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Poniard Pharmaceuticals Announces Plan for Voluntary Prepayment of Term Loan and Transfer to Nasdaq Capital Market
Date:12/16/2010

SOUTH SAN FRANCISCO, Calif., Dec. 16, 2010 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced that it has provided notice of voluntary prepayment of its senior secured loan facility to GE Business Financial Services Inc. and Silicon Valley Bank.  The Company expects to pay the approximately $12.3 million balance on the facility, including interest and other fees payable under the loan agreement, prior to year-end.  Once repaid, all covenants and restrictions related to the facility will lift, including lender consent requirements restricting certain asset sales, mergers and acquisition transactions and financial covenants requiring the Company to maintain a minimum amount of unrestricted cash.

The Company also announced today that it received approval from the Nasdaq Stock Market Listing Qualifications Staff to transfer the listing of its common stock from The Nasdaq Global Market to The Nasdaq Capital Market.  This transfer will be effective at the opening of business on Friday, December 17, 2010, and the Company's common stock will continue to trade under the symbol "PARD."  The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as The Nasdaq Global Market.  All companies listed on The Nasdaq Capital Market must meet certain financial requirements and comply with Nasdaq's corporate governance requirements.

"The steps taken today serve to free up capital and assets as well as maintain the continued liquidity of our common stock and Nasdaq listing status as we continue our ongoing review of strategic alternatives aimed at optimizing the value of the Company and of our lead program, picoplatin," said Ronald A. Martell, chief executive officer of Poniard Pharmaceuticals.  "We continue t
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SOURCE Poniard Pharmaceuticals, Inc.
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