TopoTarget signs an agreement with potential value of USD 350 million with Spectrum Pharmaceuticals

Today, TopoTarget A/S (NASDAQ-OMX: TOPO.CO) and Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) announced an agreement to co-develop and commercialise belinostat, TopoTarget’s lead anticancer drug, in North America and India. Belinostat, an HDAC inhibitor, is in registrational clinical trial in Peripheral T-Cell Lymphoma (PTCL) as monotherapy and in a randomized phase 2 clinical trial for cancer of unknown primary site (CUP) in combination with carboplatinum and paclitaxel (BelCaP). Also, belinostat is currently being investigated in 20 clinical trials in haematological and solid cancers in monotherapy, as well as in combination therapies.

“We are very happy to enter into collaboration with Spectrum – a highly committed, successful US biotech company specialised in development of oncology and haematology products and expert marketers” said MD, Professor Peter Buhl Jensen, Chief Executive Officer of TopoTarget. “The partnership with Spectrum significantly strengthens the global development of belinostat for the treatment of multiple cancers as well as its successful commercialisation”.

 “The addition of belinostat addresses our key strategic goal of licensing a late-stage anti-cancer compound,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “Belinostat’s current registrational programme is comprehensive and focused in that it targets key hematological indications such as PTCL and other solid tumor indications. Belinostat has the potential to be a best-in-class HDAC inhibitor for both hematological and solid tumors. We look forward to advancing belinostat in PTCL and other solid tumor indications, with the goal of providing cancer patients with more effective treatment options as quickly and efficiently as possible.”

Under the terms of the agreement, TopoTarget will receive an upfront payment of USD 30 million in cash. The total potential value of up-front and milestones (for both development and sales) of the agreement, in the event of full commercial success could exceed USD 350 million. In addition, TopoTarget will receive a double digit royalty on sales of belinostat as well as one million Spectrum shares.

Spectrum commits to fund 100 % of the costs for the ongoing PTCL study; TopoTarget will fund 100 % of the ongoing CUP study. Spectrum and TopoTarget will split the development costs in a 70 to 30 ratio for the future development of belinostat.

Taking into account the 70:30 cost sharing arrangement under the collaboration, the sign on fee and existing cash resources excluding any other partnerships TopoTarget will, as a result of entering into the Agreement with Spectrum, have sufficient cash resources for at least two to three years. The agreement also includes diligence provisions on development and commercialisation as well as an option to co-promote under certain conditions.Today’s news does not change TopoTarget’s 2009 full-year financial guidance. The impact on 2010 will be included in TopoTarget’s financial outlook for 2010, to be announced 25 March 2010.

For further information, please contact:

Peter Buhl Jensen

CEO

Telephone +45 39 17 94 99

Mobile +45 21 60 89 22

Or visit: www.topotarget.com