
<PAGE>
the Company under the Securities Act unless the rights so granted are subject in
all respects to the prior rights in full of the Holders set forth herein, and
are not otherwise in conflict with the provisions of this Agreement.

                  (c)      No Piggyback on Registrations. Except for the
registration of (i) up to 125,565 shares (the "LPL Shares") of Common Stock held
by Lekar Pharma Limited ("LPL"), (ii) up to 538 shares of Common Stock
acquirable under a warrant dated September 9, 1998, issued to Leasing
Technologies International, Inc. (the ("LTII Warrant"), and (iii) any shares of
Common Stock required to be included in the Registration Statement under the
Series D Piggyback Rights, neither the Company nor any of its security holders
(other than the Holders in such capacity pursuant hereto) may include securities
of the Company in the Registration Statement, and the Company shall not after
the date hereof enter into any agreement providing such right to any of its
security holders, unless the right so granted is subject in all respects to the
prior rights in full of the Holders set forth herein, and is not otherwise in
conflict with the provisions of this Agreement. The numbers of shares of Common
Stock (i) held by LPL and (ii) underlying the LTII Warrant, to be registered in
the Registration Statement shall not be increased on account of any adjustments
provided for (A) pursuant to any agreement, obligation or understanding with
respect to the LPL Shares, or (B) in the LTII Warrant, other than on account of
a stock split (including a stock split effected by means of a stock dividend) or
other adjustment made with respect to all Common Stock as a class. No cut-back
of the numbers of shares to be registered for the accounts of the Holders shall
be made unless and until all LPL Shares and shares underlying the LTII Warrant
have been cut back in full.

                  (d)      Piggy-Back Registrations. Subject to the limitations
imposed under the Series D Registration Rights Agreement, if at any time when
there is not an effective Registration Statement covering all of the Registrable
Securities, the Company shall determine to prepare and file with the Commission
a registration statement relating to an offering for its own account or the
account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities
Act) or their then equivalents relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or equity
securities issuable in connection with stock option or other employee benefit
plans, the Company shall send to each holder of Registrable Securities written
notice of such determination and, if within twenty (20) days after receipt of
such notice, any such Holder shall so request in writing (which request shall
specify the Registrable Securities intended to be disposed of by the Holders),
the Company will cause the registration under the Securities Act of all
Registrable Securities which the Company has been so requested to register by
the Holder, to the extent required to permit the disposition of the Registrable
Securities so to be registered, provided that if at any time after giving
written notice of its intention to register any securities and prior to the
effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason not to register or to
delay registration of such securities, the Company may, at its election, give
written notice of such determination to such Holders and, thereupon, (i) in the
case of a determination not to register, shall be relieved of its obligation to
register any Registrable Securities in connection with such registration (but
not from its obligation to pay expenses in accordance with Section 4 hereof),
and (ii) in the case of a determination to delay registering, shall be permitted
to delay registering any Registrable Securities being registered pursuant to
this Section 7(d) for the same period as the delay in registering such other
securities. The Company shall include in such

                                       13
<PAGE>
registration statement all or any part of such Registrable Securities such
Holder requests to be registered; provided, however, that the Company shall not
be required to register any Registrable Securities pursuant to this Section 7(d)
that are eligible for sale pursuant to Rule 144(k) of the Securities Act. In the
case of an underwritten public offering, if the managing underwriter(s) should
reasonably object to the inclusion of the Registrable Securities in such
registration statement, then if the Company after consultation with the managing
underwriter should reasonably determine that the inclusion of such Registrable
Securities would materially adversely affect the offering contemplated in such
registration statement, and based on such determination recommends inclusion in
such registration statement of fewer or none of the Registrable Securities of
the Holders, then (x) the number of Registrable Securities of the Holders to be
included in such registration statement shall be reduced pro-rata among such
Holders (based upon the number of Registrable Securities requested to be
included in the registration), if the Company after consultation with the
underwriter(s) recommends the inclusion of fewer Registrable Securities, or (y)
none of the Registrable Securities of the Holders shall be included in such
registration statement, if the Company after consultation with the
underwriter(s) recommends the inclusion of none of such Registrable Securities;
provided, however, that if securities are being offered for the account of other
persons or entities as well as the Company, such reduction shall not represent a
greater fraction of the number of Registrable Securities intended to be offered
by the Holders than the fraction of similar reductions imposed on such other
persons or entities (other than the Company). The right of any Holder to
participate in an underwritten public offering hereunder shall be conditioned
upon such Holder's entering into the underwriting agreement and lock-up
agreement with the representative of the underwriter or underwriters on the same
terms as required of other selling securities holders in such offering.

                  (e)      Specific Enforcement, Consent to Jurisdiction,
Liquidated Damages.

                           (i)      The Company and the Holders acknowledge and
agree that irreparable damage would occur in the event that any of the
provisions of this Agreement or the Purchase Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent or cure breaches of the provisions of this Agreement or
the Purchase Agreement and to enforce specifically the terms and provisions
hereof or thereof, this being in addition to any other remedy to which any of
them may be entitled by law or equity.

                           (ii)     Each of the Company and the Holders (A)
hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts located in New York County, New York, for the purposes of any
suit, action or proceeding arising out of or relating to this Agreement or the
Purchase Agreement and (B) hereby waives, and agrees not to assert in any such
suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of such court, that the suit, action or proceeding is brought in an
inconvenient forum or that the venue of the suit, action or proceeding is
improper. Each of the Company and the Holders consents to process being served
in any such suit, action or proceeding by mailing a copy thereof to such party
at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing in this Section 7(f) shall affect or limit any right to serve
process in any other manner permitted by law.

