Document:

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                                                                     EXHIBIT 4.2

                                 AMENDMENT NO. 3
                                     TO THE
                                RIGHTS AGREEMENT
                          DATED AS OF DECEMBER 13, 2000
                                 BY AND BETWEEN
                         SPECTRUM PHARMACEUTICALS, INC.
                                       AND
                         U.S. STOCK TRANSFER CORPORATION

      On December 13, 2000, the Board of Directors of Spectrum Pharmaceuticals,
Inc., a Delaware corporation (the "Company") authorized and declared a dividend
distribution of one Right (as defined in the Rights Agreement) for each share of
its Common Stock, each Right initially representing the right to purchase
one-hundredth of a share of Series B Junior Participating Preferred Stock of the
Company, upon the terms set forth in a Rights Agreement dated as of December 13,
2000 by and between U.S. Stock Transfer Corporation (the "Rights Agent") and the
Company (the "Rights Agreement")

      The Company recently entered into a Preferred Stock and Warrant Purchase
Agreement dated September 26, 2003 (the "Series E Purchase Agreement"), pursuant
to which the Company issued and sold shares of its Series E Convertible Voting
Preferred Stock (the "Series E Preferred Stock") and Series E-1 Warrants to
Purchase Common Stock (the "Series E-1 Warrants"), Series E-2 Warrants to
Purchase Common Stock (the "Series E-2 Warrants") and Series E-3 Warrants to
Purchase Common Stock (the "Series E-3 Warrants") (the "Series E-1 Warrants,
Series E-2 Warrants and Series E-3 Warrants together, the "Series E Warrants").
Pursuant to the terms of the Certificate of Designation of the Series E
Preferred Stock (the "Certificate of Designations"), each holder of the Series E
Preferred Stock has the right to receive, on the Distribution Date (as defined
in the Rights Agreement), without further action by the Board, such number of
Rights (as defined in the Rights Agreement) equal to the number of Rights such
holder would have held if, immediately prior to the Distribution Date, all of
the shares of Series E Preferred Stock had been converted into shares of Common
Stock at the then current Conversion Value (as defined in the Certificate of
Designations). Pursuant to the terms of the Series E Warrants, each holder of a
Series E Warrant has the right to receive, after the Distribution Date, upon
exercise of the Series E Warrant, such number of Rights equal to the number of
Rights such holder would have held if, immediately prior to the Distribution
Date, the portion of the Series E Warrant being exercised at such time had been
exercised and the Series E Warrant Shares issuable upon such exercise were
outstanding immediately prior to the Distribution Date.

      Therefore, in order to give effect to the above terms of the Series E
Preferred Stock and the Series E Warrants, the Company and U.S. Stock Transfer
Corporation hereby agreed to amend the Rights Agreement as follows:
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      1.    Amend Section 1(a) of the Rights Agreement to add the following
            separate paragraph at the end of the section:

            "Also, notwithstanding the foregoing, each of the persons and
entities listed on Schedule 1 (the "Series E Purchasers") to the Preferred Stock
and Warrant Purchase Agreement dated September 26, 2003 (the "Series E Purchase
Agreement"), by and among the Company and the Series E Purchasers thereto, shall
not be deemed to be an "Acquiring Person," by virtue of such Series E Purchaser
acquiring Beneficial Ownership of shares of Common Stock pursuant to the terms
of the Series E Purchase Agreement, the Certificate of Designations (the "Series
E Certificate of Designations") of the Company's Series E Convertible Voting
Preferred Stock (the "Series E Preferred Stock"), the Series E-1 Warrants (as
defined in the Series E Purchase Agreement), the Series E-2 Warrants (as defined
in the Series E Purchase Agreement) or the Series E-1 Placement Agent Warrants
(as defined in the Series E Purchase Agreement) and the Series E-3 Placement
Agent Warrants (as defined in the Series E Purchase Agreement) 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 (the Series E-1 Warrants, Series E-2 Warrants,
Series E-1 Placement Agent Warrants and Series E-3 Placement Agent Warrants
hereinafter referred to as the "Series E Warrant" if singular, or "Series E
Warrants" if plural). However, this exception to the definition of "Acquiring
Person" shall not affect the determination of whether the Series E Purchasers,
or any of them, shall be an "Acquiring Person" as the result of any other
acquisition of Beneficial Ownership of shares of Common Stock."

