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                                                                    EXHIBIT 99.1


                                                           FOR IMMEDIATE RELEASE


       NEOTHERAPEUTICS RAISES $8 MILLION FOR NEOTROFIN(TM) CLINICAL TRIALS
                       AND FUNCTIONAL GENOMICS SUBSIDIARY

Irvine, California - March 6, 2000 - NeoTherapeutics, Inc. (Nasdaq: NEOT; NEOTW)
announced the completion of the sale to two institutional investors of 520,324
shares of common stock at $15.375 per share for a total of $8,000,000. The
purchase price of the common stock was determined on the effective date,
February 25, 2000, based on approximately 112% of the prior five-day average of
the closing bid prices. In addition, the investors received 5-year warrants to
purchase 104,000 shares of common stock at an exercise price of $21.00 per
share.

"The proceeds of this financing will be used primarily to continue to expand our
clinical trial program for NeoTherapeutics' lead compound, NEOTROFIN(TM), as a
potential treatment for Alzheimer's disease, and to fund the further development
of our new functional genomics subsidiary, NeoGene Technologies, Inc. The
participating institutional investors are already NeoTherapeutics shareholders
and we are pleased with their continuing confidence in our Company," stated Sam
Gulko, NeoTherapeutics' Chief Financial Officer.

NEOTROFIN(TM) is being developed for nerve repair and regeneration, with
Alzheimer's disease as its first clinical indication. Pre-clinical studies have
demonstrated that NEOTROFIN(TM) causes the production of multiple natural nerve
growth (neurotrophic) factors and restores function in animal models of
cognitive decline, aging, neurodegeneration, and spinal cord injury. Human
clinical studies have shown NEOTROFIN(TM) to be safe and tolerable and
demonstrated its positive effects on memory and behavioral function in patients
with Alzheimer's disease.

According to figures from the Alzheimer's Association, Alzheimer's disease
presently affects over 4 million people in the U.S. and approximately 12 million
patients worldwide, with associated health care costs of $80-$100 billion per
year. Currently marketed drugs, such as Aricept, developed by Eisai and marketed
by both Eisai and Pfizer, and Exelon, developed by Novartis, have been approved
for the treatment of symptoms of mild to moderate Alzheimer's disease.

In October 1999, NeoTherapeutics acquired exclusive rights to license a
technology platform from the University of California, Irvine (UCI) involving
functional genomics and formed NeoGene to develop and market this technology.
This platform focuses on the identification

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NeoTherapeutics Raises $8 Million for Neotrofin(TM)and Functional Genomics
Subsidiary
March 6, 2000
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of the natural substances - called ligands - that activate genes and trigger a
response by novel orphan receptors. This technology uses proprietary molecular
biology techniques to isolate orphan receptors and then screen thousands of
natural ligands to discover how the gene is activated. These skills provide
NeoGene with two important capabilities. The first is to find potential drug
candidates for in-house development; and the second is to perform contract
research for third parties.

The agreements with UCI grant NeoGene an option to acquire a license to all
proprietary rights to research on orphan receptors being developed at UCI in
exchange for funding of the research program. The term of the Agreement is three
years, and it is renewable. In addition, NeoTherapeutics gains access to work
already performed by UCI and Dr. Olivier Civelli, including the identification
of ligands for three orphan receptors: 1) PrRP receptor (epilepsy), 2) MCH
receptor (obesity) and 3) Urotensin II receptor (blood pressure). Patents are
currently pending on all three ligands, and the patents will belong to UCI.

NeoTherapeutics is a leader in the field of nerve regeneration, repair and
protection. The Company's research program is focused on designing and
developing small molecules capable of treating a range of neurological diseases
and conditions such as Alzheimer's and Parkinson's diseases, stroke, and spinal
cord injury. Additional compounds in NeoTherapeutics' product pipeline address
other health issues such as migraine and depression. NeoGene Technologies, Inc.,
NeoTherapeutics' subsidiary, is a functional genomics company engaged in the
development of a broad platform of enabling technology called receptor-targeted
drug design. NeoGene Technologies is using this technology to search for natural
and synthetic compounds that can potentially be developed as drugs for treating
many disorders. For additional Company information, visit the NeoTherapeutics
web site at www.neotherapeutics.com.

This press release contains forward-looking statements regarding future events
and the future performance of NeoTherapeutics 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.

CONTACTS:

Investment Community:                            Media:
Carol Gruetter                                   Kelly Finley
NeoTherapeutics, Inc.                            Halsted Communications, Inc.
Tel:     (949) 788-6700                          Tel:    (800) 600-7111 x.233
e-mail:  cgruetter@neotherapeutics.com                   (323) 225-1835
                                                 e-mail: kfinley@halsted.com


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