                                       14
<PAGE>
                           (iii)    The Company and the Holders agree that the
Holders will suffer damages if the Registration Statement is not filed on or
prior to the Filing Date and not declared effective by the Commission on or
prior to the Effectiveness Date and maintained in the manner contemplated herein
during the Effectiveness Period. The Company and the Holders further agree that
it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, if (A) the Registration Statement is not filed on or prior to the
Filing Date, or is not declared effective by the Commission on or prior to the
30th day after the Effectiveness Date (or in the event an additional
Registration Statement is filed because the actual number of shares of Common
Stock for which the Warrants are exercisable exceeds the number of shares of
Common Stock initially registered is not filed and declared effective within the
time periods set forth in Section 2), or (B) the Company fails to file with the
Commission a request for acceleration in accordance with Rule 12dl-2 promulgated
under the Exchange Act within five (5) Business Days after the date that the
Company is notified (orally or in writing, whichever is earlier) by the
Commission that a Registration Statement will not be "reviewed," or is not
subject to further review, or (C) the Registration Statement is filed with and
declared effective by the Commission but thereafter ceases to be effective as to
all or any lesser portion of the Registrable Securities for a period of five (5)
or more consecutive trading days (the "Non-Effectiveness Period") at any time
prior to the expiration of the Effectiveness Period, without being succeeded by
a subsequent Registration Statement filed and declared effective by the
Commission within twenty-five (25) trading days after the commencement of the
Non-Effectiveness Period, or (D) the exercise rights of a Holder under the
Warrants are suspended for any reason other than by or through the fault of such
Holder, or (E) the Company has breached Section 3(n) of this Agreement (any such
failure or breach being referred to as an "Event"), then the Company shall pay
in cash as liquidated damages for such failure and not as a penalty to each
Holder (but as to clause (D), only to Holders for which such clause is
applicable) an amount equal to one and one-half percent (1.5%) of such Holder's
pro rata share of the aggregate purchase price paid by all Purchasers under the
Purchase Agreement for each thirty (30) day period until the applicable Event
has been cured, which shall be pro rated for such periods less than thirty (30)
days (the "Periodic Amount"). Payments to be made pursuant to this Section 7(e)
shall be due and payable immediately upon demand in immediately available cash
funds. The parties agree that the Periodic Amount represents a reasonable
estimate on the part of the parties, as of the date of this Agreement, of the
amount of damages that may be incurred by the Holders if the Registration
Statement is not filed on or prior to the Filing Date or has not been declared
effective by the Commission on or prior to the 30th day after the Effectiveness
Date and maintained in the manner contemplated herein during the Effectiveness
Period or if any other Event as described herein has occurred.

                  (f)      Amendments and Waivers. The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and each of the Holders. Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of Holders and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of at
least a majority of the Registrable Securities to which such waiver or consent
relates; provided, however, that the provisions of this sentence may not be
amended, modified, or supplemented except in accordance with the provisions of
the immediately preceding sentence.

                                       15
<PAGE>
                  (g)      Notices. Any and all notices or other communications
or deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earlier of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified for notice prior to 5:00 p.m., Eastern
United States time, on a Business Day, (ii) the Business Day after the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified for notice later than 5:00 p.m., Eastern
United States time, on any date and earlier than 11:59 p.m., Eastern United
States time, on such date, (iii) the Business Day following the date of mailing,
if sent by nationally recognized overnight courier service or (iv) actual
receipt by the party to whom such notice is required to be given. The addresses
for such communications shall be with respect to each Holder at its address set
forth under its name on Schedule 1 attached hereto, or with respect to the
Company, addressed to:

                  Spectrum Pharmaceuticals, Inc.
                  157 Technology Drive
                  Irvine, California 92618
                  Attention: CEO
                  Facsimile No.: 949-788-6706

or to such other address or addresses or facsimile number or numbers as any such
party may most recently have designated in writing to the other parties hereto
by such notice. Copies of notices to the Company shall be sent to Latham &
Watkins LLP, 650 Town Center Drive, 20th Floor, Costa Mesa, California 92626,
Att'n: Alan W. Pettis, Esq., Fax No. 714-755-8290. Copies of notices to any
Holder shall be sent to Kane Kessler, P.C., 1350 Avenue of the Americas, New
York, New York 10019, Attention: Robert L. Lawrence, Esq., Facsimile No.: (212)
245-3009.

                  (h)      Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties and their successors and
permitted assigns and shall inure to the benefit of each Holder and its
successors and assigns. The Company may not assign this Agreement or any of its
rights or obligations hereunder without the prior written consent of each
Holder. Each Holder may assign its rights hereunder in the manner and to the
Persons as permitted under the Purchase Agreement, which for purposes hereof
shall include Holders of the Placement Agent Warrants, whether or not such
Holders are parties to the Purchase Agreement.

                  (i)      Assignment of Registration Rights. The rights of each
Holder hereunder, including the right to have the Company register for resale
Registrable Securities in accordance with the terms of this Agreement, shall be
automatically assignable by each Holder to any transferee of such Holder of all
or a portion of the Purchased Shares, the Warrants or the Registrable Securities
held by such Holder if: (i) the Holder agrees in writing with the transferee or
assignee to assign such rights, and a copy of such agreement is furnished to the
Company within a reasonable time after such assignment, and (ii) the Company is,
within a reasonable time after such transfer or assignment, furnished with
written notice of (a) the name and address of such transferee or assignee, and
(b) the securities with respect to which such registration rights are being
transferred or assigned. In addition, each Holder shall have the right to assign
its rights hereunder to any other Person with the

                                       16
<PAGE>
prior written consent of the Company, which consent shall not be unreasonably
withheld. The rights to assignment shall apply to the Holders (and to
subsequent) successors and assigns.

                  (j)      Counterparts; Facsimile. This Agreement may be
executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and, all of which taken together shall constitute one
and the same Agreement. In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid binding obligation
of the party executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such facsimile signature were the original
thereof.

                  (k)      Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without
regard to principles of conflicts of law thereof. The Company hereby irrevocably
consents to the exclusive jurisdiction of the State and Federal Courts located
in New York County, New York in connection with any action or proceeding arising
out of or relating to this Agreement.

                  (l)      Cumulative Remedies. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

                  (m)      Severability. If any term, provision, covenant or
restriction of this Agreement is held to be invalid, illegal, void or
unenforceable in any respect, the remainder of the terms, provisions, covenants
and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated, and the parties hereto
shall use their reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

                  (n)      Headings. The headings herein are for convenience
only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof.

                  (o)      Shares Held by the Company and its Affiliates.
Whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by the
Company or its Affiliates (other than any Holder or transferees or successors or
assigns thereof if such Holder is deemed to be an Affiliate solely by reason of
its holdings of such Registrable Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

                  (p)      Notice of Effectiveness. Within two (2) Business Days
after the Registration Statement which includes the Registrable Securities is
ordered effective by the Commission, the Company shall deliver, and if requested
by the Company's transfer agent, shall cause legal counsel for the Company to
deliver, to the transfer agent for such Registrable Securities (with copies to
the Holders whose Registrable Securities are included in such Registration
Statement) confirmation that

                                       17
<PAGE>
the Registration Statement has been declared effective by the Commission in the
form attached hereto as Exhibit A.

                  (q)      Securities Act Compliance. Each Purchaser, severally
and not jointly, hereby covenants and agrees that such Purchaser (i) will not
sell or otherwise dispose of such Purchaser's Registrable Shares except in
compliance with the Securities Act, (ii) if selling under a Registration
Statement, will sell such Purchaser's Registrable Shares only in accordance with
the plan of distribution set forth in the Prospectus forming a part of the
Registration Statement, (iii) will comply with the requirements of the
Securities Act when selling or otherwise disposing of the Registrable Shares,
including, but not limited to, the prospectus delivery requirements of the
Securities Act.

