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Poniard Pharmaceuticals Reports Third Quarter 2010 Financial Results
Date:11/9/2010

SOUTH SAN FRANCISCO, Calif., Nov. 9, 2010 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today reported financial results for the third quarter ended September 30, 2010.

Regarding the Company's ongoing review of strategic alternatives, Ronald Martell, chief executive officer of Poniard, said: "Poniard is actively focused on the execution of strategic alternatives aimed at optimizing the value of the Company and of our lead program, picoplatin.  This effort is our highest priority, and one for which the management team and its advisors are working diligently to achieve a successful outcome."

Third Quarter 2010 Unaudited Financial ResultsThe Company reported a net loss of $6.4 million ($0.13 diluted loss per share on a loss applicable to common shares of $6.5 million) for the quarter ended September 30, 2010, 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 September 30, 2009. For the first nine months of 2010, the net loss was $24.9 million ($0.55 diluted loss per share on a loss applicable to common shares of $25.6 million), compared to a net loss of $32.5 million ($0.95 diluted loss per share on a loss applicable to common shares of $32.9 million) for the same period in 2009.

Total operating expenses for the quarter ended September 30, 2010 were $6.0 million compared with $9.2 million for the quarter ended September 30, 2009. Year to date, total operating expenses were $23.2 million compared to $30.5 million for the first nine months of 2009.

Research and development expenses were $0.9 million for the quarter ended September 30, 2010, compared with $5.1 million for the quarter ended September 30, 2009. Year to date, research and development expenses were
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SOURCE Poniard Pharmaceuticals, Inc.
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