Document:

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                                                                     EXHIBIT 4.3

                                                              WARRANT NO. ______

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
REGISTRATION UNDER SAID ACT IS NOT REQUIRED.

                       SERIES E-3 PLACEMENT AGENT 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 $6.50 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:

                  "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.

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                  "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.

                  "Certificate of Designations" has the meaning assigned in the
Purchase Agreement.

                  "Change of Control" means the (i) acquisition by an individual
or legal entity or group (as defined in Section 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, or (iii) 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 September 26, 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 (a) the book value per share of Common Stock on such date, and (b)
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
(including Nasdaq) 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 (including Nasdaq), (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

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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.

                  "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 $6.50 per share.

                  "Demand for Product-Triggered Redemption" has the meaning
assigned in the Certificate of Designations.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor 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 September 26, 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).

                  "Product-Triggered Redemption" has the meaning assigned in the
Certificate of Designations.

                  "Product-Triggered Redemption Event" has the meaning assigned
in the Certificate of Designations.

                  "Product-Triggered Redemption Notice" has the meaning assigned
in the Certificate of Designations.

                  "Purchase Agreement" means that certain Preferred Stock and
Warrant Purchase Agreement dated as of September 26, 2003 among the Company and
the other parties named

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therein, pursuant to which this Warrant was originally issued.

                  "Preferred Stock" has the meaning assigned in the Purchase
Agreement.

                  "Redeemable Preferred Stock" means Preferred Stock that could
be, upon occurrence of a Product-Triggered Redemption Event, subject to a
Product-Triggered Redemption.

                  "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 successor 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 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") and subject to the limitations provided in Section 12 below, 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

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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 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 delivery 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

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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 4.95% 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").
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 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 13.2 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

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                  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."

                  3.3.     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.

                  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. (a)
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

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                                    immediately prior to the occurrence of such
                                    event would own or be entitled to receive
                                    after the happening of such event, and

                           (2)      the Current 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.

         (b)      Any adjustment made pursuant to Section 4.1(a)(i) 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 Sections 4.1(a)(ii) or (iii) shall become effective
immediately after the effective date of such subdivision or combination.

                  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 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.

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                  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:

                           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 Company 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

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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 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 13.2.
         The failure to give any notice required by this Section 5.2 shall not
         invalidate any such corporate action.

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                  5.3.     Notice to Stockholders. The Holder shall be entitled
to the same rights to receive notice of Company 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 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.

                                       11
<PAGE>

                  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 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.      LIMITATION ON EXERCISE RIGHTS/ PRODUCT-TRIGGERED
REDEMPTION.

                  12.1     (a) Subject to adjustment pursuant to Section 12.2,
         this Warrant shall be exercisable in full upon the first to occur of:

                           (i)      the close of business on December 30, 2003
                  if a Product-Triggered Redemption Event has not occurred;

                           (ii)     the close of business on January 27, 2004 if
                  a Product-Triggered Redemption Event has occurred;

                           (iii)    such time that the Holder receives a
                  Product-Triggered Redemption Notice indicating that the
                  Company has completed an acquisition of a compound as
                  contemplated in Section 14(a) of the Certificate of
                  Designations so as to preclude the occurrence of a
                  Product-Triggered Redemption Event;

                           (iv)     such time that all of the holders of the
                  Preferred Stock have

                                       12
<PAGE>

                  converted all of the outstanding Redeemable Preferred Stock to
                  Common Stock; or

                           (v)      such time that all of the holders of the
                  Preferred Stock have irrevocably waived their right to a
                  Product-Triggered Redemption with respect to all of the
                  outstanding Redeemable Preferred Stock by delivering a written
                  notice to the Company of such waiver.

                           (b)      The Warrant shall be exercisable in part as
         described below. There shall be two portions of this Warrant, a portion
         that is exercisable (the "Exercisable Portion") and a portion that is
         not exercisable (the "Non-Exercisable Portion"), each such portion
         shall be expressed as the number of Common Shares acquirable within
         each. Initially the Non-Exercisable Portion shall consist of all of the
         Warrant, and the portions shall be adjusted as follows:

                           (i)      If, at any time, any holder of Redeemable
                  Preferred Stock converts less than all of its Redeemable
                  Preferred Stock, then the Exercisable Portion of this Warrant
                  shall be adjusted by adding to it an amount of the Warrant
                  obtained by (i) dividing the number of shares of Redeemable
                  Preferred Stock so converted by the total number of shares of
                  Redeemable Preferred Stock outstanding immediately prior to
                  such conversion and (ii) multiplying this factor by the number
                  of Common Shares represented by the Non-Exercisable Portion.
                  The Non-Exercisable Portion shall be simultaneously adjusted
                  by subtracting from it the amount added to the Exercisable
                  Portion.

