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Poniard Pharmaceuticals to Focus Company Resources on Late-Stage Oncology Candidate Picoplatin Through Realignment of Research Organization
Date:3/20/2009

SOUTH SAN FRANCISCO, Calif., March 20 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on oncology, today announced that it will concentrate its cash resources on the clinical and commercial development of its late-stage oncology candidate, picoplatin. As a result, the Company has discontinued its in-house preclinical research operations and reduced its workforce by approximately 12 percent, or eight employees, effective March 31, 2009. The Company continues to evaluate strategic alternatives for its preclinical research programs.

"Concentrating our resources on advancing our lead product candidate, picoplatin, currently in Phase 2 and 3 clinical trials for the treatment of lung, colorectal and prostate cancers, supports our goal of commercializing picoplatin in 2010, initially for the treatment of small cell lung cancer," said Jerry McMahon, Ph.D., chairman and CEO of Poniard. "We believe these measures will bring us closer to near-term success and build shareholder value. I would like to thank the Poniard employees who have been affected by this change for their significant contributions to the Company."

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 chemotherapy. To date, clinical studies suggest that picoplatin has an improved safety profile relative to existing platinum-based cancer therapies. Picoplatin is designed to overcome platinum resistance associated with chemotherapy in solid tumors, and is being studied in multiple cancer indications, combinations and formulations. Clinical trials of in
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SOURCE Poniard Pharmaceuticals, Inc.
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