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Poniard Pharmaceuticals Completes Voluntary Prepayment of Term Loans and Secures New Committed Equity Financing Facility
Date:12/21/2010

SAN FRANCISCO, Dec. 21, 2010 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, announced today that it has completed the voluntary prepayment of the $12.35 million aggregate principal, interest and fees due under its senior secured loan facility with GE Business Financial Services Inc. and Silicon Valley Bank.  The Company announced on December 16, 2010 that it had provided notice of such payment to the lenders.  The prepayment satisfies all financial obligations of the Company under the credit facility.  As a result, the credit facility, including all restrictive and financial covenants set forth in the loan agreement, has been terminated and all security interests and other liens held by the lenders in the Company's property and assets have been released and discharged.  

The Company also announced today that it has entered into a committed equity financing facility under which it may sell up to $10 million of its registered common stock to Small Cap Biotech Value, Ltd. over an approximately 18-month period.  Poniard is not obligated to utilize any portion of the equity facility and remains free to enter into other financing transactions.  Poniard will determine, at its sole discretion, the timing, dollar amount and floor price per share for any draw under the facility, subject to certain conditions.  When and if Poniard elects to use the facility, the number and price of shares sold in each draw will be determined by a contractual formula, whereby the Company will issue shares to Small Cap Biotech at a pre-negotiated discount to the volume weighted average price of Poniard's common stock over a preceding period of trading days.  Reedland Capital Partners, an Institutional Division of Financial West Group, Member FINRA/SIPC, acted as placement
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SOURCE Poniard Pharmaceuticals, Inc.
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