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Poniard Pharmaceuticals Reports First Quarter 2008 Financial Results and Corporate Update
Date:5/6/2008

diluted loss per share on a loss applicable to common shares of $7.9 million) for the first quarter of 2007.

There was no revenue in either of the first quarters of 2008 or 2007.

Total operating expenses for the first quarter of 2008 increased 33 percent to $10.5 million, from $7.9 million for the first quarter of 2007.

Research and development (R&D) expenses increased 15 percent to $6.3 million for the first quarter of 2008, from $5.5 million for the first quarter of 2007, primarily as the result of higher clinical costs associated with the Company's picoplatin trials and increased costs for other R&D efforts.

General and administrative (G&A) expenses increased 74 percent to $4.2 million for the first quarter of 2008, compared with $2.4 million for the first quarter of 2007, primarily due to the recording of stock option expense and increased personnel costs.

Cash and investment securities as of March 31, 2008 was $84.7 million, compared with $92.6 million at December 31, 2007. Management currently believes the existing cash and investment securities will provide adequate resources to fund the Company's operations at least through the second quarter of 2009.

During the remainder of 2008, we anticipate further important advancements of our picoplatin clinical development program. We intend to:

* Continue enrolling our Phase 3 SPEAR trial in small cell lung cancer

and advancing it towards NDA filing;

* Present emerging Phase 2 clinical data from both our metastatic

colorectal cancer and hormone-refractory prostate cancer trials at

ASCO in June and other scientific meetings;

* Present additional data from our Phase 1 oral picoplatin study at

scientific conferences;

* Evaluate opportunities to expand picoplatin development in

additional tumor types, settings and combinations and prepare

picoplatin for commerc
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SOURCE Poniard Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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