                           (ii)     If, at any time, any holder of Redeemable
                  Preferred Stock irrevocably waives its Product-Triggered
                  Redemption right with respect to less than all of its
                  Redeemable Preferred Stock, then the Exercisable Portion of
                  this Warrant shall be adjusted by adding to it an amount of
                  the Warrant obtained by (i) dividing the number of shares of
                  Redeemable Preferred Stock with respect to which such waiver
                  is made by the total number of shares of Redeemable Preferred
                  Stock outstanding immediately prior to such waiver and (ii)
                  multiplying this factor by the number of Common Shares
                  represented by the Non-Exercisable Portion. The
                  Non-Exercisable Portion shall be simultaneously adjusted by
                  subtracting from it the amount added to the Exercisable
                  Portion.

                           (iii)    If a new Warrant is issued to the Holder
                  upon exercise in part of this Warrant (as described in Section
                  2.1(b)), then the Exercisable Portion of the new Warrant shall
                  be equal to the Exercisable Portion of this Warrant prior to
                  exercise minus the number of shares of Common Stock for which
                  this Warrant was exercised and the Non-Exercisable Portion of
                  the new Warrant shall be the same as the Non-Exercisable
                  Portion of this Warrant prior to such exercise.

                  12.2     If any holder or holders deliver Demand for
Product-Triggered Redemptions pursuant to Section 14 of the Certificate of
Designations with respect to any portion of the Redeemable Preferred Stock, then
this Warrant shall be deemed automatically

                                       13
<PAGE>

amended, without additional consideration or action, to reduce the
Non-Exercisable Portion by a percentage equal to the percentage of the
Redeemable Preferred Stock so redeemed. A reduction in the Non-Exercisable
Portion pursuant to this Section 12.2 shall not result in an increase of the
Exercisable Portion. This Warrant may thereupon be amended or replaced by a new
Warrant of like tenor reflecting such amendment.

                  12.3     The Company shall provide written notice to the
Holder within two days after any of the events described in Sections 12.1 and
12.2 occur.

                  13.      MISCELLANEOUS.

                  13.1.    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.

                  13.2.    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; 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: Alan 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.

                  13.3.    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.

                  13.4.    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.

                  13.5.    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

                                       14
<PAGE>

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.

                  13.6.    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.

                  13.7.    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 13.2.

                            [Signature Page Follows]

                                       15
<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Series E-3
Warrant to be executed by its duly authorized officer and attested by its
Secretary.

Dated: September 26, 2003

                                   SPECTRUM PHARMACEUTICALS, INC.

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

Attest:

By:   /s/ Carol Gruetter
    ----------------------------
       Carol Gruetter
       Corporate Secretary

See Schedule 1 to the Preferred Stock and warrant dated as of September 26,
2003 (filed as Exhibit 70.1 to this Form 8-K) for the name of each purchaser
receiving warrants and the number of warrants issued to each purchaser. In
addition, E-3 Warrants to purchase up to an aggregate of 32,000 shares of
Spectrum Common Stock were issued to Rodman & Renshaw, Inc.
<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
shares of Common Stock 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 (i) 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 and (ii) is acquiring the securities for its own account for
investment and not with a view to, or for sale in connection with, any
distribution thereof, nor with the intention of distributing or reselling the
same, provided, however, that by making the representation herein, the Holder
does not agree to hold any of the securities for any minimum or other specific
term and reserves the right to dispose of the securities at any time in
accordance with or pursuant to a registration statement or an exemption under
the Securities Act.

                           (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.<PAGE>

                                                                     EXHIBIT 4.4

                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (this "Agreement") is made
and entered into as of September 26, 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 Preferred
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 "affiliated," "controlling" and "controlled" have
meanings correlative to the foregoing.

                  "August 2003 Financing Piggyback Rights" means the rights of
holders of the Common Stock or the Company's Series 2003-1 Common Stock Purchase
Warrants, issued to such holders pursuant to the Common Stock and Warrant
Purchase Agreement, dated as of August 12, 2003, by and among the Company and
each of the persons listed on Schedule 1 thereto, to include such Common Stock
(and Common Stock issuable upon exercise of the Series 2003-1 Common Stock
Purchase Warrants) in a registration statement by the Company, as such rights
are set forth in Section 7(d) of the August 2003 Financing Registration Rights
Agreement.

