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Poniard Pharmaceuticals Reports First Quarter 2009 Financial Results and Provides a Corporate Update
Date:5/5/2009

to support further clinical development of this formulation.
  • Strategic Focus of Cash Resources
    • In March, Poniard announced that it would concentrate its cash resources on the clinical and commercial development of picoplatin. As a result, on March 31, 2009, the Company discontinued its in-house preclinical research operations and reduced its workforce by approximately 12 percent, or eight employees. The Company continues to evaluate strategic alternatives for its preclinical research programs and related assets.

    • First Quarter 2009 Unaudited Financial Results

    The Company reported a net loss of $13.0 million ($0.38 diluted loss per share on a loss applicable to common shares of $13.1 million) for the quarter ended March 31, 2009 compared with a net loss of $9.9 million ($0.29 diluted loss per share on a loss applicable to common shares of $10.0 million) for the quarter ended March 31, 2008.

    Total operating expenses for the quarter ended March 31, 2009, were $12.2 million compared with $10.5 million for the quarter ended March 31, 2008. Total operating expenses for the first quarter of 2009 include a charge of $1.1 million for the restructuring and related asset impairment resulting from the Company's strategic restructuring plan to discontinue its in-house preclinical research operations and reduce its workforce by approximately 12 percent effective March 31, 2009.

    Research and development expenses were $8.1 million for the quarter ended March 31, 2009, compared with $6.3 million for the quarter ended March 31, 2008.

    General and administrative expenses were $3.1 million for the quarter ended March 31, 2009, compared with $4.2 million for the quarter ended March 31, 2008.

    Cash and investment securities as of March 31, 2009
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    SOURCE Poniard Pharmaceuticals, Inc.
    Copyright©2009 PR Newswire.
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