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

om $3.4 million for the second quarter of 2007. G&A expenses increased 37 percent to $7.9 million for the six months ended June 30, 2008, from $5.8 million for the same period in 2007. The increases in G&A expenses for the three months ended June 30, 2008 are due primarily to higher personnel costs and increased costs for the use of consultants. The increases in G&A expenses for the six months ended June 30, 2008 are due primarily to higher stock-based compensation expense and increased personnel costs.

Cash and investment securities as of June 30, 2008 were $75.1 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.

2008 Goals and Objectives

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

-- Continue enrolling our pivotal Phase 3 SPEAR (Study of Picoplatin Efficacy After Relapse) trial in SCLC and advance it towards our commercial launch, targeted in 2010. This registrational trial of intravenous picoplatin is comparing picoplatin with best supportive care to best supportive care alone and is evaluating overall survival as the primary endpoint. It is being conducted under a Special Protocol Assessment from the U.S. Food and Drug Administration in SCLC patients who are refractory or resistant to platinum- based therapy;

-- Present emerging Phase 2 clinical data from both our CRC and HRPC trials at scientific meetings;

-- Present additional data from our Phase 1 oral picoplatin study at scientific conferences; and

-- Evaluate opportunities to expand picoplatin development in additional tumor types, settings and combinations and prepare picoplatin for commercialization.

Conference Call Details

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SOURCE Poniard Pharmaceuticals, Inc.
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