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

agent for the initial signing of the facility and will receive a fee for its services at the time of any draw under the facility.

In connection with the execution of the equity financing facility, Poniard will issue to Small Cap Biotech 221,218 shares of registered common stock as a commitment fee.  The offer and sale of shares by Poniard under the equity facility have been registered pursuant to a shelf registration statement declared effective with the Securities and Exchange Commission on June 2, 2009.  Poniard intends to use the net proceeds from any sale of shares under the facility for working capital and other general corporate purposes.

"Repayment of our secured credit facility removes significant restrictions on our cash and assets and gives Poniard additional flexibility for the completion of our review of strategic alternatives," said Ronald A. Martell, chief executive officer of Poniard Pharmaceuticals.  "The new equity financing facility provides us with access to additional working capital to support our operations, while allowing for control over timing and dilution."

Immediately prior to entering into the new equity financing facility with Small Cap Biotech, the Company and Commerce Court Small Cap Value Fund, Ltd., by mutual agreement, terminated the equity financing facility between the Company and Commerce Court dated February 23, 2010.  The Company completed a drawdown of 4,229,000 shares of its common stock under the Commerce Court facility on March 15, 2010, for which the Company received net proceeds of approximately $6.1 million.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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SOURCE Poniard Pharmaceuticals, Inc.
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