                  "August 2003 Financing Registration Rights Agreement" means
the Registration Rights Agreement, dated as of August 12, 2003, by and among the
Company and each of the persons listed on Schedule 1 attached thereto, and
certain other persons set forth therein.

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

                                       1
<PAGE>

                  "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.

                  "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.

                  "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 Nasdaq SmallCap Market.

                  "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 Securities 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 the
Preferred Stock and 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

                                       2
<PAGE>

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.

                  "Registrable Securities" means (i) the Conversion Shares and
the Warrant Shares, and any shares issued upon any stock split, stock dividend,
recapitalization or similar event with respect to such Conversion 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 acquirable upon the conversion of the Company's Series
D Preferred Stock and upon the exercise of the Company's 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 the
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 (i) Wiggin & Dana LLP or (ii) any
other one special counsel to the Holders selected by a majority in interest of
the Holders with notice of such selection given to the Company, for which the
Holders will be reimbursed by the Company pursuant to Section 4.

                                       3
<PAGE>

                  "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.

         2.       Registration. As soon as possible, but in any case 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) by the earlier of (A) 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 or (B) 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) which shall include a
Plan of Distribution substantially in the form of Exhibit A attached hereto, 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 three (3) 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 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 the Special Counsel,
and (ii) at the request of any Holder, cause its

                                       4
<PAGE>

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 Special Counsel shall reasonably object in writing within three (3)
Business Days after its receipt thereof.

                  (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)      (i) Notify 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 (ii) notify the Holders of the Registrable
Securities to be sold and the Special Counsel as promptly as reasonably
practicable with respect to the Registration Statement or any post-effective
amendment, when the same has become effective, and thereafter: (A) 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; (B) 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; (C) 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 (D) 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

                                       5
<PAGE>

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.

                  (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

                                       6
<PAGE>

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 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 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.

                           (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)(B),
3(c)(ii)(C) or 3(c)(ii)(D), such Holder will forthwith discontinue disposition
of such Registrable Securities under the Registration Statement until such
Holder's receipt of copies of the supplemented Prospectus and/or amended
Registration Statement contemplated by Section 3(j),

                                       7
<PAGE>

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, and (C) in compliance with state securities or Blue Sky laws
(including, without limitation, reasonable fees and disbursements of the 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, 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

                                       8
<PAGE>

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) in the case of an occurrence of an event
of the type described in Section 3(c)(ii)(B), 3(c)(ii)(C), 3(c)(ii)(D) or 3(n),
the Loss resulted from the use by a Holder of an outdated or defective
Prospectus after the delivery to the Holder of written notice from the Company
that the Prospectus is outdated or defective and prior to the receipt by such
Holder of the Advice contemplated in Section 3(m). 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 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

                                       9
<PAGE>

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) in the case of an occurrence of an event of the type
described in Section 3(c)(ii)(B), 3(c)(ii)(C), 3(c)(ii)(D) or 3(n), the Loss
resulted from the use by a Holder of an outdated or defective Prospectus after
the delivery to the Holder of written notice from the Company that the
Prospectus is outdated or defective and prior to the receipt by such Holder of
the Advice contemplated in Section 3(m). 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; (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 be at the expense of the
Indemnifying Party. The Indemnifying Party shall not be liable for any

                                       10
<PAGE>

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 Preferred Stock, Conversion 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 Preferred Stock,
Conversion 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 Conversion 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 Conversion 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 the
Company under the Securities Act unless the rights so granted are subject in all
respects to the

                                       12
<PAGE>

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 up to 200,000 shares of Common Stock held by GPC Biotech AG and
any shares of Common Stock required to be included in the Registration Statement
pursuant to the Series D Piggyback Rights or the August 2003 Financing 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.

                  (d)      Piggy-Back Registrations. Subject to the limitations
imposed under the Series D Registration Rights Agreement and the August 2003
Financing 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 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

                                       13
<PAGE>

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.

                           (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(e) shall affect or limit any right to serve
process in any other manner permitted by law.

                  (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;

                                       14
<PAGE>

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.

                  (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. Notices to the Special
Counsel shall be sent to Wiggin & Dana LLP, 400 Atlantic Street, Stamford,
Connecticut 06901, Attn: Michael Grundei, Esq., Facsimile No.: (203) 363-7676.

