SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
          TO RULES 13d-1 (b) (c), AND (d) AND AMENDMENTS THERETO FILED
                           PURSUANT TO RULE 13d-2 (b)
                                (Amendment No. )

                         Spectrum Pharmaceuticals, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                          Common Stock, par value $.001
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    84763A108
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                February 23, 2007
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

      |_|   Rule 13d-1(b)
      |X|   Rule 13d-1(c)
      |_|   Rule 13d-1(d)

*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                   13G                      Page 2 of 7 Pages
--------------------------------------------------------------------------------
1.    NAME OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

      Joseph Edelman
--------------------------------------------------------------------------------
2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                  (a) [_]
                                                                         (b) [_]

--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      United States
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     1,911,271
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        0
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            1,911,271
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     0
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,911,271
--------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*  [_]


--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      7.62%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON*

      IN
--------------------------------------------------------------------------------


                                Page 2 of 7 Pages


Item 1.

      (a)   Name of Issuer.

            Spectrum Pharmaceuticals, Inc.

      (b)   Address of Issuer's Principal Executive Offices.

            157 Technology Drive
            Irvine, California 92618

Item 2.

      (a)   Name of Person Filing.

            This Schedule 13G is being filed with respect to shares of Common
            Stock of the Issuer which are beneficially owned by Joseph Edelman.
            See Item 4 below.

      (b)   Address of Principal Business Office or, if none, Residence.

            The principal business address of the Reporting Persons is:

            c/o First New York Securities, LLC
            850 Third Avenue, 8th Floor
            New York, NY 10022

      (c)   Citizenship.

            Each of the Reporting Persons is a United States citizen.

      (d)   Title of Class of Securities.

            Common Stock, $.001 par value

      (e)   CUSIP Number.

            84763A108


                                Page 3 of 7 Pages


Item 3. If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c),
        check whether the person filing is a:

        (a)  |_|  Broker or dealer registered under Section 15 of the Act.
        (b)  |_|  Bank as defined in Section 3(a)(6) of the Act.
        (c)  |_|  Insurance Company as defined in Section 3(a)(19) of the Act.
        (d)  |_|  Investment Company registered under Section 8 of the
                  Investment Company Act of 1940.
        (e)  |_|  Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
        (f)  |_|  Employee Benefit Plan or Endowment Fund in accordance with
                  Rule 13d-1(b)(1)(ii)(F).
        (g)  |_|  Parent holding company, in accordance with Rule
                  13d-1(b)(1)(ii)(G).
        (h)  |_|  A savings association as defined in Section 3(b) of the
                  Federal  Deposit Insurance Act.
        (i)  |_|  A church plan that is excluded from the definition of an
                  investment company under Section 3(c)(14) of the Investment
                  Company Act of 1940.
        (j)  |_|  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

      If this statement is filed pursuant to Sec. 240.13d-1(c), check this box
      |X|.

Item 4. Ownership

      (a)   Amount Beneficially Owned.

                  Mr. Edelman benefically owns: 1,911,271 shares of common stock
                  (comprised of (i) 1,813,584 shares held by Perceptive Life
                  Sciences Master Fund Ltd. ("Master Fund"), a Cayman Islands
                  company of which the investment manager is Perceptive Advisors
                  LLC, a Delaware limited liability company of which Mr. Edelman
                  is the managing member, and (ii) 97,687 shares held in an
                  account of First New York Trading, LLC).

      (b)   Percent of Class.

                  7.62%


                                Page 4 of 7 Pages


      (c)   Number of shares as to which each such person has

            (i)   sole power to vote or to direct the vote:            1,911,271

            (ii)  shared power to vote or to direct the vote:

            (iii) sole power to dispose or to direct the disposition
                  of:                                                  1,911,271

            (iv)  shared power to dispose or to direct the
                  disposition of:

Item 5. Ownership of Five Percent or Less of a Class.

      If this statement is being filed to report the fact that as of the date
      hereof the reporting person has ceased to be the beneficial owner of more
      than five percent of the class of securities, check the following |_|

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

      As referred to in Item 4, other persons have the right to receive and the
      power to direct the receipt of dividends from, and the proceeds from the
      sale of, certain of the shares reported herein. In that regard Mr. Edelman
      is the managing member of Perceptive Advisors LLC, the investment manager
      of the Master Fund. Accordingly, the Master Fund has the right to receive
      and the power to direct the receipt of, dividends and the proceeds from
      the sale of the shares reported herein that are held through the Master
      Fund.

Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control Person.

      See Exhibit A

Item 8. Identification and Classification of Members of the Group.

      Not applicable.

Item 9. Notice of Dissolution of Group.

      Not applicable.


                                Page 5 of 7 Pages


Item 10. Certification.

      By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

                                    SIGNATURE

      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.

Date: February 28, 2007
                                                /s/ James Mannix
                                                --------------------------------
                                                Joseph Edelman, by James Mannix,
                                                attorney in fact

      Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).


                                Page 6 of 7 Pages


                                    EXHIBIT A

As discussed in Item 4(a), certain shares reported herein are held through
Perceptive Life Sciences Master Fund Ltd., a Cayman Islands company, of which
Joseph Edelman is the managing member of the fund's investment manager.