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Poniard Pharmaceuticals Reports Second Quarter 2009 Financial Results and Provides a Corporate Update
Date:8/4/2009

tnering activities for picoplatin.

  • Filed a shelf registration statement that was declared effective by the Securities and Exchange Commission on June 2, 2009. This will allow Poniard from time to time to offer and sell up to $60 million aggregate amount of its common stock and warrants.

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, compa
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SOURCE Poniard Pharmaceuticals, Inc.
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