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Poniard Pharmaceuticals Announces Management Changes and Reduction in Force
Date:2/3/2010

SOUTH SAN FRANCISCO, Calif., Feb. 3 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced that Ronald A. Martell has been appointed to the position of chief executive officer, succeeding Jerry McMahon, Ph.D., who will remain as non-executive chairman of the Board of Directors.  In addition, Michael S. Perry, DVM, Ph.D., has been named president and chief medical officer.  

The company also announced that it is implementing a plan to reduce its workforce and operating costs in order to focus its resources on the ongoing development of picoplatin in solid tumors.  The reduction in force will reduce the number of employees by approximately 57 percent, to a total of 21, effective February 5th.  Poniard remains fully staffed to provide clinical support activities for its ongoing studies and regulatory support for its planned meetings with the U.S. Food and Drug Administration (FDA) in the first half of 2010.  Poniard expects the reduction in force to result in approximately $4 million in reduced annualized operating expenses in 2010. The Company also expects to incur a charge in the first quarter of 2010 of approximately $1 million related to the workforce reduction.

"The reduction in force is a difficult but necessary step to preserve our resources as we pursue our goals of establishing a regulatory path forward for picoplatin and evaluating our strategic opportunities for this novel therapy.  I want to personally thank all of our employees
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SOURCE Poniard Pharmaceuticals, Inc.
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