SOUTH SAN FRANCISCO, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. , a biopharmaceutical company focused on oncology, today reported financial results for the second quarter ended June 30, 2009, and provided a corporate update.
“During the American Society of Clinical Oncology Annual Meeting, we reported promising Phase 2 picoplatin data from our colorectal and prostate cancer programs. These data further enhance the value of picoplatin and are playing an important role in our discussions with potential global commercialization and development partners,” said Jerry McMahon, Ph.D., chairman and chief executive officer of Poniard. “We remain on track to report results from our pivotal Phase 3 SPEAR trial of picoplatin in small cell lung cancer in the fourth quarter of 2009 with the goal of commercializing picoplatin in 2010.”
Recent Clinical and Corporate Developments
Picoplatin Clinical Developments
Corporate Developments
Second Quarter 2009 Unaudited Financial Results
The Company reported a net loss of $9.7 million ($0.28 diluted loss per share on a loss applicable to common shares of $9.8 million) for the quarter ended June 30, 2009, compared with a net loss of $12.5 million ($0.36 diluted loss per share on a loss applicable to common shares of $12.7 million) for the quarter ended June 30, 2008. The Company reported a net loss of $22.7 million ($0.66 diluted loss per share on a loss applicable to common shares of $22.9 million) for the six months ended June 30, 2009, compared with a net loss of $22.4 million ($0.65 diluted loss per share on a loss applicable to common shares of $22.6 million) for the same period in 2008.
Total operating expenses for the quarter ended June 30, 2009, were $9.1 million compared with $12.9 million for the quarter ended June 30, 2008, and were $21.3 million for the six months ended June 30, 2009, compared with $23.4 million for the same period in 2008. Total operating expenses for the six months ended June 30, 2009, include a charge of $1.1 million for the restructuring and related asset impairment resulting from the Company’s strategic restructuring plan to discontinue its in-house preclinical research operations and reduce its workforce by approximately 12 percent effective March 31, 2009.
Research and development (R&D) expenses were $5.7 million for the quarter ended June 30, 2009, compared with $9.2 million for the quarter ended June 30, 2008. R&D expenses were $13.8 million for the six months ended June 30, 2009, compared with $15.5 million for the same period in 2008.
General and administrative expenses (G&A) were $3.4 million for the quarter ended June 30, 2009, compared with $3.7 million for the quarter ended June 30, 2008. G&A expenses were $6.5 million for the six months ended June 30, 2009, compared with $7.9 million for the same period in 2008.
Cash and investment securities as of June 30, 2009, were $49.9 million, compared with $72.8 million at December 31, 2008. Management currently believes the existing cash and investment securities will provide adequate resources to fund the Company’s operations into the first quarter of 2010.
Goals and Objectives
Conference Call Details
Poniard’s management team will host a live conference call and Webcast today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. To participate by telephone, please dial 888-515-2880 from the U.S. or 719-457-2652 for international callers. The Webcast can be accessed on the “Events” page of the “News & Events” section of the Company’s Web site at http://www.poniard.com. A replay of the Webcast will be available on the Company’s Web site for 10 days.
About Poniard Pharmaceuticals
Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products to impact the lives of people with cancer. Picoplatin, the Company’s lead platform product candidate, is a new generation platinum chemotherapy. To date, clinical studies suggest that picoplatin has an improved safety profile relative to existing platinum-based cancer therapies. Picoplatin is designed to overcome platinum resistance associated with chemotherapy in solid tumors, and is being studied in multiple cancer indications, combinations and formulations. Clinical trials of intravenous picoplatin include a Phase 3 trial in small cell lung cancer and Phase 2 trials in metastatic colorectal and castration-resistant (hormone refractory) prostate cancers. The Company also is conducting a clinical trial of oral picoplatin in solid tumors. For additional information, please visit http://www.poniard.com.
Forward-Looking Statement
This release contains forward-looking statements, including statements regarding the Company’s financial position and results of operations, business objectives and strategic goals, drug development plans, the potential safety and efficacy of its products in development, and commercialization and partnering strategy. The Company’s actual results may differ materially from those indicated in these forward-looking statements based on a number of factors, including risks and uncertainties associated with the Company’s research and development activities; the results of clinical testing; the receipt and timing of FDA and other required regulatory approvals; the market’s acceptance of the Company’s proposed products; the Company’s anticipated operating losses, need for future capital and ability to obtain future funding; competition from third parties; the Company’s ability to preserve and protect intellectual property rights; the Company’s dependence on third-party manufacturers and suppliers; the Company’s lack of sales and marketing experience; the Company’s ability to attract and retain key personnel; changes in technology, government regulation and general market conditions; and the risks and uncertainties described in the Company’s current and periodic reports filed with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and its Quarterly Report on Form 10-Q for the period ended June 30, 2009, which will be filed with the SEC on or about August 7, 2009. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
(C) 2009 Poniard Pharmaceuticals, Inc. All Rights Reserved.
Poniard and Poniard Pharmaceuticals are trademarks of Poniard Pharmaceuticals, Inc.
SOURCE Poniard Pharmaceuticals, Inc.
CONTACT: Susan Neath, Burns McClellan, +1-212-213-0006,
sneath@burnsmc.com; or Jani Bergan, WeissComm Partners, +1-415-946-1064,
jbergan@wcpglobal.com
Web site: http://www.poniard.com/