                           [SIGNATURE PAGES FOLLOWS:]

                                       18
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Registration
Rights Agreement to be duly executed by their respective authorized persons as
of the date first indicated above.

<TABLE>
<CAPTION>
PURCHASERS/HOLDERS:                              COMPANY:
------------------                               -------
<S>                                              <C>
BAYSTAR CAPITAL II, L.P.                         SPECTRUM PHARMACEUTICALS, INC., a Delaware
By:  SDS Capital Partners, LLC                   corporation

By: /s/ Steve Derby                              By: /s/ Rajesh C. Shrotriya
    ------------------------------------------   ------------------------------------------
    Name:  Steve Derby                               Name: Rajesh C. Shrotriya, M.D.
    Title  Managing Member                           Title: CEO

    /s/ James T. Betts                           PURCHASERS/HOLDERS (CONT'D):
    ------------------------------------------   ------------------------------------------
JAMES BETTS

                                                     /s/ Hetal Patel
                                                 ------------------------------------------
                                                 HETAL PATEL

    /s/ Shanta Chawla                                /s/ Ashok Y. Gore
    ------------------------------------------   ------------------------------------------
SHANTA CHAWLA, M.D.                              ASHOK GORE, PH.D.
</TABLE>
<PAGE>
<TABLE>
<S>                                              <C>
CRANSHIRE CAPITAL, LP                            OMNICRON CAPITAL, LP
By: Downsview Capital , its general partner      By: Bruce Bernstein, its general partner

By: /s/ Mitchell D. Kopin                        By: /s/ Bruce Bernstein
    ------------------------------------------       --------------------------------------
    Name:  Mitchell D. Kopin                         Name:  Bruce Bernstein
    Title: President - Downsview Capital             Title:
           The General Partner

CREATIVE INVESTORS GROUP, LLC

By: /s/ Paresh Mital                                 /s/ Paul Scharfer
    ------------------------------------------       --------------------------------------
    Name:  Paresh Mital                          PAUL SCHARFER
    Title: Managing Member

NORTH SOUND LEGACY FUND LLC                      NORTH SOUND LEGACY INTERNATIONAL FUND LTD.

By: /s/ Andrew Wilder                            By: /s/ Andrew Wilder
    ------------------------------------------       --------------------------------------
    Name:  Andrew Wilder                             Name:  Andrew Wilder
    Title: Chief Financial Officer                   Title: Chief Financial Officer

NORTH SOUND LEGACY FUND INSTITUTIONAL FUND LLC

By: /s/ Andrew Wilder
    ------------------------------------------
    Name:  Andrew Wilder
    Title: Chief Financial Officer
</TABLE>
<PAGE>
                   SCHEDULE 1 TO REGISTRATION RIGHTS AGREEMENT

<TABLE>
<CAPTION>
                                                                    Shares of Common
                                                                    Stock Acquirable
                                               Shares of Common     under Series 2003-1     Total Purchase
Name and Address of Purchaser                  Stock                Warrants                Price
------------------------------------------     ----------------     -------------------     --------------
<S>                                            <C>                  <C>                     <C>
BayStar Capital II, L.P.                                183,540                  91,770           $752,514
XXXX
XXXX
XXXX

James Betts                                              25,000                  12,500           $102,500
XXXX
XXXX
XXXX

Shanta Chawla, M.D.                                      12,500                   6,250            $51,250
XXXX
XXXX
XXXX

Cranshire Capital, LP                                   122,000                  61,000           $500,200
XXXX
XXXX
XXXX

Creative Investors Group, LLC                            25,000                  12,500           $102,500
XXXX
XXXX
XXXX

Ashok Gore, Ph.D.                                        12,500                   6,250            $51,250
XXXX
XXXX
XXXX

North Sound Legacy Fund LLC                               7,800                   3,900            $31,980
XXXX
XXXX
XXXX
Facsimile:  xxx

North Sound Legacy Institutional Fund LLC                78,800                  39,400           $323,080
XXXX
XXXX
XXXX
Att'n:
Facsimile:  xxx

North Sound Legacy International Fund Ltd.               86,400                  43,200           $354,240
XXXX
XXXX
XXXX
Att'n:
Facsimile:
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                                    Shares of Common
                                                                    Stock Acquirable
                                               Shares of Common     under Series 2003-1     Total Purchase
Name and Address of Purchaser                  Stock                Warrants                Price
------------------------------------------     ----------------     -------------------     --------------
<S>                                            <C>                  <C>                     <C>
Omnicron Capital, LP                                    122,000                  61,000           $500,200
XXXX
XXXX
Attn:  XXXX
Facsimile: XXXX

Hetal Patel                                              25,000                  12,500           $102,500
XXXX
XXXX
Facsimile: XXXX
                                                         36,500                  18,250           $149,600
Paul Scharfer
XXXX
XXXX
Facsimile: XXXX
------------------------------------------     ----------------     -------------------     --------------
         Total                                          737,040                 368,520         $3,021,864
==========================================     ================     ===================     ==============
</TABLE>
<PAGE>
EXHIBIT A

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

[Name and Address of Transfer Agent]

            RE:   SPECTRUM PHARMACEUTICALS, INC.

Dear [______]:

      We are counsel to Spectrum Pharmaceuticals, Inc. a Delaware corporation
(the "COMPANY"), and have represented the Company in connection with that
certain Common Stock and Warrant Purchase Agreement (the "PURCHASE AGREEMENT")
dated as of August ____, 2003 by and among the Company and the buyers named
therein (collectively, the "HOLDERS") pursuant to which the Company issued to
the Holders shares of the Company's common stock, par value $0.001 per share
(the "COMMON STOCK"), and warrants to purchase shares of the Common Stock (the
"WARRANTS"). Pursuant to the Purchase Agreement, the Company has also entered
into a Registration Rights Agreement with the Holders (the "REGISTRATION RIGHTS
AGREEMENT") pursuant to which the Company agreed, among other things, to
register the Registrable Securities (as defined in the Registration Rights
Agreement), including the shares of Common Stock issuable upon exercise of the
Warrants, under the Securities Act of 1933, as amended (the "1933 ACT"). In
connection with the Company's obligations under the Registration Rights
Agreement, on __________, 2003, the Company filed a Registration Statement on
Form S-3 (File No. 333-_____________) (the "REGISTRATION STATEMENT") with the
Securities and Exchange Commission (the "SEC") relating to the Registrable
Securities which names each of the Holders as a selling stockholder thereunder.