                  (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 Preferred Stock, 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

                                       15
<PAGE>

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 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 notify the transfer agent
for such Registrable Securities that the Registration Statement has been
declared effective by the Commission and, if required by the transfer agent, the

                                       16
<PAGE>

Company shall deliver, and 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 the Registration Statement has been declared
effective by the Commission in substantially the form attached hereto as Exhibit
B.

                  (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 Securities except in
compliance with the Securities Act, (ii) if selling under a Registration
Statement, will sell such Purchaser's Registrable Securities 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
Securities, including, but not limited to, the prospectus delivery requirements
of the Securities Act.

                            [Signature Pages Follow]

                                       17
<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.

THE COMPANY:

SPECTRUM PHARMACEUTICALS, INC.

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

<PAGE>

PURCHASERS:

Print Exact Name:_________________________________

By:_____________________________________________
Name:
Title:

                    [See Schedule 1 for a list of Purchasers]

      [Omnibus Spectrum Pharmaceuticals, Inc. Registration Rights Agreement
                                 Signature Page]

<PAGE>

                   SCHEDULE 1 TO REGISTRATION RIGHTS AGREEMENT

<TABLE>
<CAPTION>
                                                                       Shares of         Shares of
                                                                         Common           Common
                                                        Shares of        Stock             Stock
                                                        Series E       Acquirable       Acquirable        Total
                                                        Preferred     under Series     under Series      Purchase
     Name and Address of Purchaser                        Stock       E-1 Warrants     E-2 Warrants       Price
---------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>              <C>             <C>
SDS Merchant Fund, LP
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870                                    317           221,900          221,900      $ 3,170,000
Attn: Scott Derby

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

Robert Apple
39 Lower Morrisville Road                                    3             2,100            2,100      $    30,000
Falkington, PA 19054

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

BayStar Capital II, L.P.
80 E. Sir Francis Drake Boulevard
Suite 2B                                                   320           224,000          224,000      $ 3,200,000
Larkspur, CA 94939
Attn: Steven M. LaMar

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

North Sound Legacy Fund LLC
53 Forest Avenue, Suite 202
Old Greenwich, CT 06870                                     15            10,500           10,500      $   150,000
Attn: Andrew Wilder

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

North Sound Legacy International Ltd.
53 Forest Avenue, Suite 202
Old Greenwich, CT 06870                                    160           112,000          112,000      $ 1,600,000
Attn: Andrew Wilder

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

North Sound Legacy Institutional Fund LLC
53 Forest Avenue, Suite 202
Old Greenwich, CT 06870                                    145           101,500          101,500      $ 1,450,000
Attn: Andrew Wilder

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

Scott Craven
5 East 22nd Street, Apt 10-D                                50            35,000           35,000      $   500,000
New York, NY 10010

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

SCO Capital Partners LLC
1285 Avenue of the Americas, 35th Floor
New York, NY 10019                                          50            35,000           35,000      $   500,000
Attn: Steven Rouhandeh
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                       Shares of         Shares of
                                                                         Common           Common
                                                        Shares of        Stock             Stock
                                                        Series E       Acquirable       Acquirable        Total
                                                        Preferred     under Series     under Series      Purchase
  Name and Address of Purchaser                           Stock       E-1 Warrants     E-2 Warrants       Price
---------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>              <C>             <C>
Xmark Fund, Ltd.
152 West 57th Street, 21st Floor
New York, NY 10019                                         180           126,000          126,000      $ 1,800,000
Attn: Mitchell Kaye

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

Xmark Fund, L.P.
152 West 57th Street, 21st Floor
New York, NY 10019                                         120            84,000           84,000      $ 1,200,000
Attn: Mitchell Kaye

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

Cranshire Capital
666 Dundee Road, Suite 1901                                150           105,000          105,000      $ 1,500,000
Northbrook, IL 60062

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

Omicron Master Trust
810 7th Avenue, 39th Flr                                   150           105,000          105,000      $ 1,500,000
New York, NY 10019

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

ProMed Partners, L.P.
237 Park Avenue, 9th Floor
New York, NY 10017                                          21            14,700           14,700      $   210,000
Attn: Barry Kurokawa

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

ProMed Offshore Fund, Ltd.
237 Park Avenue, 9th Floor
New York, NY 10017                                           4             2,800            2,800      $    40,000
Attn: Barry Kurokawa

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

Paul Scharfer
265 East 66th Street
Apt. 6-C                                                    25            17,500           17,500      $   250,000
New York, NY 10021

