SOUTH SAN FRANCISCO, Calif., March 15 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. , a biopharmaceutical company focused on innovative oncology therapies, today announced the sale of 4,229,000 of its common shares to Commerce Court Small Cap Value Fund, Ltd. for gross proceeds of approximately $6.3 million, or approximately $1.49 per share, under its existing committed equity financing facility with Commerce Court. Poniard intends to use the approximately $6.1 million in net proceeds from this offering to fund the company's regulatory and partnering strategies focused on the continued development of picoplatin in small cell lung cancer and other indications. Based on its existing cash and investment securities, together with the net proceeds from this offering, Poniard believes it has adequate resources to fund operations at least through the end of 2010.
About Poniard Pharmaceuticals
Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products. For additional information please visit http://www.poniard.com.
Poniard Pharmaceuticals, Inc.