      In connection with the foregoing, we advise you that a member of the SEC's
staff has advised us by telephone that the SEC has entered an order declaring
the Registration Statement effective under the 1933 Act at [ENTER TIME OF
EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge, after
telephonic inquiry of a member of the SEC's staff, that any stop order
suspending its effectiveness has been issued or that any proceedings for that
purpose are pending before, or threatened by, the SEC and the Registrable
Securities are available for resale under the 1933 Act pursuant to the
Registration Statement.

                                          Very truly yours,

                                          By:
                                             -----------------------------------
cc:   [LIST NAMES OF HOLDERS]<PAGE>
                                                                     Exhibit 4.2

                              SERIES 2003-1 WARRANT

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY OR ACQUIRABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR TRANSFERRED, IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR UNLESS THE COMPANY HAS
RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
SALE IS EXEMPT FROM REGISTRATION UNDER SUCH ACT AND IS IN COMPLIANCE WITH
APPLICABLE STATE SECURITIES OR BLUE SKY LAWS UNLESS SUCH REGISTRATION IS NOT
REQUIRED.

             Warrant to Purchase _________ Shares of Common Stock of

                         SPECTRUM PHARMACEUTICALS, INC.

            THIS IS TO CERTIFY THAT _______________________, or registered
assigns (the "Holder"), is entitled, at any time prior to the Expiration Date
(as hereinafter defined), to purchase from Spectrum Pharmaceuticals, Inc. a
Delaware corporation (the "Company"), the Warrant Shares (as hereinafter defined
and subject to adjustment as provided herein), in whole or in part, at a
purchase price of $4.75 per share, all on and subject to the terms and
conditions hereinafter set forth.

            1.    DEFINITIONS. As used in this Warrant, the following terms have
the respective meanings set forth below:

            "Additional Shares of Common Stock" means any shares of Common Stock
issued by the Company after the Closing Date.

            "Affiliate" means any person or entity that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under
common control with a person or entity, as such terms are used in and construed
under Rule 144 under the Securities Act. With respect to a Holder of Warrants,
any investment fund or managed account that is managed on a discretionary basis
by the same investment manager as such holder will be deemed to be an Affiliate
of such Holder.

            "Appraised Value" means, in respect of any share of Common Stock on
any date herein specified, the fair saleable value of such share of Common Stock
(determined without giving effect to the discount for (i) a minority interest or
(ii) any lack of liquidity of the Common Stock or to the fact that the Company
may have no class of equity registered under the Exchange Act) as of the last
day of the most recent fiscal month ending prior to such date specified, based
on the value of the Company, as determined by a nationally recognized investment
banking firm selected by the Company's Board of Directors and having no prior
relationship with the Company.
<PAGE>
            "Business Day" means any day that is not a Saturday or Sunday or a
day on which banks are required or permitted to be closed in the State of New
York.

            "Change of Control" means the (i) acquisition by an individual or
legal entity or group (as defined in Rule 13-d of the Exchange Act) of more than
one-half of the voting rights or equity interests in the Company; (ii) sale,
conveyance, or other disposition of all or substantially all of the assets,
property or business of the Company, (iii) any reorganization of the Company's
capital, or (iv) the merger into or consolidation with any other corporation
(other than a wholly owned subsidiary corporation) or effectuation of any
transaction or series of related transactions where holders of the Company's
voting securities prior to such transaction or series of transactions fail to
continue to hold at least 50% of the voting power of the Company.

            "Closing Date" means August 13, 2003.

            "Commission" means the Securities and Exchange Commission or any
other federal agency then administering the Securities Act and other federal
securities laws.

            "Common Stock" means (except where the context otherwise indicates)
the Common Stock, $0.001 par value per share, of the Company as constituted on
the Closing Date, and any capital stock into which such Common Stock may
thereafter be changed or converted, and shall also include (i) capital stock of
the Company of any other class (regardless of how denominated) issued to the
holders of shares of Common Stock upon any reclassification thereof which is
also not preferred as to dividends or assets on liquidation over any other class
of stock of the Company and which is not subject to redemption and (ii) shares
of common stock of any successor or acquiring corporation received by or
distributed to the holders of Common Stock of the Company in the circumstances
contemplated by Section 4.3.

            "Current Market Price" means, in respect of any share of Common
Stock on any date herein specified, if there shall not then be a public market
for the Common Stock, the higher of (a) the book value per share of Common Stock
on such date and (b) the Appraised Value per share of Common Stock at such date,
or if there shall then be a public market for the Common Stock, the higher of
(y) the book value per share of Common Stock on such date, and (z) the average
of the daily market prices for 20 consecutive Trading Days immediately preceding
such date. The daily market price for each such Trading Day shall be (i) the
last sale price on such day on the principal stock exchange on which such Common
Stock is then listed or admitted to trading, (ii) if no sale takes place on such
day on any such exchange, the average of the last reported closing bid and asked
prices on such day as officially quoted on any such exchange, (iii) if the
Common Stock is not then listed or admitted to trading on any stock exchange,
the average of the last reported closing bid and asked prices on such day in the
over-the-counter market, as furnished by the National Association of Securities
Dealers Automatic Quotation System or the National Quotation Bureau, Inc., (iv)
if neither such corporation at the time is engaged in the business of reporting
such prices, as furnished by any similar firm then engaged in such business, or
(v) if there is no such firm, as furnished by any member of the NASD selected
mutually by the holder of this Warrant and the Company or, if they cannot agree
upon such selection, as selected by two such members of the NASD, one of which
shall be selected by holder of this Warrant and one of which shall be selected
by the Company.

                                       2
<PAGE>
            "Current Warrant Price" means, in respect of a share of Common Stock
at any date herein specified, the price at which a share of Common Stock may be
purchased pursuant to this Warrant on such date. Until the Current Warrant Price
is adjusted pursuant to the terms herein, the initial Current Warrant Price
shall be $4.75 per share.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

            "Exercise Period" means the period during which this Warrant is
exercisable pursuant to Section 2.1.

            "Expiration Date" means August 13, 2008.

            "GAAP" means generally accepted accounting principles in the United
States of America as from time to time in effect.

            "NASD" means the National Association of Securities Dealers, Inc.,
or any successor corporation thereto.

            "Other Property" has the meaning set forth in Section 4.3.

            "Person" means any individual, sole proprietorship, partnership,
joint venture, trust, incorporated organization, association, corporation,
limited liability company, institution, public benefit corporation, entity or
government (whether federal, state, county, city, municipal or otherwise,
including, without limitation, any instrumentality, division, agency, body or
department thereof).

            "Restricted Common Stock" means shares of Common Stock which are, or
which upon their issuance upon the exercise of any Warrant would be required to
be, evidenced by a certificate bearing the restrictive legend set forth in
Section 3.2.

