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Biotech / Medical : T/FIF, a New Plateau -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (2118)	8/14/2003 3:35:11 PM
From: Icebrg	Read Replies (1) \| Respond to of 2243

>>SPPI - Spectrum Pharmaceuticals>> Spectrum Pharmaceuticals Completes $3 Million Financing Led by Baystar Capital Thursday August 14, 2:45 pm ET [Evidently it is possible to do a lot with 3 Mio USD]. IRVINE, CA--(MARKET WIRE)--Aug 14, 2003 -- Spectrum Pharmaceuticals, Inc. (NasdaqSC:SPPI - News) today announced that it has raised approximately $3.0 million through the sale of newly issued shares of common stock and warrants to selected institutional and accredited investors, led by Baystar Capital and North Sound Funds. The Company expects to use the net proceeds from this financing for working capital and general corporate expenses, including the development and potential acquisition of oncology drug candidates. "This financing further strengthens Spectrum's balance sheet, and enhances the resources available to fund the development of EOquin and elsamitrucin, acquire additional late stage oncology drugs and expand our generic drug portfolio," stated Rajesh Shrotriya, M.D., Chairman, Chief Executive Officer and President of Spectrum. "We are particularly pleased that this transaction was led by funds and affiliates of funds who are existing stockholders and have participated in previous offerings. Their continued support of our efforts to enhance the value of the Company is deeply appreciated." The Company issued 737,040 shares of common stock at a price of $4.10 per share. In addition, purchasers of the common stock received warrants to purchase up to 368,520 shares of common stock at $4.75 per share. If exercised, the warrants could generate up to an additional $1.8 million in proceeds to Spectrum. The common stock and warrants to purchase common stock have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States without a registration statement or an exemption from registration requirements.