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Poniard Pharmaceuticals Awarded $244,479 Grant Under Qualifying Therapeutic Discovery Project Program
Date:11/4/2010

SOUTH SAN FRANCISCO, Calif., Nov. 4, 2010 /PRNewswire/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced that it has been awarded $244,479 in grant funding as part of the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program established under Section 48D of the Internal Revenue Code. Poniard plans to use the grant to advance the development of its lead product candidate, picoplatin, in the treatment of cancer.

"This grant serves as recognition of picoplatin's potential as a new therapy to treat areas of unmet medical needs for solid tumors,"  said Ronald A. Martell, chief executive officer of Poniard Pharmaceuticals. "We plan to use the proceeds from the grant to support our ongoing clinical and regulatory objectives, which are aimed at advancing picoplatin into pivotal testing in one of several solid-tumor indications in which it has demonstrated promising results."

The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act. Eligibility for the grant requires that a project have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases, reduce long-term health care costs or represent a significant advance in finding a cure for cancer.

About Poniard Pharmaceuticals

Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products. For additional information please visit http://www.poniard.com.

Forward-Looking Statements

This release contains forward-looking statements describing, among other things, the Company's projected financial position and future operations, the adequacy of its cash resources, the Company's pla
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SOURCE Poniard Pharmaceuticals, Inc.
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