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Poniard Pharmaceuticals Announces Management Changes and Focus on Development and Commercialization of Picoplatin
Date:11/25/2008

SOUTH SAN FRANCISCO, Calif., Nov. 25 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, announced today that it will be exploring strategic alternatives for its preclinical research programs in order to allow the Company to focus its resources on the clinical development of picoplatin, its lead product candidate, and to support the initial commercialization of picoplatin in the treatment of small cell lung cancer, currently targeted for 2010.

"We are committed to focusing our resources on the development and commercialization of picoplatin, as is underscored by the commercial supply agreement with Baxter Oncology GmbH that we announced yesterday. We believe that picoplatin is a platform product with the potential to treat multiple tumor types. This is supported by recent positive Phase 2 data in ongoing clinical trials in colorectal and prostate cancer," said Jerry McMahon, Ph.D., CEO and chairman of Poniard. "In addition, our ongoing Phase 3 registration trial in small cell lung cancer is on track, with the potential to bring picoplatin to market in that indication in 2010."

The company also announced that the employment of David Karlin, M.D., senior vice president, clinical development, was terminated on November 21. The termination was based on the Company's determination that it no longer required the services of Dr. Karlin. Dr. Karlin's responsibilities will be assumed by Robert De Jager, M.D., chief medical officer of Poniard.

Separately, Caroline Loewy, chief financial officer, provided written notice of her resignation from the Company to pursue another employment opportunity. Ms. Loewy's last day of employment will be November 28. Dr. McMahon and Ronald Martell, president and chief operating officer, wi
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SOURCE Poniard Pharmaceuticals, Inc.
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