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

Jeffrey B. Davis
c/o SCO Financial Group LLC
1285 Avenue of Americas, 35th Flr.                          10             7,000            7,000      $   100,000
New York, NY 10019

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

Daniel DiPietro
c/o SCO Financial Group LLC
1285 Avenue of Americas, 35th Flr.                           2             1,400            1,400      $    20,000
New York, NY 10019
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                       Shares of         Shares of
                                                                         Common           Common
                                                        Shares of        Stock             Stock
                                                        Series E       Acquirable       Acquirable        Total
                                                        Preferred     under Series     under Series      Purchase
    Name and Address of Purchaser                         Stock       E-1 Warrants     E-2 Warrants       Price
---------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>              <C>             <C>
Jim Betts
c/o Shipman & Goodwin LLP
One American Row                                            10             7,000            7,000      $   100,000
Hartford, CT 06103-2819

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

Quogue Capital LLC
1285 Avenue of the Americas, 35th Flr.                     110            77,000           77,000      $ 1,100,000
New York, NY 10019

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

Steven M. Oliveira
18 Fieldstone Court                                         25             17,500          17,500      $   250,000
New City, NY 10956

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

Alpha Capital AG
Pradafend 7
Fustentums 9490                                             20             14,000          14,000      $   200,000
Vaduz Liechtenstein

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

Bluegrass Growth Fund LP
200 East 72nd St, Apt 10L                                   15             10,500          10,500      $   150,000
New York, NY 10021

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

OTAPE Investments LLC
One Manhattanville Road
Purchase, NY 10577                                          15             10,500          10,500      $   150,000
Attn: Paul Masters

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

Islandia, LP
485 Madison Avenue 23rd Floor                               25             17,500          17,500      $   250,000
New York, NY 10022

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

Midsummer Investment, Ltd.
485 Madison Avenue, 23rd Floor                              38             26,600          26,600      $   380,000
New York, New York 10022

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

Sands Brother Venture Capital, LLC
c/o Sands Brothers
90 Park Avenue                                               5             3,500            3,500      $    50,000
New York, NY 10016
Attn: Martin Sands, Manager
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                       Shares of         Shares of
                                                                         Common           Common
                                                        Shares of        Stock             Stock
                                                        Series E       Acquirable       Acquirable        Total
                                                        Preferred     under Series     under Series      Purchase
    Name and Address of Purchaser                         Stock       E-1 Warrants     E-2 Warrants       Price
---------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>           <C>              <C>             <C>
Sands Brother Venture Capital II, LLC
c/o Sands Brothers
90 Park Avenue                                               5             3,500            3,500      $    50,000
New York, NY 10016
Attn: Martin Sands, Manager

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

Sands Brother Venture Capital III, LLC
c/o Sands Brothers
90 Park Avenue                                               5             3,500            3,500      $    50,000
New York, NY 10016
Attn: Martin Sands, Manager

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

Sands Brother Venture Capital IV, LLC
c/o Sands Brothers
90 Park Avenue                                               5             3,500            3,500      $    50,000
New York, NY 10016
Attn: Martin Sands, Manager

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

         Total                                            2000         1,400,000        1,400,000      $20,000,000
=====================================================================================================================
</TABLE>

<PAGE>

PLACEMENT AGENT WARRANTS:

<TABLE>
<CAPTION>
                                                    Shares of Common Stock
                                                    Acquirable under Series     Shares of Common Stock Acquirable
Name and Address of Placement Agent or its            E-1 Placement Agent       under Series E-3 Placement Agent
                designees.                                 Warrants                         Warrants
-------------------------------------------------------------------------------------------------------------------
<S>                                                 <C>                         <C>
SCO Securities LLC
1285 Avenue of the Americas, 35th Floor
New York, NY 10019                                          168,000                          168,000
Attn: Steven Rouhandeh
Tel: 212-554-4235
Fax: 212-554-4058
srouhandeh@scogroup.com
-------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                    EXHIBIT A

                              PLAN OF DISTRIBUTION

         We are registering the shares of common stock on behalf of the selling
security holders. Sales of shares may be made by selling security holders,
including their respective donees, transferees, pledgees or other
successors-in-interest directly to purchasers or to or through underwriters,
broker-dealers or through agents. Sales may be made from time to time on the
Nasdaq SmallCap Market or otherwise, at market prices prevailing at the time of
sale, at prices related to market prices, or at negotiated or fixed prices. The
shares may be sold by one or more of, or a combination of, the following:

-        a block trade in which the broker-dealer so engaged will attempt to
         sell the shares as agent but may position and resell a portion of the
         block as principal to facilitate the transaction (including crosses in
         which the same broker acts as agent for both sides of the transaction);

-        purchases by a broker-dealer as principal and resale by such
         broker-dealer, including resales for its account, pursuant to this
         prospectus;

-        ordinary brokerage transactions and transactions in which the broker
         solicits purchases;

-        through options, swaps or derivatives;

-        in privately negotiated transactions;

-        in making short sales or in transactions to cover short sales; and

-        put or call option transactions relating to the shares.

