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Poniard Pharmaceuticals Reports Third Quarter 2010 Financial Results

oned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.Poniard Pharmaceuticals, Inc.Condensed Consolidated Statements of Operations(In thousands, except per share data)(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2010200920102009Revenues$
-Operating expenses:Research and development (Note 1)8915,0567,87018,545General and administrative (Note 1)5,0604,14213,74710,929Restructuring & asset impairment--1,6261,056  Total operating expenses5,9519,19823,24330,530Loss from operations(5,951)(9,198)(23,243)(30,530)Other income (expense), net(498)(679)(1,641)(2,017)Net loss(6,449)(9,877)(24,884)(32,547)Preferred stock dividends(48)(125)(688)(375)Loss applicable to common shares$
(32,922)Loss per share:Basic and diluted$
(0.95)Shares used in calculation of loss per share:Basic and diluted48,23734,76946,35734,723Condensed Consolidated Balance Sheets(In thousands)September 30, 2010December 31, 2009(Unaudited)(Note 2)ASSETS:Cash and investment securities$
43,389Cash - restricted158281Facilities and equipment, net73219Licensed products, net6,6817,592Other assets887961  Total assets$
7,127Long term liabilities6,58511,671Shareholders' equity12,13423,644  Total liabilities and shareholders' equity$
52,442Note 1:  Patent related legal expenses are included in G&A expenses. The 2009 expenses have been reclassified above to conform to this presentation.Note 2:  Derived from audited financial statements included in the Company’s Annual Report on For
SOURCE Poniard Pharmaceuticals, Inc.
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