EXHIBIT 99.2


                   [Spectrum Pharmaceuticals, Inc. Letterhead]


Contacts:
John McManus
Spectrum Pharmaceuticals, Inc.
(949) 788-6700, ext. 247


    SPECTRUM PHARMACEUTICALS RECEIVES ADDITIONAL $1.56 MILLION IN FINANCING
          TOTAL OF $6 MILLION RAISED DURING THE FIRST HALF OF MAY 2003

      IRVINE, Calif., May 14, 2003 - Spectrum Pharmaceuticals, Inc. (NASDAQ:
SPPI) today announced that it has raised an additional $1.56 million through the
sale of newly issued shares of Series D 8% Cumulative Convertible Preferred
Stock to the same group of investors who participated in the financing that
closed last week. The institutional investors are well known biotechnology
investors, such as SCO Capital Partners, SDS Merchant Fund, Xmark Funds and
ProMed Partners, L.P. This second closing brings total capital raised by
Spectrum this month to $6 million.

      "This additional investment by these investors reflects their confidence
in our Company," stated Rajesh Shrotriya, M.D., Chairman, Chief Executive
Officer and President of Spectrum. "Since we embarked on our oncology and
generic drug strategy last August, we have now raised more than $8.0 million
through the issuance of equity and received $2 million in licensing payments.
These cash sources have enabled us to greatly improve our balance sheet and
working capital and eliminate the "going concern" explanatory paragraph in the
report of our independent auditor for the year ended December 31, 2002. With the
additional milestone payments we expect from satraplatin and ciprofloxacin
advancements this year, we believe that we now have resources in place to
operate into the second half of next year."

      The preferred stock is convertible into Spectrum common stock at a price
of $2.35 per share. Dividends on the preferred stock are payable quarterly
either in cash or common stock at the discretion of the Company. In addition,
purchasers of the preferred stock in this second transaction received warrants
to purchase 331,914 shares of common stock at $3.00 per share and 331,914 shares
of common stock at $3.50 per share. If exercised, the warrants could generate up
to an additional $2.2 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 exemption from registration.


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      Spectrum Pharmaceuticals' primary focus is to develop in-licensed drugs
for the treatment and supportive care of cancer patients. The Company's lead
drug, satraplatin, is a phase 3 oral, anti-cancer drug being co-developed with
GPC Biotech AG. Elsamitrucin, a phase 2 drug, will initially target
non-Hodgkin's lymphoma. Eoquin(TM) is being studied in the treatment of
superficial bladder cancer, and may have applications as a radiation sensitizer.
The Company is actively working to develop, seek approval for and oversee the
marketing of generic drugs in the U.S. Spectrum also has a pipeline of
pre-clinical neurological drug candidates for disorders such as
attention-deficit hyperactivity disorder, schizophrenia, mild cognitive
impairment and pain, which it is actively seeking to out-license or co-develop.
For additional information about the Company, visit the Company's web site at
www.spectrumpharm.com.

This press release may contain forward-looking statements regarding future
events and the future performance of Spectrum Pharmaceuticals that involve risks
and uncertainties that could cause actual results to differ materially. These
risks are described in further detail in the Company's reports filed with the
Securities and Exchange Commission.