To NASDAQ OMX A/S Topotarget A/S Announcement No. 32-10 / Copenhagen, 23 December, 2010 Symbion Fruebjergvej 3 DK 2100 Copenhagen Tel: +45 39 17 83 92 Fax: +45 39 17 94 92 CVR-nr: 25695771 www.topotarget.com

Recruitment into the first randomized, controlled Phase 2 trial for patients with the solid tumor indication, of unknown primary (CUP) has been completed

Copenhagen, Denmark – 23 December, 2010 – Topotarget A/S (NASDAQ OMX: TOPO) announced today that the last patient has been recruited into the Topotarget sponsored Phase 2 CUP trial with belinostat, and versus carboplatin and paclitaxel.

The study is an open-label randomized, controlled Phase 2 trial with belinostat in combination with carboplatin and paclitaxel (BelCaP) compared to carboplatin and paclitaxel (CaP) in patients with previously untreated cancer of unknown primary (CUP). The study is a part of the collaboration between Topotarget and its US partner Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI).

Belinostat is administered as a 30 minute daily IV infusion on days 1–3 while belinostat is administered orally on days 4 and 5. in both groups is administered on day 3. Treatment is given every third week and repeated for up to 6 cycles. Patients who have been randomized to the belinostat group may continue on oral belinostat on days 1-14 every third week until disease progression. The Phase 2 CUP trial includes a total of 88 patients and is conducted at centres in Denmark, France, , and the US and is a fully sponsored Topotarget trial.

The CUP trial conducted by Topotarget is the first randomized, controlled in CUP with a HDAC inhibitor, as well as the first randomized, controlled clinical trial ever performed to seek to prove the possible benefit of adding a third drug to the already established combination of carboplatin and paclitaxel.

The primary objective of the study is to provide an estimate of the hazard ratio of treatment effect of BelCaP compared to CaP in terms of progression-free survival, response rate and overall survival in patients with CUP.

Top-line results of progression-free survival and response rate are expected by Q3 2011. Final evaluation of overall survival is expected in Q1 2012. The data from this 88 patient randomized, controlled proof-of concept study will delineate the role of belinostat in combination with chemotherapy in the treatment of patients with CUP. It is Topotarget’s objective, subject to positive results from the Phase 2 belinostat trial in CUP, and from a subsequent pivotal trial, to file a MAA (Market Authorisation

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Recruitment into the first randomized, controlled Phase 2 belinostat trial for patients with the solid tumor indication, cancer of unknown primary (CUP) has been completed

Application) with the European Medicines Agency (EMA) as well as Spectrum Pharmaceuticals Inc. (Topotarget’s US partner) to file a NDA (New Drug Application) for belinostat with the US Food and Drug Administration (FDA).

“We are both extremely proud and pleased to announce that the recruitment of this Topotarget-sponsored Phase 2 CUP trial has been completed on time. This is a significant milestone for Topotarget as this is our first randomized trial in patients with solid tumors. Further, the trial is in line with our commitment to develop belinostat for the treatment of patients with solid tumors as well as to maximize the value of this promising drug candidate”, said Francois Martelet, MD, CEO of Topotarget. He continued, “It is our belief that belinostat in combination with other agents has the potential to play a major role in solid tumor indications for the treatment of cancer.”

Today's news does not change Topotarget's full-year financial guidance for 2010.

Topotarget A/S

For further information, please contact:

Francois Martelet, CEO: Direct: +45 39 17 83 43; Mobile: +45 51 32 83 41 Anders Vadsholt, CFO: Direct: +45 39 17 83 45; Mobile: +45 28 98 90 55

Background information

About CUP Cancer of unknown primary site (CUP) represents a group of solid tumors that are defined by the presence of metastases at first presentation for which a primary site remains unknown at final diagnosis. It accounts for approximately 2-4% of all cancer diagnoses, and it is estimated that 31,000 new cases will be diagnosed in the US for 2010. European cancer registries indicate similar incidence rates for CUP as in the US. Diagnosis of CUP is made after a workup that includes a careful medical history, a thorough physical examination (with pelvic and rectal examinations), full blood count and biochemistry, urinalysis, histopathologic analysis of biopsies for organ or tissue specific markers, serum tumor marker analyses, computed tomography scans of the chest, abdomen and pelvis, and mammography for women as well as other image procedures and endoscopies. Histological analyses of tumor biopsies classify CUP in four major categories: • 60% adenocarcinomas • 30% poorly differentiated carcinomas/adenocarcinomas • 5% poorly differentiated • 5% squamous cell carcinomas Patients with CUP represent a diverse group, but in the majority of patients, empiric chemotherapy is the treatment of choice. At present, the combination of carboplatin and paclitaxel is a common choice for first-line therapy. This regimen produces a response rate of 25-40%, median progression-free survival of 4-6 months, overall survival of 9-11 months, and a 2-year survival of approximately 20%.

