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

ry four weeks in the FOLPI regimen, was associated with less frequent and less severe neurotoxicity than the FOLFOX regimen where oxaliplatin has shown treatment-limiting neurotoxicity. These data support further development of picoplatin for this indication.

-- Presented expanded and updated results from our ongoing Phase 2 clinical trial of picoplatin in combination with docetaxel and prednisone in patients with HRPC at EORTC. Results showed that picoplatin can be safely administered with full-dose docetaxel, the standard of care for the first-line treatment of HRPC. Reductions of prostate specific antigen levels (PSA) of at least 50 percent were achieved in 78 percent of evaluable patients. This compared favorably to PSA response rates of approximately 45 percent with docetaxel alone and supports further development of picoplatin for this indication.

-- Announced this month that picoplatin was named by Windhover Information Inc. as one of the Top 10 most promising oncology projects in development that is available for partnering.

-- Made a presentation on the molecular mechanisms of platinum resistance and picoplatin in July at the Fourth Annual Moores UCSD Cancer Center Translational Oncology Symposium.

Corporate Developments

-- Secured a $27.6 million amended loan facility with GE Healthcare Financial Services and Silicon Valley Bank, a member company of SVB Financial Group, in September and exercised the option to draw down both tranches. The $27.6 million loan facility included the refinancing of the $7.6 million outstanding principal balance on our current loan facility. Cash and investment securities as of September 30, 2008, were $84.0 million and should fund operations into 2010.

-- Appointed Janet R. Rea, MSPH, RAC, as vice president, regulatory affairs and quality in July. Ms. Rea will execute regulatory and quality activities with the U.S. Food and Drug Administration and other regulatory authorities consistent
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SOURCE Poniard Pharmaceuticals, Inc.
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