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Poniard Pharmaceuticals Announces $6.3 Million Financing
Date:3/15/2010

SOUTH SAN FRANCISCO, Calif., March 15 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced the sale of 4,229,000 of its common shares to Commerce Court Small Cap Value Fund, Ltd. for gross proceeds of approximately $6.3 million, or approximately $1.49 per share, under its existing committed equity financing facility with Commerce Court.  Poniard intends to use the approximately $6.1 million in net proceeds from this offering to fund the company's regulatory and partnering strategies focused on the continued development of picoplatin in small cell lung cancer and other indications. Based on its existing cash and investment securities, together with the net proceeds from this offering, Poniard believes it has adequate resources to fund operations at least through the end of 2010.

The securities described above were sold by Poniard Pharmaceuticals pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or
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SOURCE Poniard Pharmaceuticals, Inc.
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