Date:2/23/2010

res to Commerce Court at a pre-negotiated discount to the volume weighted average price of Poniard's common stock over a preceding period of trading days. Reedland Capital Partners, an Institutional Division of Financial West Group, Member FINRA/SIPC, acted as placement agent for the initial signing of the facility and will receive a fee for its services at the time of any draw under the facility.

In connection with the execution of the equity financing facility, Poniard will issue to Commerce Court 121,183 shares of registered common stock as a commitment fee. The offer and sale of shares by Poniard under this equity facility have been registered pursuant to a shelf registration declared effective by the Securities and Exchange Commission on June 2, 2009.

Poniard intends to use the proceeds from any sale of securities under the facility to fund the Company's clinical and regulatory activities to enable a registrational filing seeking approval of picoplatin as a second-line therapy for small cell lung cancer patients with refractory disease following first-line treatment with platinum-containing chemotherapy, and to support its efforts to secure a strategic partner to continue the development of picoplatin in other cancer indications and formulations.

This press release shall not constitute an offer to sell or
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SOURCE Poniard Pharmaceuticals, Inc. Copyright©2010 PR Newswire. All rights reserved

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