UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
SPECTRUM PHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock, par value $0.001 per share
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(Title of Class of Securities)
84763A108
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(CUSIP Number)
Mitchell D. Kaye, Manager with a copy to:
Xmark Asset Management, LLC Steven E. Siesser, Esq.
152 West 57th Street Lowenstein Sandler PC
21st Floor 65 Livingston Avenue
New York, New York 10019 Roseland, New Jersey 07068
(212) 247-8200 (973) 597-2506
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 19, 2004
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule l3G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Cusip No. 84763A108
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only):
Xmark Asset Management, LLC
13-3954392
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2. Check the Appropriate Box if a Member of a Group (See Instructions):
(a) Not
(b) Applicable
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3. SEC Use Only
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4. Source of Funds (See Instructions): WC
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e): Not Applicable
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6. Citizenship or Place of Organization: New York, United States
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Number of 7. Sole Voting Power: *
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Shares Beneficially 8. Shared Voting Power: *
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Owned by
Each Reporting 9. Sole Dispositive Power: *
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Person With 10. Shared Dispositive Power: *
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11. Aggregate Amount Beneficially Owned by Each Reporting Person: 872,027*
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): Not Applicable
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13. Percent of Class Represented by Amount in Row (11): 6.0%*
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14. Type of Reporting Person (See Instructions): IA
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* The reporting person is Xmark Asset Management, LLC ("XAM"), a New York
limited liability company. XAM's interest in the securities reported herein is
limited to its pecuniary interest, if any, in Xmark Fund, L.P., a Delaware
limited partnership ("Xmark LP"), and Xmark Fund, Ltd., a Cayman Islands
exempted company ("Xmark Ltd")..
Xmark LP is the holder of: (i) 430,975 shares (the "Xmark LP Shares") of Common
Stock, par value $0.001 per share (the "Common Stock"), of Spectrum
Pharmaceuticals, Inc., a Delaware corporation (the "Company"); (ii) warrants
(the "2003 Xmark LP Warrants") which, subject to certain exercise restrictions
contained therein, entitle Xmark LP to purchase an aggregate of up to 168,000
shares of Common Stock at an exercise price of $6.50 per share (the "2003 Xmark
LP Warrant Shares"), which exercise price is subject to adjustment as set forth
in the 2003 Xmark LP Warrants; and (iii) warrants (the "2004 Xmark LP Warrants")
which, subject to certain exercise restrictions contained therein, entitle Xmark
LP to purchase an aggregate of up to 53,666 shares of Common Stock at an
exercise price of $10.00 per share (the "2004 Xmark LP Warrant Shares"), which
exercise price is subject to adjustment as set forth in the 2004 Xmark LP
Warrants.
Xmark Ltd is the holder of: (i) 441,052 shares of Common Stock (the "Xmark Ltd
Shares," and together with the Xmark LP Shares, the "Shares"); (ii) warrants
(the "2003 Xmark Ltd Warrants," and together with the 2003 Xmark LP Warrants,
the "2003 Warrants") which, subject to certain exercise restrictions contained
therein, entitle Xmark Ltd to purchase an aggregate of up to 252,000 shares of
Common Stock at an exercise price of $6.50 per share (the "2003 Xmark Ltd
Warrant Shares," and together the 2003 Xmark LP Warrant Shares, the "2003
Warrant Shares"), which exercise price is subject to adjustment as set forth in
the 2003 Xmark Ltd Warrants; and (iii) warrants which, subject to certain
exercise restrictions contained therein, entitle Xmark Ltd to purchase an
aggregate of up to 51,335 shares of Common Stock at an exercise price of $10.00
per share (the "2004 Xmark Ltd Warrant Shares," and together the 2004 Xmark LP
Warrant Shares, the "2004 Warrant Shares"), which exercise price is subject to
adjustment as set forth in the 2004 Xmark Ltd Warrants.
The 2003 Warrants and the 2004 Warrants each provide that in no event shall such
warrants be exercisable for shares of Common Stock to the extent that the
issuance of Common Stock thereunder would result in the "beneficial ownership"
(as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended,
and Regulations 13D-G thereunder) by Xmark LP, Xmark Ltd, or their affiliates,
of more than 4.95% and 4.99%, respectively, of the Common Stock (the "Issuance
Limitation"). The Issuance Limitation may not be waived.
XAM serves as investment manager for each of Xmark LP and Xmark Ltd. In such
capacity, XAM possesses the power to vote and direct the disposition of all
securities held by Xmark LP and Xmark Ltd. Thus, as of November 19, 2004 for the
purposes of Reg. Section 240.13d-3, XAM may be deemed to beneficially own
872,027 shares of Common Stock, or 6.0% of the Common Stock deemed issued and
outstanding as of that date.
Item 5. Interest in Securities of the Issuer.