      2.    Add subsection (f) to Section 3 of the Rights Agreement to read in
            its entirety as follows:

            "(d) Notwithstanding any of the foregoing, each record holder of
shares of Series E Preferred Stock has the right to receive, on the Distribution
Date, such number of Rights equal to the number of Rights such holder would have
held if, immediately prior to the Distribution Date, all of the shares of Series
E Preferred Stock had been converted into shares of Common Stock at the then
current Conversion Value (as defined in the Series E Certificate of
Designations). As soon as practicable after the Distribution Date (but in any
case no later than 5 business days following the Distribution Date), the Rights
Agent will send by first-class, insured, postage prepaid mail, to each record
holder of the Series E Preferred Stock as of the Close of Business on the
Distribution Date, one or more Rights Certificates evidencing the Rights so
held. No further Rights shall attach or be issuable in respect of any shares of
Common Stock issued thereafter upon conversion of any shares of Series E
Preferred Stock. In addition, notwithstanding any of the foregoing, any holder
of a Series E Warrant who exercises any portion of such Series E Warrant after a
Distribution Date shall receive, upon exercise of such Series E Warrant, a
number of Rights equal to the number of Rights such holder would have held in
respect of the Warrant Shares (as defined in the Series E Warrant) issuable upon
such exercise if the portion of the Series E Warrant being exercised had been
exercised immediately prior to the Distribution Date. As soon as practicable
after such exercise (but in any case no later than 5 business days following
such exercise), the Rights Agent will send by first-class, insured,
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postage prepaid mail, to the record holder of such Warrant Shares, one or more
Rights Certificates evidencing the Rights so held. In an event that an
adjustment in the number of Rights per share of Common Stock has been made
pursuant to Section 11(p) hereof, the Company shall make the necessary and
appropriate rounding adjustments (in accordance with Section 14(a) hereof) so
that Rights Certificates representing only whole numbers of Rights are
distributed and cash is paid in lieu of any fractional Rights.

      Capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in the Rights Agreement.

                            [SIGNATURE PAGE FOLLOWS]
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      IN WITNESS WHEREOF, the Company and the Rights Agent have caused this
amendment to be executed this 10th day of May, 2004.

Spectrum Pharmaceuticals, Inc.          U.S. Stock Transfer Corporation

By: /s/ SHYAM KUMARIA                   By: /s/ RICHARD C. BROWN
   ----------------------------------      -------------------------------------

Name: Shyam Kumaria                     Name: Richard C. Brown
     --------------------------------        -----------------------------------

Title: Vice President Finance           Title: Vice President
      -------------------------------         ----------------------------------<PAGE>

                                                                     EXHIBIT 4.3

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY OR ACQUIRABLE UPON EXERCISE
HEREOF HAVE NOT 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 REGISTRATION
UNDER SAID ACT IS NOT REQUIRED.

                         SPECTRUM PHARMACEUTICALS, INC.

                                     WARRANT

DATED: SEPTEMBER 17, 2003                                        NUMBER: SPPI233

         Spectrum Pharmaceuticals, Inc., a Delaware corporation (the "Company"),
hereby certifies that, for value received, JOHN T. MOORE or his registered
assigns ("Holder"), is entitled, subject to the terms set forth below, to
purchase from the Company up to a total of 130,000 shares of Common Stock, $.001
par value per share (the "Common Stock"), of the Company (each such share, a
"Warrant Share" and all such shares, the "Warrant Shares") at an exercise price
equal to $4.90 per share (as adjusted from time to time as provided in Section
7, the "Exercise Price"), at any time from and including September 17, 2004 (the
"Effective Date") through and including September 16, 2008 (the "Expiration
Date"), and subject to the following terms and conditions:

         1. Registration of Warrant. The Company shall register this Warrant
upon records to be maintained by the Company for that purpose (the "Warrant
Register"), in the name of the record Holder hereof from time to time. The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, and the Company shall not be affected by
notice to the contrary.

