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Poniard Pharmaceuticals Reports Fourth Quarter and Year End 2008 Financial Results and Provides a Corporate Update
Date:3/16/2009

  • Commercial Product Supply: In November, Poniard announced an agreement with Baxter Oncology GmbH for the commercial manufacture and supply of injectable picoplatin drug product. An agreement with W. C. Heraeus GmbH was established in March 2008 for the commercial manufacture of picoplatin active pharmaceutical ingredient.

  • Top 10 Oncology Product: In October, picoplatin was named by Windhover Information Inc., as one of the top 10 most promising oncology projects in development that is available for partnering.

Corporate Developments

  • Cash Position: The Company ended the year 2008 with cash and investment securities of $72.8 million. In September, Poniard drew down approximately $20 million of additional net cash proceeds under the Company's amended and restated loan facility with GE Healthcare Financial Services and Silicon Valley Bank.

  • New CFO: In February 2009, Greg Weaver was appointed Poniard's new chief financial officer and senior vice president. Mr. Weaver brings 17 years of experience in executive financial management to the Company, and has served as chief financial officer of public and private biotech and healthcare companies since 1996.

Fourth Quarter 2008 Financial Results

The Company reported a net loss of $13.9 million ($0.41 diluted loss per share on a loss applicable to common shares of $14.1 million) for the fourth quarter of 2008 compared with a net loss of $9.6 million ($0.28 diluted loss per share on a loss applicable to common shares of $9.7 million) for the fourth quarter of 2007. The Company reported a net loss of $48.6 million ($1.41 diluted loss per share on a loss applicable to common shares of
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SOURCE Poniard Pharmaceuticals, Inc.
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