SOUTH SAN FRANCISCO, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals (Nasdaq: PARD) today announced the sale of 3,489,728 of its common shares to Azimuth Opportunity Ltd. for net proceeds of approximately $6.5 million, or approximately $1.87 per share, under its existing committed equity financing facility with Azimuth. The Company intends to use the 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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 t
|SOURCE Poniard Pharmaceuticals, Inc.|
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