         2. Registration of Transfers and Exchanges.

                  (a) This Warrant may not be sold, transferred, assigned,
pledged, hypothecated or otherwise disposed, directly or indirectly, in whole or
in part, without the prior written consent of the Company. Any attempted sale,
transfer, assignment, pledge, hypothecation or other disposition of this
Warrant, or any portion thereof, shall be void and without any force or effect;
provided, however, that, subject to compliance with any applicable securities
laws, the Holder may transfer this Warrant, or any portion thereof, without the
prior written consent of the Company, if such transfer is to (i) a spouse,
child, grandchild, parent, sibling or custodian or trustee for the benefit of
any such relatives, or (ii) any shareholder or affiliate entity.

                  (b) The Company shall register the transfer of any portion of
this Warrant in conformance with Section 2(a) in the Warrant Register, upon
surrender of this Warrant, with the Form of Assignment attached hereto duly
completed and signed, to the Company at the office specified in or pursuant to
Section 10. Upon any such registration or

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transfer, a new warrant to purchase Common Stock, in substantially the form of
this Warrant (any such new warrant, a "New Warrant"), evidencing the portion of
this Warrant so transferred shall be issued to the transferee and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by
the transferee thereof shall be deemed the acceptance of such transferee of all
of the rights and obligations of a holder of this Warrant.

                  (c) This Warrant is exchangeable, upon the surrender hereof by
the Holder to the office of the Company specified in or pursuant to Section 10
for one or more New Warrants, evidencing in the aggregate the right to purchase
the number of Warrant Shares which may then be purchased hereunder.

                  (d) 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 REGISTRATION UNDER
                  SAID ACT IS NOT REQUIRED."

         3. Duration and Exercise of Warrant.

                  (a) This Warrant shall be exercisable by the then registered
Holder on any business day before 5:00 P.M., California time, at any time and
from time to time on or after the Effective Date to and including the Expiration
Date. At 5:00 P.M., California time on the Expiration Date, the portion of this
Warrant not exercised prior thereto shall be and become void and of no value.

                  (b) Upon surrender of this Warrant, with the Form of Election
to Purchase attached hereto duly completed and signed, to the Company at its
address for notice set forth in Section 10 and upon payment of the Exercise
Price multiplied by the number of Warrant Shares that the Holder intends to
purchase hereunder, in the manner provided hereunder, all as specified by the
Holder in the Form of Election to Purchase, the Company shall promptly (and in
any event, within four business days) issue or cause to be issued and cause to
be delivered to or upon the written order of the Holder and in such name or
names as the Holder may designate, a certificate for the Warrant Shares issuable
upon such exercise. Any person so designated by the Holder to receive Warrant
Shares shall be deemed to have become holder of record of such Warrant Shares as
of the Date of Exercise of this Warrant.

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                  A. "Date of Exercise" means the date on which the Company
shall have received (i) this Warrant (or any New Warrant, as applicable), with
the Form of Election to Purchase attached hereto (or attached to such New
Warrant) appropriately completed and duly signed, and (ii) payment of the
Exercise Price for the number of Warrant Shares so indicated by the holder
hereof to be purchased.

                  (c) This Warrant shall be exercisable, either in its entirety
or, from time to time, for a portion of the number of Warrant Shares. If less
than all of the Warrant Shares which may be purchased under this Warrant are
exercised at any time, the Company shall issue or cause to be issued, at its
expense, a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares for which no exercise has been evidenced by this Warrant.

                  (d) 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
shares, receive dividends or other distributions thereon or be notified of
stockholder meetings (except as otherwise set forth in Section 7(f) herein).

                  (e) If by the tenth business day after a Date of Exercise the
Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 3(b), then the Holder will have the right to
rescind such exercise.