            "Securities Act" means the Securities Act of 1933, as amended, or
any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

            "Trading Day" means any day on which the primary market on which
shares of Common Stock are listed is open for trading.

            "Transfer" means any disposition of any Warrant or Warrant Shares or
of any interest in either thereof, which would constitute a sale thereof within
the meaning of the Securities Act.

            "Warrants" means this Warrant and all warrants issued upon transfer,
division or combination of, or in substitution for, any thereof. All Warrants
shall at all times be identical as to

                                       3
<PAGE>
terms and conditions and date, except as to the number of shares of Common Stock
for which they may be exercised.

            "Warrant Price" means an amount equal to (i) the number of shares of
Common Stock being purchased upon exercise of this Warrant pursuant to Section
2.1, multiplied by (ii) the Current Warrant Price.

            "Warrant Shares" means any one or more of the shares of Common Stock
to be purchased upon the exercise hereof, subject to adjustment as provided
herein.

            2.    EXERCISE OF WARRANT.

            2.1.  Manner of Exercise. (a) From and after the Closing Date, and
until 5:00 P.M., New York time, on the Expiration Date (the "Exercise Period"),
the Holder may exercise this Warrant, on any Business Day, for all or any part
of the number of shares of Warrant Shares purchasable hereunder.

                  (b)   In order to exercise this Warrant, in whole or in part,
the Holder shall deliver to the Company at its principal office or at the office
or agency designated by the Company pursuant to Section 10, (i) a written notice
of Holder's election to exercise this Warrant, which notice shall specify the
number of shares of Warrant Shares to be purchased, (ii) payment of the Warrant
Price as provided herein, and (iii) this Warrant. Such notice shall be
substantially in the form of the subscription form appearing at the end of this
Warrant as Exhibit A, duly executed by the Holder or its agent or attorney. Upon
receipt thereof, the Company shall, as promptly as reasonably practicable, and
in any event within five Business Days thereafter, execute or cause to be
executed and deliver or cause to be delivered to the Holder a certificate or
certificates representing the aggregate number of Warrant Shares issuable upon
such exercise, together with cash in lieu of any fraction of a share, as
hereinafter provided. The stock certificate or certificates so delivered shall
be, to the extent possible, in such denomination or denominations as the Holder
shall request in the notice and shall be registered in the name of the Holder or
such other name as shall be designated in the notice. This Warrant shall be
deemed to have been exercised and such certificate or certificates shall be
deemed to have been issued, and the Holder or any other Person so designated to
be named therein shall be deemed to have become a Holder of record of such
shares for all purposes, as of the date when the notice, together with the
payment of the Warrant Price and this Warrant, is received by the Company as
described above. If this Warrant shall have been exercised in part, the Company
shall, at the time of delivery of the certificate or certificates representing
Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the
Holder to purchase the unpurchased shares of Common Stock called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant, or at the request of the Holder, appropriate notation may be made on
this Warrant and the same returned to the Holder.

                  (c)   Payment of the Warrant Price may be made at the option
of the Holder by: (i) certified or official bank check payable to the order of
the Company, or (ii) wire transfer to the account of the Company. All shares of
Common Stock issuable upon the exercise of this Warrant pursuant to the terms
hereof shall be validly issued and, upon payment of the Warrant Price, shall be

                                       4
<PAGE>
fully paid and nonassessable and not subject to any preemptive rights. The
Company shall pay all expenses in connection with, and all transfer, stamp or
similar taxes and other governmental charges that may be imposed with respect
to, the issue or deliver thereof, provided, however, that the Company shall not
be required to pay any tax which may be payable in respect of any transfer
involved in the issuance of any certificates for Warrant Shares or Warrants in a
name other than the name of the Holder.

                  (d)   Except for the provisions with respect to the Rights
Agreement set forth in Section 4.7 hereof, prior to the exercise of this
Warrant, the Holder shall not be entitled to any rights as a stockholder of the
Company with respect to the Warrant Shares, including, without limitation, the
right to vote such Warrant Shares, receive dividends or other distributions
thereon or to be notified of stockholder meetings, except as set forth herein.

            2.2.  Fractional Shares. The Company shall not be required to issue
a fractional share of Common Stock upon exercise of any Warrant. As to any
fraction of a share which the Holder of one or more Warrants, the rights under
which are exercised in the same transaction, would otherwise be entitled to
purchase upon such exercise, the Company shall pay an amount in cash equal to
the Current Market Price per share of Common Stock on the date of exercise,
multiplied by such fraction.

            2.3.  Restrictions on Exercise Amount. Notwithstanding any contrary
or inconsistent provision hereof, the Holder may not acquire a number of Warrant
Shares to the extent that, upon such exercise, the number of shares of Common
Stock then beneficially owned by such holder and its Affiliates and any other
persons or entities whose beneficial ownership of Common Stock would be
aggregated with the Holder's for purposes of Section 13(d) of the Exchange Act
(including shares held by any "group" of which the holder is a member) exceeds
9.95%* of the total number of shares of Common Stock of the Company then issued
and outstanding (such limitation being herein referred to as the "Beneficial
Ownership Cap"); provided, however, that the Holder may acquire a number of
Warrant Shares that would cause the Holder to exceed the Beneficial Ownership
Cap upon 61 days' prior written notice of its intent thereof to the Company. For
purposes hereof, "group" has the meaning set forth in Section 13(d) of the
Exchange Act and applicable regulations of the Securities and Exchange
Commission, and the percentage held by the holder shall be determined in a
manner consistent with the provisions of Section 13(d) of the Exchange Act. The
Company shall have no obligation to verify compliance with this Section 2.3,
other than to issue Warrant Shares in accordance with the exercise notice of
each Holder. It shall be the responsibility of each Holder to determine such
Holder's compliance with the Beneficial Ownership Cap, and the Holder's exercise
notice shall be deemed a representation of the Holder that the number of shares
of Common Stock to be acquired pursuant to such exercise notice shall be in
compliance with the Beneficial Ownership Cap.

            3.    TRANSFER, DIVISION AND COMBINATION.

            3.1.  Transfer. The Warrants and the Warrant Shares shall be freely
transferable, subject to compliance with all applicable laws, including, but not
limited to the Securities Act. Transfer of this Warrant and all rights
hereunder, in whole or in part, shall be registered on the books

* 4.9% for the Warrant issued to Cranshire Capital

                                       5
<PAGE>
of the Company to be maintained for such purpose, upon surrender of this Warrant
at the principal office of the Company referred to in Section 12.2 or the office
or agency designated by the Company pursuant to Section 10, together with a
written assignment of this Warrant substantially in the form of Exhibit B hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay
any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new
Warrant or Warrants in the name of the assignee or assignees and in the
denomination specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The acceptance of the new Warrant
or Warrants by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of this Warrant.
Notwithstanding anything herein to the contrary, this Warrant may not be
transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws. Following a transfer that complies with the
requirements of this Section 3.1, the Warrant may be exercised by a new Holder
for the purchase of shares of Common Stock regardless of whether the Company
issued or registered a new Warrant on the books of the Company.

