Poniard Pharmaceuticals Reports Third Quarter 2009 Financial Results and Provides a Corpor...(n 18-month period sell up to $60 million...)

Date:11/3/2009

n 18-month period, sell up to $60 million newly issued registered common stock to Azimuth Opportunity Ltd. at a pre-negotiated discount to market price. The Company will determine, at its sole discretion, the timing and amount of any sales of its common stock, subject to certain conditions. The Company is not obligated to utilize any of the $60 million facility and remains free to enter into other financing transactions.

Third Quarter 2009 Unaudited Financial Results

The Company reported a net loss of $9.9 million ($0.29 diluted loss per share on a loss applicable to common shares of $10.0 million) for the quarter ended September 30, 2009, compared with a net loss of $12.2 million ($0.36 diluted loss per share on a loss applicable to common shares of $12.4 million) for the quarter ended September 30, 2008. The Company reported a net loss of $32.5 million ($0.95 diluted loss per share on a loss applicable to common shares of $32.9 million) for the nine months ended September 30, 2009, compared with a net loss of $34.6 million ($1.01 diluted loss per share on a loss applicable to common shares of $35.0 million) for the same period in 2008.

Total operating expenses for the quarter ended September 30, 2009, were $9.2 million compared with $12.4 million for the quarter ended September 30, 2008, and were $30.5 million for the nine months ended September 30, 2009, compared with $35.8 million for the same period in 2008. Total operating expenses for the nine months ended September 30, 2009, include a charge of $1.1 million for the restructuring and related asset impairment resulting from the Company's implementation of a 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 expenses were $5.4 million for the quarter ended September 30, 2009, compared with $9.0 million for
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SOURCE Poniard Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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