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Based upon the Company's Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2004, as of November 5, 2004 there were
14,489,714 shares of Common Stock issued and outstanding. As of November 19,
2004, Xmark LP and Xmark Ltd beneficially own 872,027 shares of Common Stock.
As of November 19, 2004, Xmark LP is the holder of (i) 430,975 shares
of Common Stock of the Company, (ii) warrants which, subject to certain exercise
restrictions contained therein, entitle Xmark LP to purchase up to an aggregate
of 168,000 shares of Common Stock at an exercise price of $6.50 per share (the
"2003 Xmark LP Warrants"), which exercise price is subject to adjustment as set
forth in the 2003 Xmark LP Warrants, and (iii) warrants which, subject to
certain exercise restrictions contained therein, entitle Xmark LP to purchase up
to an aggregate of 53,666 shares of Common Stock at an exercise price of $10.00
per share (the "2004 Xmark LP Warrants", and together with the 2003 Xmark LP
Warrants, the "Xmark LP Warrants"), which exercise price is subject to
adjustment as set forth in the 2004 Xmark LP Warrants. Xmark Ltd is the holder
of (i) 441,052 shares of Common Stock, (ii) warrants which, subject to certain
exercise restrictions contained therein, entitle Xmark Ltd to purchase up to an
aggregate of 252,000 shares of Common Stock at an exercise price of $6.50 per
share (the "2003 Xmark Ltd Warrants"), which exercise price is subject to
adjustment as set forth in the 2003 Xmark Ltd Warrants, and (iii) warrants
which, subject to certain exercise restrictions contained therein, entitle Xmark
Ltd to purchase up to an aggregate of 51,335 shares of Common Stock at an
exercise price of $10.00 per share (the "2004 Xmark Ltd Warrants", and together
with the 2003 Xmark Ltd Warrants, the "Xmark Ltd Warrants"), which exercise
price is subject to adjustment as set forth in the 2004 Xmark Ltd Warrants.
The 2003 Warrants and the 2004 Warrants each provide that in no event
shall such warrants be exercisable for shares of Common Stock to the extent that
the issuance of Common Stock thereunder would result in the "beneficial
ownership" (as defined in Section 13(d) of the Securities Exchange Act of 1934,
as amended, and Regulations 13D-G thereunder) by Xmark LP, Xmark Ltd, or their
affiliates, of more than 4.95% and 4.99%, respectively, of the Common Stock (the
"Issuance Limitation"). The Issuance Limitation may not be waived. Thus, as of
November 19, 2004, for the purposes of Reg. Section 240.13d-3, XAM may be deemed
to beneficially own 872,027 shares of Common Stock, or 6.0% of the Common Stock
deemed issued and outstanding as of that date.
The following table details the transactions since the filing of the
Schedule 13D and prior to the filing of this amendment, as of November 19, 2004,
in Common Stock, or securities convertible into, exercisable for or exchangeable
for Common Stock, by XAM or any person or entity controlled by XAM or any person
or entity for which XAM possesses voting or investment control over the
securities thereof (each of which was effected in an ordinary brokerage
transaction).
I. Xmark LP
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(Purchases)
Date Quantity Price Per Share
---- -------- ---------------
9/21/2004 2,556 $6.20
9/22/2004 9,972 $5.86
9/23/2004 4,089 $5.92
9/24/2004 5,157 $6.03
9/27/2004 5,213 $5.79
9/28/2004 5,111 $5.69
10/12/2004 1,532 $5.26
10/13/2004 4,942 $5.31
10/19/2004 4,942 $5.32
10/20/2004 2,817 $5.20
10/21/2004 4,942 $5.20
11/08/2004 5,931 $6.01
11/12/2004 2,471 $5.80
11/15/2004 644 $5.71
11/16/2004 4,942 $5.69
11/17/2004 1,460 $5.65
11/19/2004 11,960 $5.97
(Sales)
Date Quantity Price Per Share
---- -------- ---------------
NONE
II. Xmark Ltd
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(Purchases)
Date Quantity Price Per Share
---- -------- ---------------
9/21/2004 2,444 $6.20
9/22/2004 10,228 $5.86
9/23/2004 3,911 $5.92
9/24/2004 4,933 $6.03
9/27/2004 4,987 $5.79
9/28/2004 4,889 $5.69
10/12/2004 1,568 $5.26
10/13/2004 5,058 $5.31
10/19/2004 5,058 $5.32
10/20/2004 2,883 $5.20
10/21/2004 5,058 $5.20
11/08/2004 6,069 $6.01
11/12/2004 2,529 $5.80
11/15/2004 656 $5.71
11/16/2004 5,058 $5.69
11/17/2004 1,495 $5.65
11/19/2004 12,240 $5.97
(Sales)
Date Quantity Price Per Share
---- -------- ---------------
NONE
Signature
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
December 14, 2004
XMARK ASSET MANAGEMENT, LLC
/s/ Mitchell D. Kaye
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Mitchell D. Kaye, Manager
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).