            3.2.  Restrictive Legend. Unless the resale of the Warrant Shares
has been registered under the Securities Act of 1933, as amended, each
certificate for Warrant Shares initially issued upon the exercise of this
Warrant, and each certificate for Warrant Shares issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with
a legend in substantially the following form:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
            BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS
            AMENDED, AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR
            TRANSFERRED, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
            STATEMENT UNDER SAID ACT OR UNLESS THE COMPANY HAS
            RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY
            TO THE COMPANY THAT SUCH SALE IS EXEMPT FROM
            REGISTRATION UNDER SUCH ACT AND IS IN COMPLIANCE WITH
            APPLICABLE STATE SECURITIES OR BLUE SKY LAWS UNLESS SUCH
            REGISTRATION IS NOT REQUIRED."

            3.3.  Division and Combination; Expenses; Books. This Warrant may be
divided or combined with other Warrants upon presentation hereof at the
aforesaid office or agency of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with
Section 3.1 as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. The Company shall prepare, issue and deliver at its own
expense the new Warrant or Warrants under this Section 3. The Company agrees to
maintain, at its aforesaid office or agency, books for the registration and the
registration of transfer of the Warrants.

                                       6
<PAGE>
            4.    ADJUSTMENTS. The number of shares of Common Stock for which
this Warrant is exercisable, and the price at which such shares may be purchased
upon exercise of this Warrant, shall be subject to adjustment from time to time
as set forth in this Section 4. The Company shall give the Holder notice of any
event described below which requires an adjustment pursuant to this Section 4 in
accordance with Sections 5.1 and 5.2.

            4.1   Stock Dividends, Subdivisions and Combinations. If at any time
while this Warrant is outstanding the Company shall:

                  i.    take a record of the holders of its Common Stock for the
            purpose of entitling them to receive a dividend payable in, or other
            distribution of, additional shares of Common Stock,

                  ii.   subdivide its outstanding shares of Common Stock into a
            larger number of shares of Common Stock, or

                  iii.  combine its outstanding shares of Common Stock into a
            smaller number of shares of Common Stock,

then:

                  (1)   the number of shares of Common Stock acquirable upon
                        exercise of this Warrant immediately after the
                        occurrence of any such event shall be adjusted to equal
                        the number of shares of Common Stock which a record
                        holder of the same number of shares of Common Stock that
                        would have been acquirable under this Warrant
                        immediately prior to the occurrence of such event would
                        own or be entitled to receive after the happening of
                        such event, and

                  (2)   the Warrant Price shall be adjusted to equal:

                        (A)   the Current Warrant Price in effect immediately
                              prior to the occurrence of such event multiplied
                              by the number of shares of Common Stock into which
                              this Warrant is exercisable immediately prior to
                              the adjustment, divided by

                        (B)   the number of shares of Common Stock into which
                              this Warrant is exercisable immediately after such
                              adjustment.

Any adjustment made pursuant to clause (i) of this paragraph shall become
effective immediately after the record date for the determination of
shareholders entitled to receive such dividend or distribution, and any
adjustment pursuant to clauses (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or
combination.

                                       7
<PAGE>
            4.2   Fractional Interests. In computing adjustments under this
Section 4, all calculations shall be made to the nearest 1/100th of a share.

            4.3   Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets.

                  a.    If, during the Exercise Period, there shall occur a
Change of Control and, pursuant to the terms of such Change of Control, shares
of common stock of the successor or acquiring corporation, or any cash, shares
of stock or other securities or property of any nature whatsoever (including
warrants or other subscription or purchase rights) in addition to or in lieu of
common stock of the successor or acquiring corporation ("Other Property"), are
to be received by or distributed to the holders of Common Stock of the Company,
then the Holder of this Warrant shall have the right thereafter to receive, upon
the exercise of the Warrant, the number of shares of common stock of the
successor or acquiring corporation or of the Company, if it is the surviving
corporation, and the Other Property receivable upon or as a result of such
Change of Control by a holder of the number of shares of Common Stock into which
this Warrant is exercisable immediately prior to such event.

                  b.    In case of any such Change of Control, the successor or
acquiring corporation (if other than the Company) shall expressly assume the due
and punctual observance and performance of each and every covenant and condition
of contained in this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined by resolution of the Board of Directors of
the Company) in order to provide for adjustments of shares of the Common Stock
into which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in Section 4.

            4.4   Other Action Affecting Common Stock. In case at any time or
from time to time the Company shall take any action in respect of its Common
Stock, then, unless such action will not have a materially adverse effect upon
the rights of the holder of this Warrant, the number of shares of Common Stock
or other stock into which this Warrant is exercisable and/or the purchase price
thereof shall be adjusted in such manner as may be equitable in the
circumstances.

            4.5   Certain Limitations. Notwithstanding anything herein to the
contrary, the Company agrees not to enter into any transaction which, by reason
of any adjustment hereunder, would cause the Current Warrant Price to be less
than the par value per share of Common Stock.

            4.6   Stock Transfer Taxes. The issue of stock certificates upon
exercise of this Warrant shall be made without charge to the holder for any tax
in respect of such issue.

            4.7   Rights Distributed Under Rights Agreement. Capitalized terms
used in this Section 4.7 and which are not otherwise defined herein shall have
the meanings ascribed to them in the Rights Agreement (the "Rights Agreement")
dated as of December, 13, 2000, between the Company and U.S. Stock Transfer
Corporation. While the Rights Agreement or any other poison pill, rights plan or
similar arrangement (each, a "Rights Plan") shall be in effect:

                                       8
<PAGE>
                  a.    A Holder who exercises any portion of this Warrant
before the Distribution Date or before any Rights Certificates or similar right
(each a "Right") shall be evidenced by a separate rights certificate or before
any Right shall otherwise be transferable otherwise than in connection with the
transfer of the Warrant Shares (the date of the occurrence of any of the
foregoing being referred to herein as a "Rights Distribution Date") will
receive, upon exercise of this Warrant, in addition to the Warrant Shares
issuable upon exercise of this Warrant, one Right for each such Warrant Share.

                  b.    A Holder who exercises any portion of this Warrant after
a Rights Distribution Date shall receive, upon exercise of this Warrant, in
addition to the Warrant Shares issuable upon exercise of this Warrant, such
number of Rights equal to the number of Rights such Holder would have held if,
immediately prior to the Rights Distribution Date, the portion of this Warrant
being exercised at such time had been exercised and the Warrant Shares issuable
upon such exercise were outstanding immediately prior to the Rights Distribution
Date. The Company shall issue to the Holder certificates evidencing such Rights,
no later than five business days following such exercise date. In the event the
applicable Rights Plan does not permit such Rights to be granted to each Holder,
the Corporation shall, in lieu of the Rights issuable pursuant to the
immediately preceding sentence, issue to each Holder an option, right or similar
arrangement giving each Holder the same rights and benefits as they would have
held upon the receipt of the applicable number of Rights.

