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Poniard Pharmaceuticals Reports Third Quarter 2008 Financial Results and Corporate Update
Date:10/30/2008

- Conference Call Today at 5 p.m. Eastern Time -

SOUTH SAN FRANCISCO, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on oncology, today reported on its corporate progress and financial results for the third quarter ended September 30, 2008.

"During the quarter we continued to make important progress in developing picoplatin as an oncology platform compound, addressing multiple indications, combinations and formulations. Last week, we presented positive updated Phase 2 data with picoplatin in colorectal cancer (CRC) and hormone-refractory prostate cancer (HRPC) at the EORTC oncology symposium in Geneva. In addition, our ongoing Phase 3 trial with picoplatin in lung cancer (SCLC) is on track to advance picoplatin toward commercialization in 2010," said Jerry McMahon, Ph.D., chairman and CEO of Poniard. "These ongoing clinical trials are generating data that support the development of picoplatin for broad use in overcoming platinum resistance, reducing side effects such as neurotoxicities seen with other platinum therapies, and as an agent in novel combination therapies. In the third quarter, we also secured a $27.6 million amended loan facility, which strengthens our financial position and allows us to operate our business into 2010 and prepare picoplatin for commercialization."

Third Quarter and Recent Highlights

Picoplatin Clinical Development

-- Presented updated results from our ongoing randomized, Phase 2 trial of picoplatin in combination with 5-fluorouracil and leucovorin (FOLPI) in patients with metastatic CRC this month at the 20th EORTC-NCI-AACR oncology symposium. Results showed that picoplatin, given once eve
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SOURCE Poniard Pharmaceuticals, Inc.
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