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

expenses increased 21 percent to $3.4 million for the third quarter of 2008, from $2.8 million for the third quarter of 2007. G&A expenses increased 32 percent to $11.3 million for the nine months ended September 30, 2008, from $8.6 million for the same period in 2007. The increases in G&A expenses for the three months ended September 30, 2008, were due primarily to higher stock-based compensation expense, higher costs for consultants and increased legal costs. The increases in G&A expenses for the nine months ended September 30, 2008, are due primarily to stock-based compensation expense and increased personnel costs.

2008 Goals and Objectives

During the remainder of 2008 and into 2009, we anticipate further important progress in the development of picoplatin. We intend to:

-- Continue to advance our pivotal Phase 3 SPEAR trial in SCLC toward commercialization, targeted in 2010;

-- Announce final top-line data from our Phase 1 oral picoplatin study; and

-- Present additional efficacy and safety data from our ongoing Phase 2 trials in CRC and HRPC at medical conferences in 1Q09 and throughout next year.

Conference Call Details

To participate in today's live 2 p.m. Pacific Time/5 p.m. Eastern Time call by telephone, please dial 877-419-6593 from the U.S. or 1-719-325-4885 for international callers. In addition, the live conference call is being webcast and can be accessed on the "Events" page of the "News & Events" section of the Company's website at http://www.poniard.com. A replay of the webcast will be available on the Company's website for 10 days.

About Poniard Pharmaceuticals

Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products to impact the lives of people with cancer. Picoplatin, the Company's lead platform product candidate, is a new generation platinum thera
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SOURCE Poniard Pharmaceuticals, Inc.
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