Poniard Pharmaceuticals sells over 4.2M common shares to Commerce Court Small Cap Value Fund

Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced the sale of 4,229,000 of its common shares to Commerce Court Small Cap Value Fund, Ltd. for gross proceeds of approximately $6.3 million, or approximately $1.49 per share, under its existing committed equity financing facility with Commerce Court.  Poniard intends to use the approximately $6.1 million in net proceeds from this offering to fund the company's regulatory and partnering strategies focused on the continued development of picoplatin in small cell lung cancer and other indications. Based on its existing cash and investment securities, together with the net proceeds from this offering, Poniard believes it has adequate resources to fund operations at least through the end of 2010.

The securities described above were sold by Poniard Pharmaceuticals pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.

SOURCE Poniard Pharmaceuticals, Inc.