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Poniard Pharmaceuticals Reports Second Quarter 2008 Financial Results and Corporate Update
Date:7/31/2008

development strategy for picoplatin, including Howard A. Burris, III, M.D., of The Sarah Cannon Research Institute in Nashville; E. David Crawford, M.D., of the University of Colorado Comprehensive Cancer Center; Robert F. Ozols, M.D., Ph.D., of the Fox Chase Cancer Center in Philadelphia; and Everett E. Vokes, M.D., of the University of Chicago Pritzker School of Medicine. Management Appointment

-- Appointed Janet R. Rea, MSPH, RAC, as vice president, regulatory affairs and quality, to execute regulatory and quality activities with the FDA and other regulatory authorities in support of our targeted commercial launch of picoplatin.

Second Quarter 2008 Unaudited Financial Results

The Company reported 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 second quarter of 2008 compared to a net loss of $8.5 million ($0.28 diluted loss per share on a loss applicable to common shares of $8.7 million) for the second quarter of 2007.

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

Total operating expenses for the second quarter of 2008 increased 40 percent to $12.9 million, from $9.2 million for the second quarter of 2007, and increased 37 percent to $23.4 million for the six months ended June 30, 2008, from $17.1 million for the same period in 2007.

Research and development (R&D) expenses increased 57 percent to $9.2 million for the second quarter of 2008, from $5.8 million for the second quarter of 2007. R&D expenses increased 37 percent to $15.5 million for the six months ended June 30, 2008, from $11.3 million for the same period in 2007. The increase in R&D expenses for the three and six months ended June 30, 2008 resulted primarily from increased costs associated with our picoplatin trials and pre-clinical programs.

General and administrative (G&A) expenses increased 10 percent to $3.7 million for the second quarter of 2008, fr
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SOURCE Poniard Pharmaceuticals, Inc.
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