         4. Payment of Taxes. The Company will pay any documentary stamp taxes
attributable to the issuance of Warrant Shares upon the exercise of this
Warrant; 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 registration
of any certificates for Warrant Shares or Warrants in a name other than that of
the Holder. The Holder shall be responsible for all other tax liability that may
arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

         5. Replacement of Warrant. If this Warrant is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and indemnity, if
requested, satisfactory to it. Applicants for a New 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.

         6. Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep available out of the aggregate of its authorized but
unissued Common Stock, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of Warrant
Shares which are then issuable and deliverable upon the exercise of this entire
Warrant, free from preemptive rights or any other actual contingent purchase
rights of persons other than the Holder. The Company covenants that all Warrant
Shares that shall be so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be
duly authorized, validly issued and fully paid and nonassessable.

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         7. Certain Adjustments. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 7. Upon each such adjustment of the Exercise
Price pursuant to this Section 7, the Holder shall thereafter prior to the
Expiration Date be entitled to purchase, at the Exercise Price resulting from
such adjustment, the number of Warrant Shares obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
Warrant Shares issuable upon exercise of this Warrant immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.

                  (a) If the Company, at any time while this Warrant is
outstanding, (i) shall pay a stock dividend (except scheduled dividends paid on
outstanding preferred stock which contain a stated dividend rate) or otherwise
make a distribution or distributions on shares of its Common Stock payable in
shares of Common Stock, (ii) subdivide outstanding shares of Common Stock into a
larger number of shares, or (iii) combine outstanding shares of Common Stock
into a smaller number of shares, the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding before such event and the
denominator shall be the number of shares of Common Stock (excluding treasury
shares, if any) outstanding after such event. Any adjustment made pursuant to
this Section shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision or combination, and shall apply to successive subdivisions and
combinations.

                  (b) In case of any reclassification of the Common Stock, any
consolidation or merger of the Company with or into another person, the sale or
transfer of all or substantially all of the assets of the Company or any
compulsory share exchange pursuant to which the Common Stock is converted into
other securities, cash or property, then the Holder shall have the right
thereafter to exercise this Warrant only into the shares of stock and other
securities and property receivable upon or deemed to be held by holders of
Common Stock following such reclassification, consolidation, merger, sale,
transfer or share exchange, and the Holder shall be entitled upon such event to
receive such amount of securities or property equal to the amount of Warrant
Shares such Holder would have been entitled to had such Holder exercised this
Warrant immediately prior to such reclassification, consolidation, merger, sale,
transfer or share exchange. The terms of any such consolidation, merger, sale,
transfer or share exchange shall include such terms so as to continue to give to
the Holder the right to receive the securities or property set forth in this
Section 7(b) upon any exercise following any such reclassification,
consolidation, merger, sale, transfer or share exchange.

                  (c) If the Company, at any time while this Warrant is
outstanding, shall distribute to all holders of Common Stock (and not to holders
of this Warrant) evidences of its indebtedness or assets or rights or warrants
to subscribe for or purchase any security (excluding those referred to in
Sections 7(a), and (b)), other than as part of its dissolution or liquidation or
the winding up of its affairs, then in each such case the Exercise Price shall
be determined by multiplying the Exercise Price in effect immediately prior to
the record date fixed for determination of stockholders entitled to receive such
distribution by a fraction of which the

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denominator shall be the fair market value of a share of Common Stock determined
as of the record date mentioned above, and of which the numerator shall be the
fair market value of a share of Common Stock determined as of such record date
less the fair market value at such record date of the portion of such assets or
evidence of indebtedness so distributed applicable to one outstanding share of
Common Stock as determined by the Company's independent certified public
accountants that regularly examines the financial statements of the Company (an
"Appraiser").

