SAN FRANCISCO, Nov. 23 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals today announced the sale of 3,465,878 of its common shares to Azimuth Opportunity Ltd. for gross proceeds of approximately $7.4 million, or approximately $2.15 per share, under its existing committed equity financing facility with Azimuth. The Company intends to use the $7.3 million in net proceeds from this sale to focus on regulatory and partnering activities for picoplatin, clinical development, other general corporate purposes and working capital. Based on its cash reserves, including the net proceeds from this offering, Poniard believes it has sufficient cash resources to meet its anticipated net cash needs to mid-2010.
The securities described above were sold by Poniard Pharmaceuticals pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.
About Poniard Pharmaceuticals
Poniard Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of cancer therapy products. The Company’s lead product candidate is picoplatin, a new generation platinum-based cancer therapy that has the potential to become a platform product for use in different formulations, as a single agent or in combination with other anti-cancer agents, to treat multiple cancer indications, including small cell lung, colorectal, prostate and ovarian cancers. Picoplatin is an intravenous chemotherapeutic, designed to treat solid tumors that are resistant to existing platinum-based cancer therapies. Clinical studies to date suggest that picoplatin has an improved safety profile relative to existing platinum-based cancer therapies. Poniard has completed a pivotal Phase 3 SPEAR (Study of Picoplatin Efficacy After Relapse) trial of picoplatin in the second-line treatment of patients with small cell lung cancer. The Company is also conducting separate Phase 2 trials evaluating picoplatin as a first-line treatment of metastatic colorectal cancer and castration-resistant (hormone-refractory) prostate cancer. Additionally, Poniard has completed a Phase 1 cardiac safety trial of picoplatin and a Phase 1 study evaluating the oral formulation of picoplatin in solid tumors. For additional information please visit http://www.poniard.com.
Poniard Pharmaceuticals