About belinostat Belinostat is a promising small molecule HDAC inhibitor being investigated for its role in the treatment of a wide range of solid tumors and hematologic malignancies either as a single- agent, or in combination with other active anti-cancer agents, including carboplatin, paclitaxel, doxorubicin, idarubicin, cis-retinoic acid, azacytidine and Velcade® (bortezomib) for injection. HDAC inhibitors represent a new mechanistic class of anti-cancer therapeutics that target HDAC enzymes, and have been shown to: arrest growth of cancer cells (including drug resistant subtypes); induce , (programmed cell death); promote differentiation; inhibit angiogenesis; and sensitize cancer cells to overcome drug resistance when used in combination with other anti-cancer agents. Company-sponsored trials of IV- administered belinostat include a pivotal trial in peripheral T-cell (PTCL), a randomized controlled Phase 2 trial in cancer of unknown primary (CUP), and studies in

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Recruitment into the first randomized, controlled Phase 2 belinostat trial for patients with the solid tumor indication, cancer of unknown primary (CUP) has been completed

ovarian, colorectal and soft tissue sarcoma patients. NCI-sponsored trials (single agent and in combination with anti-cancer therapeutics) with IV-administered belinostat include studies in hepatocellular, thymoma, Myelodysplastic Syndrome (MDS), and other solid and hematologic . Continuous intravenous administration (CIV) is being evaluated in clinical trials in solid tumours as well as in AML. An oral formulation of belinostat is also being evaluated in a Phase 1 clinical trial for patients with advanced solid tumors and . NCI-sponsored clinical trials are being conducted under a clinical trials agreement between NCI and Topotarget. Furthermore Topotarget has a Cooperative Research and Development Agreement (CRADA) with the NCI to conduct preclinical and nonclinical studies on belinostat in order to better understand its anti-tumor activity and to provide supporting information for clinical trials. The NCI is an agency of the US government that oversees the US National Cancer Program, conducts cancer research, and provides funding for research and training.

About Spectrum Pharmaceuticals, Inc. Spectrum Pharmaceuticals is a commercial-stage company with focus in oncology. The Company's strategy is comprised of acquiring and developing a broad and diverse pipeline of late-stage clinical and commercial products. For more information, please visit the Company's website at www.sppirx.com.

About Topotarget Topotarget (NASDAQ OMX: TOPO) is a Scandinavian based international biotech company headquartered in Denmark, dedicated to improve cancer therapies. In collaboration with Spectrum Pharmaceuticals, Inc. Topotarget currently focuses on the development in pivotal studies of its lead drug candidate, belinostat, which has demonstrated a clear anti-neoplastic effect in both hematological malignancies and solid tumors. Belinostat can be used in combination with full doses of chemotherapy, and is currently in a pivotal trial within PTCL (peripheral T-cell lymphoma) and Phase 2 in cancer of unknown primary site (CUP). Topotarget’s key cancer drug targets are HDAC, NAD+, mTOR, and topoisomerase II. Totect® is a product on the market developed from Topotarget’s drug discovery technology. Totect® is marketed by the company’s own sales specialists in the US. The European rights to Savene® were divested in March 2010 as a consequence of the focus to develop and commercialise belinostat. For more information, please refer to www.topotarget.com.

Topotarget Safe Harbour Statement This announcement may contain forward-looking statements, including statements about our expectations of the progression of our preclinical and clinical pipeline, as well as about the timing for commencement and completion of clinical trials and with respect to cash burn guidance. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Topotarget cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: The risk that any one or more of the programs of Topotarget will not proceed as planned for technical, scientific or commercial reasons or due to patient enrolment issues or based on new information from non-clinical or clinical studies or from other sources; the success of competing products and technologies; technological uncertainty and product development risks; uncertainty of additional funding; Topotarget's history of incurring losses and the uncertainty of achieving profitability; Topotarget's stage of development as a biopharmaceutical company; government regulation; patent infringement claims against Topotarget's products, processes and technologies; the ability to protect Topotarget's patents and proprietary rights; uncertainties relating to commercialization rights; and product liability exposure. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

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