Poniard Pharmaceuticals Reports First Quarter 2009 Financial Results and Provides a Corpor...( were $59.6 million compared with $72.8 ...),Health

Date:5/5/2009

, were $59.6 million, compared with $72.8 million at December 31, 2008. Management currently believes the existing cash and investment securities will provide adequate resources to fund the Company's operations into the first quarter of 2010.

Goals and Objectives

During the remainder of 2009 Poniard expects to:

• Present progression-free survival data and safety data from two ongoing Phase 2 trials of picoplatin as first-line treatment for metastatic colorectal and castration-resistant prostate cancers (CRPC) at the 45th Annual Meeting of the American Society of Clinical Oncology (ASCO); the Company plans to hold an investor event featuring oncology experts at ASCO on Sunday, May 31;
• Report top-line results from the pivotal Phase 3 SPEAR trial in SCLC in the second half 2009; and
• Initiate submission of a New Drug Application with the U.S. Food and Drug Administration for picoplatin as a second-line treatment for SCLC, targeting approval and commercialization in 2010.

About Small Cell Lung Cancer

SCLC is the most aggressive form of lung cancer and tends to be widespread by the time of diagnosis. According to the American Cancer Society, in the U.S. in 2008 an estimated 32,000 new cases of SCLC were expected to be diagnosed and 52,000 SCLC patients were treated with therapy (American Cancer Society, Cancer Facts and Figures 2009). Patients with SCLC have few treatment options and a poor prognosis. Effective second-line treatment for SCLC is a major unmet medical need.

About Colorectal Cancer

CRC is the third most common cancer in both American men and women, and the third leading cause of cancer death in the U.S. In 2008, an estimated 148,810 new cases of colon and rectal cancer were expected to be diagnosed in the U.S., with an esti
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SOURCE Poniard Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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