            5.    NOTICES TO WARRANT HOLDERS.

            5.1.  Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Current Warrant Price, or the number of shares
of Common Stock and the amount, if any of other property which at the time would
be received upon exercise of the Warrants owned by such Holder, the Company, at
its expense, shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and prepare and furnish to the Holder of this
Warrant a certificate setting forth such adjustment or readjustment and showing
in detail the facts upon which such adjustment or readjustment is based. The
Company shall, upon the written request at any time of the Holder of this
Warrant, furnish or cause to be furnished to such Holder a like certificate
setting forth (i) such adjustments and readjustments, (ii) the Current Warrant
Price at the time in effect and (iii) the number of shares of Common Stock and
the amount, if any, or other property which at the time would be received upon
the exercise of Warrants owned by such Holder.

            5.2.  Notice of Corporate Action. If at any time:

                  (a)   the Company shall take a record of the holders of its
      Common Stock for the purpose of entitling them to receive a dividend or
      other distribution, or any right to subscribe for or purchase any
      evidences of its indebtedness, any shares of stock of any class or any
      other securities or property, or to receive any other right, or

                  (b)   there shall be any capital reorganization of the
      Company, any reclassification or recapitalization of the capital stock of
      the Company or any consolidation

                                       9
<PAGE>
      or merger of the Company with, or any sale, transfer or other disposition
      of all or substantially all the property, assets or business of the
      Company to, another corporation, or

                  (c)   there shall be a voluntary or involuntary dissolution,
      liquidation or winding up of the Company;

      then, in any one or more of such cases, the Company shall give to the
      Holder (i) at least 15 days' prior written notice of the record date shall
      be selected for such dividend, distribution or right or for determining
      rights to vote in respect of any such reorganization, reclassification,
      merger, consolidation, sale, transfer, disposition, dissolution,
      liquidation or winding up, and (ii) in the case of any such
      reorganization, reclassification, merger, consolidation, sale, transfer,
      disposition, dissolution, liquidation or winding up, at least 15 days'
      prior written notice of the date when the same shall take place. Such
      notice in accordance with the foregoing clause also shall specify (i) the
      date on which any such record is to be taken for the purpose of such
      dividend, distribution or right, the date on which the holders of Common
      Stock shall be entitled to any such dividend, distribution or right, and
      the amount and character thereof, and (ii) the date on which any such
      reorganization, reclassification, merger, consolidation, sale, transfer,
      disposition, dissolution, liquidation or winding up is to take place and
      the time, if any such time is to be fixed, as of which the holders of
      Common Stock shall be entitled to exchange their shares of Common Stock
      for securities or other property deliverable upon such reorganization,
      reclassification, merger, consolidation, sale, transfer, disposition,
      dissolution, liquidation or winding up. Each such written notice shall be
      sufficiently given if addressed to the Holder at the last address of the
      Holder appearing on the books of the Company and delivered in accordance
      with Section 12.2. The failure to give any notice required by this Section
      5.2 shall not invalidate any such corporate action.

            5.3.  Notice to Stockholders. The Holder shall be entitled to the
same rights to receive notice of corporation action as any holder of Common
Stock.

            6.    NO IMPAIRMENT. The Company shall not by any action, including,
without limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of the Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (c) use its best efforts to
obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant. Upon the request of the
Holder, the Company will at any time during the period this

                                       10
<PAGE>
Warrant is outstanding acknowledge in writing, in form satisfactory to the
Holder, the continuing validity of this Warrant and the obligations of the
Company hereunder.

            7.    RESERVATION AND AUTHORIZATION OF COMMON STOCK: REGISTRATION
WITH APPROVAL OF ANY GOVERNMENTAL AUTHORITY. From and after the Closing Date,
the Company shall at all times reserve and keep available for issue upon the
exercise of Warrants such number of its authorized but unissued shares of Common
Stock as will be sufficient to permit the exercise in full of all outstanding
Warrants. All shares of Common Stock which shall be so issuable, when issued
upon exercise of any Warrant and payment therefor in accordance with the terms
of such Warrant, shall be duly and validly issued and fully paid and
nonassessable, and not subject to preemptive rights. Before taking any action
which would cause an adjustment reducing the Current Warrant Price below the
then par value, if any, of the shares of Common Stock issuable upon exercise of
the Warrants, the Company shall take any corporate action which may be necessary
in order that the Company may validly and legally issue fully paid and
non-assessable shares of such Common Stock at such adjusted Current Warrant
Price. Before taking any action which would result in an adjustment in the
number of shares of Common Stock for which this Warrant is exercisable or in the
Current Warrant Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof. If any shares of Common
Stock required to be reserved for issuance upon exercise of Warrants require
registration or qualification with any governmental authority under any federal
or state law before such shares may be so issued (other than as a result of a
prior or contemplated distribution by the Holder of this Warrant), the Company
will in good faith and as expeditiously as possible and at its expense endeavor
to cause such shares to be duly registered.

            8.    TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS. In the
case of all dividends or other distributions by the Company to the holders of
its Common Stock with respect to which any provision of Section 4 refers to the
taking of a record of such holders, the Company will in each such case take such
a record and will take such record as of the close of business on a Business
Day. The Company will not at any time, except upon dissolution, liquidation or
winding up of the Company, close its stock transfer books or Warrant transfer
books so as to result in preventing or delaying the exercise or transfer of any
Warrant.

            9.    LOSS OR MUTILATION. Upon receipt by the Company from the
Holder of evidence reasonably satisfactory to it of the ownership of and the
loss, theft, destruction or mutilation of this Warrant and indemnity reasonably
satisfactory to it (it being understood that the written agreement of the
original Holder shall be sufficient indemnity) and in case of mutilation upon
surrender and cancellation hereof, the Company will execute and deliver in lieu
hereof a new Warrant of like tenor to the Holder; provided, however, that in the
case of mutilation, no indemnity shall be required if this Warrant in
identifiable form is surrendered to the Company for cancellation. Applicants for
a replacement Warrant under such circumstances shall also comply with such other
reasonable regulations and procedures and pay such other reasonable charges as
the Company may prescribe.