                  (d) For the purposes of this Section 7, the following clauses
shall also be applicable:

                             (i)   Record Date. In case the Company shall take a
                                   record of the holders of its Common Stock for
                                   the purpose of entitling them (A) to receive
                                   a dividend or other distribution payable in
                                   Common Stock or in securities convertible or
                                   exchangeable into shares of Common Stock, or
                                   (B) to subscribe for or purchase Common Stock
                                   or securities convertible or exchangeable
                                   into shares of Common Stock, then such record
                                   date shall be deemed to be the date of the
                                   issue or sale of the shares of Common Stock
                                   deemed to have been issued or sold upon the
                                   declaration of such dividend or the making of
                                   such other distribution or the date of the
                                   granting of such right of subscription or
                                   purchase, as the case may be.

                             (ii)  Treasury Shares. The number of shares of
                                   Common Stock outstanding at any given time
                                   shall not include shares owned or held by or
                                   for the account of the Company, and the
                                   disposition of any such shares shall be
                                   considered an issue or sale of Common Stock.

                  (e) All calculations under this Section 7 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be.

                  (f) If:

                             (i)   the Company shall declare a dividend (or any
                                   other distribution) on its Common Stock; or

                             (ii)  the Company shall declare a special
                                   nonrecurring cash dividend on or a redemption
                                   of its Common Stock; or

                             (iii) the Company shall authorize the granting to
                                   all holders of the Common Stock rights or
                                   warrants to subscribe for or purchase any
                                   shares of capital stock of any class or of
                                   any rights; or

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                             (iv)  the approval of any stockholders of the
                                   Company shall be required in connection with
                                   any reclassification of the Common Stock of
                                   the Company, any consolidation or merger to
                                   which the Company is a party, any sale or
                                   transfer of all or substantially all of the
                                   assets of the Company, or any compulsory
                                   share exchange whereby the Common Stock is
                                   converted into other securities, cash or
                                   property; or

                             (v)   the Company shall authorize the voluntary
                                   dissolution, liquidation or winding up of the
                                   affairs of the Company,

then the Company shall cause to be mailed to each Holder at their last addresses
as they shall appear upon the Warrant Register, at least 30 calendar days prior
to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of Common Stock of record to be
entitled to such dividend, distributions, redemption, rights or warrants are to
be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of Common Stock of
record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange, dissolution, liquidation
or winding up; provided, however, that the failure to mail such notice or any
defect therein or in the mailing thereof shall not affect the validity of the
corporate action required to be specified in such notice.

         8. Payment of Exercise Price. The Holder shall pay the Exercise Price
in immediately available funds by certified check or bank draft payable to the
order of the Company or by wire transfer to an account designated by the
Company.

         9. Fractional Shares. The Company shall not be required to issue or
cause to be issued fractional Warrant Shares on the exercise of this Warrant.
The number of full Warrant Shares which shall be issuable upon the exercise of
this Warrant shall be computed on the basis of the aggregate number of Warrant
Shares purchasable on exercise of this Warrant so presented. If any fraction of
a Warrant Share would, except for the provisions of this Section 9, be issuable
on the exercise of this Warrant, the Company shall pay an amount in cash equal
to the Exercise Price multiplied by such fraction.

         10. Notices. Any and all notices or other communications or deliveries
hereunder shall be in writing and shall be deemed given and effective on the
earliest of (i) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this
Section prior to 5:00 p.m. (California 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 in this
Section later than 5:00 p.m. (California time) on any date and earlier than
11:59 p.m. (California time) on such date, (iii) the

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business day following the date of mailing, if sent by nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such
notice is required to be given. The addresses for such communications shall be:
(i) if to the Company, to 157 Technology Drive, Irvine, CA 92618, Attention:
CEO, or to facsimile no. (949) 788-6706, or (ii) if to the Holder, to the Holder
at the address or facsimile number appearing on the Warrant Register or such
other address or facsimile number as the Holder may provide to the Company in
accordance with this Section 10.

         11. Warrant Agent. The Company shall serve as warrant agent under this
Warrant. The Company may appoint a new warrant agent upon notice to the Holder
in accordance with Section 10. Any corporation into which the Company may be
merged or any corporation resulting from any consolidation to which the Company
shall be a party or any corporation to which the Company transfers substantially
all of its corporate assets shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class
mail, postage prepaid) to the Holder at the Holder's last address as shown on
the Warrant Register.

