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

with our plan to bring picoplatin to the market in 2010.

Third Quarter 2008 Unaudited Financial Results

Cash and investment securities as of September 30, 2008, were $84.0 million, compared with $92.6 million at December 31, 2007. Management believes that the existing cash and investment securities will be adequate to fund the Company's operations at least through the first quarter of 2010.

The Company reported 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 third quarter of 2008 compared with a net loss of $7.0 million ($0.20 diluted loss per share on a loss applicable to common shares of $7.1 million) for the third quarter of 2007. The Company reported 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 nine months ended September 30, 2008, compared with a net loss of $23.2 million ($0.80 diluted loss per share on a loss applicable to common shares of $23.6 million) for the same period in 2007.

There was no revenue for the three and nine months ended September 30, 2008 and 2007.

Total operating expenses for the third quarter of 2008 increased 58 percent to $12.4 million, from $7.9 million for the third quarter of 2007, and increased 44 percent to $35.8 million for the nine months ended September 30, 2008, from $24.9 million for the same period in 2007.

Research and development (R&D) expenses increased 79 percent to $9.0 million for the third quarter of 2008, from $5.1 million for the third quarter of 2007 and increased 50 percent to $24.5 million for the nine months ended September 30, 2008, from $16.4 million for the same period in 2007. The increase in R&D expenses for both the quarter and nine months ended September 30, 2008, resulted primarily from increased costs associated with our picoplatin clinical trials and pre-clinical programs.

General and administrative (G&A)
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SOURCE Poniard Pharmaceuticals, Inc.
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