            10.   OFFICE OF THE COMPANY. As long as any of the Warrants remain
outstanding, the Company shall maintain an office or agency (which may be the
principal executive offices of the

                                       11
<PAGE>
Company) where the Warrants may be presented for exercise, registration of
transfer, division or combination as provided in this Warrant.

            11.   LIMITATION OF LIABILITY. No provision hereof, in the absence
of affirmative action by the Holder to purchase shares of Common Stock, and no
enumeration herein of the rights or privileges of the Holder hereof, shall give
rise to any liability of the Holder for the purchase price of any Common Stock,
whether such liability is asserted by the Company or by creditors of the
Company.

            12.   MISCELLANEOUS.

            12.1. Nonwaiver and Expenses. No course of dealing or any delay or
failure to exercise any right hereunder on the part of the Holder shall operate
as a waiver of such right or otherwise prejudice Holder's rights, powers or
remedies. If the Company fails to make, when due, any payments provided for
hereunder, or fails to comply with any other provision of this Warrant, the
Company shall pay to the Holder such amounts as shall be sufficient to cover any
costs and expenses including, but not limited to, reasonable attorneys' fees,
including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

            12.2. Notice Generally. All notices, requests, demands or other
communications provided for herein shall be in writing and shall be deemed to
have been given the next Business Day after being deposited with a nationally
recognized overnight courier such as Federal Express, or when personally
delivered, or successfully sent by facsimile transmission as evidenced by a fax
machine confirmation report thereof, addressed, as the case may be, to the
Holder at the address on the books and records of the Company, with a copy to
Kane Kessler, P.C., 1350 Avenue of the Americas, New York, New York 10019,
Attention: Robert L. Lawrence, Esq., Facsimile No. (212) 245-3009; or to the
Company, Spectrum Pharmaceuticals, Inc., at 157 Technology Drive, Irvine,
California 92618, Att'n: CEO, Fax No. (949) 788-6706; with a copy to Latham &
Watkins LLP, 650 Town Center Drive, 20th Floor, Costa Mesa, California 92626,
Att'n: Allan W. Pettis, Esq., Fax No. 714-755-8290, or to such other person or
address as either party shall designate to the other from time to time in
writing forwarded in like manner.

            12.3. Successors and Assigns. Subject to compliance with the
provisions of Section 3.1, this Warrant and the rights evidenced hereby shall
inure to the benefit of and be binding upon the successors of the Company and
the successors and assigns of the Holder. The provisions of this Warrant are
intended to be for the benefit of all Holders from time to time of this Warrant,
and shall be enforceable by any such Holder, but nothing in this Warrant shall
be construed to give any person or corporation or other entity, other than the
Company and the Holder and their respective successors and assigns, any legal or
equitable right, remedy or cause under this Warrant.

            12.4. Amendment. This Warrant may be modified or amended or the
provisions of this Warrant waived with the written consent of the Company and
the Holder.

                                       12
<PAGE>
            12.5. Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be modified to the extent of
such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Warrant.

            12.6. Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant

            12.7. Governing Law. This Warrant and the transactions contemplated
hereby shall be deemed to be consummated in the State of New York and shall be
governed by and interpreted in accordance with the local laws of the State of
New York without regard to the provisions thereof relating to conflict of laws.
The Company hereby irrevocably consents to the exclusive jurisdiction of the
State and Federal courts located in New York City, New York in connection with
any action or proceeding arising out of or relating to this Warrant. In any such
litigation the Company waives personal service of any summons, complaint or
other process and agrees that the service thereof may be made by certified or
registered mail directed to the Company at its address set forth in Section
12.2.

                            [SIGNATURE PAGE FOLLOWS:]

                                       13
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its duly authorized officer and attested by its Secretary.

Dated: August 13, 2003

                                       SPECTRUM PHARMACEUTICALS, INC.

                                       By: /s/ Rajesh C. Shrotriya
                                          --------------------------------
                                          Name:  Rajesh C. Shrotriya, M.D.
                                          Title: Chairman, Chief Executive
                                                 Officer and President

Attest:

By: /s/ John L. McManus
    ------------------------------
   Name:  John L. McManus
   Title: Vice President Finance and Strategic Planning and
          Assistant Secretary

See Schedule 1 to the Common Stock and Warrant Purchase Agreement dated as of
August 13, 2003 (filed as Exhibit 10.1 to this Form 8-K) for name of each
purchaser receiving warrants and the number of warrants issued to each
Purchaser.
<PAGE>
                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

The undersigned registered owner of this Warrant exercises this Warrant for the
purchase of shares of Common Stock of Spectrum Pharmaceuticals, Inc., a Delaware
corporation (the "Company"), and herewith makes payment therefor, all at the
price and on the terms and conditions specified in this Warrant and requests
that certificates for the shares of Common Stock hereby purchased (and any
securities or other property issuable upon such exercise) be issued in the name
of and delivered to and whose address is           . [And, if such shares of
Common Stock shall not include all of the shares of Common Stock issuable as
provided in this Warrant, that a new Warrant of like tenor and date for the
balance of the shares of Common Stock issuable hereunder be delivered to the
undersigned.]

As of the date hereof, and assuming the accuracy of all information filed by the
Company with the Securities and Exchange Commission, the undersigned Holder
hereby certifies that the exercise of the referenced Warrant for the number of
Warrant Shares herein indicated will not put the undersigned Holder out of
compliance with the Beneficial Ownership Cap (as defined in the Warrant).

By signing below, the Holder warrants and represents that the Holder is an
"accredited investor" as that term is defined under Regulation D of the
Securities and Exchange Commission promulgated under the Securities Act of 1933,
as amended.

                 (Name of Registered Owner)

                 (Signature of Registered Owner)

                 (Street Address)

                 (State) (Zip Code)

NOTICE:     The signature on this subscription must correspond with the name as
            written upon the face of the Warrant.
<PAGE>
                                    EXHIBIT B

                                 ASSIGNMENT FORM

FOR VALUE RECEIVED the undersigned registered owner of this Warrant for the
purchase of shares of Spectrum Pharmaceuticals, Inc., a Delaware corporation,
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under this Warrant, with respect to the number of
shares of Common Stock set forth below:

Name and Address of Assignee

No. of Shares of Common Stock

and does hereby irrevocably constitute and appoint _______________
attorney-in-fact to register such transfer on the books of the Company,
maintained for the purpose, with full power of substitution in the premises.

Dated: Print Name:

Signature:

Witness:

NOTICE: The signature on this assignment must correspond with the name as
written upon the face of the Warrant in every particular.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]