         12. Representations and Warranties of Holder. By accepting this
Warrant, Holder represents and warrants to the Company that the statements
contained in this Section 12 are correct and complete as of the date first
written above.

                  (a) Business or Financial Expertise. Holder has either (i) a
pre-existing personal or business relationship with the Company or any of its
officers, directors or controlling persons that is of a nature and duration
which enables Holder to be aware of the character, business acumen and general
business and financial circumstances of the Company or (ii) by reason of
Holder's business or financial expertise or the business or financial experience
of his professional advisors who are unaffiliated with and who are not
compensated by the Company or any affiliate or selling agent of the Company,
directly or indirectly, the capacity to protect his own interests in connection
with his acquisition of the Warrant and the underlying Warrant Shares. Holder is
an "accredited investor" as defined in Rule 501 of Regulation D of the
Securities Act of 1933, as amended (the "Securities Act").

                  (b) Awareness; No Distribution. Holder has had the opportunity
to ask questions about the Company's business affairs and financial condition,
and has acquired sufficient information about the Company to reach an informed
and knowledgeable decision to acquire the Warrant and underlying Warrant Shares.
Holder is acquiring the Warrant and underlying Warrant Shares for his own
account for investment purposes only and not with a view to, or for the resale
in connection with, any "distribution" thereof for purposes of the Securities
Act. Holder recognizes that the Warrant and underlying Warrant Shares are a
speculative investment involving a high degree of risk of loss and that Holder
could lose the entire amount of its investment. Holder is able to bear the
economic risk of this investment and at the present time could afford a complete
loss of this investment.

                  (c) No Registration. Holder understands that the Warrant and
underlying Warrant Shares will be issued without registration under the
Securities Act and

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without qualification and/or registration under applicable state securities laws
("Blue Sky Laws") in reliance upon specific exemptions therefrom, which
exemptions depend upon, among other things, the bona fide nature of its
investment intent as expressed herein. In this connection, Holder understands
that, in the view of the SEC, the statutory basis for such exemption may be
unavailable if its representations were predicated solely upon a present
intention to hold the Warrant and underlying Warrant Shares for the minimum
capital gains period specified under tax statutes, for a deferred sale, for or
until an increase or decrease in the market price of the Warrant Shares, or for
a period of one year or any other fixed period in the future.

                  (d) Legend. Holder further understands that the Warrant Shares
must be held indefinitely unless subsequently registered and/or qualified under
the Securities Act and under the Blue Sky Laws or unless an exemption from
registration and/or qualification is otherwise available. Moreover, John Moore
understands that the Company is under no obligation to register and/or qualify
the Warrant Shares. In addition, Holder understands that the certificate
evidencing the Warrant Shares will be imprinted with a legend in substantially
the form as follows which prohibits the transfer of the Warrant Shares unless
they are registered and/or qualified or such registration and/or qualification
is not required in the opinion of counsel for Holder.

                  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 REGISTRATION UNDER
                  SAID ACT IS NOT REQUIRED.

                  (e) Rule 144. Holder is aware of the provisions of Rule 144,
promulgated under the Securities Act, which, in substance, permits limited
public resale of "restricted securities" acquired, directly or indirectly, from
the issuer thereof (or from an affiliate of such issuer), in a non-public
offering subject to the satisfaction of certain conditions. Holder understands
that the Warrant Shares constitute "restricted securities" for the purposes of
Rule 144.

                  (f) No Public Market. Holder further understands that at the
time it wishes to sell the Warrant Shares there may be no public market upon
which to make such a sale.

                  (g) Risk. Holder further understands that in the event all of
the requirements of Rule 144 are not satisfied, registration under the
Securities Act, compliance with Regulation A, or some other registration
exemption will be required; and that, notwithstanding the fact that Rule 144 is
not exclusive, the Staff of the SEC has expressed its opinion that persons
proposing to sell private placement securities other than in a registered
offering and otherwise than pursuant to Rule 144 will have a substantial burden
of proof in establishing that an exemption from registration is available for
such offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk.