         The selling security holders may effect these transactions by selling
shares directly to purchasers or to or through broker-dealers, which may act as
agents or principals. These broker-dealers may receive compensation in the form
of discounts, concessions or commissions from the selling security holders
and/or the purchasers of shares for whom such broker-dealers may act as agents
or to whom they sell as principals, or both (which compensation as to a
particular broker-dealer might be in excess of customary commissions). The
selling security holders have advised us that they have not entered into any
agreements, understandings or arrangements with any underwriters or
broker-dealers regarding the sale of their securities.

         The selling security holders may enter into hedging transactions with
broker-dealers or other financial institutions. In connection with those
transactions, the broker-dealers or other financial institutions may engage in
short sales of the shares or of securities convertible into or exchangeable for
the shares in the course of hedging positions they assume with the selling
security holders. The selling security holders may also enter into options or
other transactions with broker-dealers or other financial institutions which
require the delivery of shares offered by this prospectus to those
broker-dealers or other financial institutions. The broker-dealer or other
financial institution may then resell the shares pursuant to this prospectus (as
amended or supplemented, if required by applicable law, to reflect those
transactions).
<PAGE>

         The selling security holders and any broker-dealers that act in
connection with the sale of shares may be deemed to be "underwriters" within the
meaning of Section 2(11) of the Securities Act of 1933, and any commissions
received by broker-dealers or any profit on the resale of the shares sold by
them while acting as principals may be deemed to be underwriting discounts or
commissions under the Securities Act. The selling security holders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions
involving sales of the shares against liabilities, including liabilities arising
under the Securities Act. We have agreed to indemnify each of the selling
security holders and each selling security holder has agreed, severally and not
jointly, to indemnify us against some liabilities in connection with the
offering of the shares, including liabilities arising under the Securities Act.

         The selling security holders will be subject to the prospectus delivery
requirements of the Securities Act. We have informed the selling security
holders that the anti-manipulative provisions of Regulation M promulgated under
the Securities Exchange Act of 1934 may apply to their sales in the market.

         Selling security holders also may resell all or a portion of the shares
in open market transactions in reliance upon Rule 144 under the Securities Act,
provided they meet the criteria and conform to the requirements of Rule 144.

         Upon being notified by a selling security holder that a material
arrangement has been entered into with a broker-dealer for the sale of shares
through a block trade, special offering, exchange distribution or secondary
distribution or a purchase by a broker or dealer, we will file a supplement to
this prospectus, if required pursuant to Rule 424(b) under the Securities Act,
disclosing:

-        the name of each such selling security holder and of the participating
         broker-dealer(s);

-        the number of shares involved;

-        the initial price at which the shares were sold;

-        the commissions paid or discounts or concessions allowed to the
         broker-dealer(s), where applicable;

-        that such broker-dealer(s) did not conduct any investigation to verify
         the information set out or incorporated by reference in this
         prospectus; and

-        other facts material to the transactions.

         In addition, if required under applicable law or the rules or
regulations of the Commission, we will file a supplement to this prospectus when
a selling security holder notifies us that a donee or pledgee intends to sell
more than 500 shares of common stock.

         We are paying all expenses and fees customarily paid by the issuer in
connection with the registration of the shares. The selling security holders
will bear all brokerage or underwriting discounts or commissions paid to
broker-dealers in connection with the sale of the shares.

<PAGE>

                                    EXHIBIT B
                         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 Preferred Stock and Warrant Purchase Agreement (the "PURCHASE
AGREEMENT") dated as of ____________, 2003 by and among the Company and the
buyers named therein (collectively, the "HOLDERS") pursuant to which the Company
issued to the Holders its Series E Convertible Voting Preferred Stock, par value
$0.001 per share (the "PREFERRED STOCK") convertible into 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 conversion of the Preferred Stock and
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]

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