                                       8
<PAGE>

         13. Miscellaneous.

                  (a) This Warrant shall be binding on and inure to the benefit
of the parties hereto and their respective successors and permitted assigns.
This Warrant may be amended only in writing signed by the Company and the Holder
and their successors and assigns.

                  (b) Subject to Section 13(a), above, nothing in this Warrant
shall be construed to give to any person or corporation other than the Company
and the Holder any legal or equitable right, remedy or cause under this Warrant.
This Warrant shall inure to the sole and exclusive benefit of the Company and
the Holder.

                  (c) This Warrant shall be governed by and construed and
enforced in accordance with the internal laws of the State of California without
regard to the principles of conflicts of law thereof. The Company and the Holder
hereby irrevocably submit to the exclusive jurisdiction of the state and federal
courts sitting in Orange County, California, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, or that such suit, action or proceeding is
improper. Each of the Company and the Holder hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action
or proceeding by receiving a copy thereof sent to it at the address in effect
for notices to it under this instrument and in the manner set forth in Section
10 above, and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

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

                  (e) In case any one or more of the provisions of this Warrant
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

                                       9
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                         SPECTRUM PHARMACEUTICALS, INC.

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

                                       10
<PAGE>

FORM OF ELECTION TO PURCHASE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To Spectrum Pharmaceuticals, Inc.:

         In accordance with the Warrant enclosed with this Form of Election to
Purchase, the undersigned hereby irrevocably elects to purchase __________
shares of Common Stock ("Common Stock"), $.001 par value per share, of Spectrum
Pharmaceuticals, Inc. (the "Company") encloses herewith $__________ in cash,
certified or official bank check or checks, which sum represents the aggregate
Exercise Price (as defined in the Warrant) for the number of shares of Common
Stock to which this Form of Election to Purchase relates, together with any
applicable taxes payable by the undersigned pursuant to the Warrant.

         The undersigned requests that certificates for the shares of Common
Stock issuable upon this exercise be issued in the name of:

PLEASE INSERT SOCIAL SECURITY OR
TAX IDENTIFICATION NUMBER:
                           -----------------------------------------------------

--------------------------------------------------------------------------------
                         (Please print name and address)

         If the number of shares of Common Stock issuable upon this exercise
shall not be all of the shares of Common Stock which the undersigned is entitled
to purchase in accordance with the enclosed Warrant, the undersigned requests
that a New Warrant (as defined in the Warrant) evidencing the right to purchase
the shares of Common Stock not issuable pursuant to the exercise evidenced
hereby be issued in the name of and delivered to:

--------------------------------------------------------------------------------
                         (Please print name and address)

         By signing below, the Holder represents and warrants to the Company
that the statements contained in Section 12 are true and correct as of the date
hereof, as if given on the date hereof.

Dated:  __________, ____              Name of Holder:

                                      (Print)
                                      ------------------------------------------

                                      (By:)
                                      ------------------------------------------

                                      (Name:)
                                      ------------------------------------------

                                      (Title:)
                                      ------------------------------------------
                                      (Signature must conform in all
                                      respects to name of holder as
                                      specified on the face of the Warrant)

                                       11
<PAGE>

                               FORM OF ASSIGNMENT

           [To be completed and signed only upon transfer of Warrant]

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ____________________ the right represented by the Warrant enclosed with
this Form of Assignment to purchase __________ shares of Common Stock of
Spectrum Pharmaceuticals, Inc. to which the Warrant relates and appoints
____________________ attorney to transfer said right on the books of Spectrum
Pharmaceuticals, Inc. with full power of substitution in the premises.

Dated:  __________, ____              ------------------------------------------
                                      (Signature must conform in all
                                      respects to name of holder as
                                      specified on the face of the Warrant)

                                      ------------------------------------------
                                      Address of Transferee

                                      ------------------------------------------

                                      ------------------------------------------
In the presence of:

--------------------------------------

                                       12

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