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 Results
The 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 $7.9
million, compared to $18.5
million for the same period in 2009.
General and administrative expenses were $5.1 million for the quarter ended September 30, 2010, compared to $4.1 million for the quarter ended September 30, 2009. Year to date, general and
administrative expenses were $13.7
million compared to $10.9
million for the same period in 2009. The increase in both
periods was primarily attributable to increased accounting and
legal fees associated with our evaluation of potential strategic
alternatives and to increased share-based compensation for the year
to date period.
Cash and investment securities as of September 30, 2010, were $23.3 million, compared to $43.4 million at December
31, 2009. Management currently believes that the existing
cash and investment securities will provide adequate resources to
fund operations at least through the end of 2010.
Conference Call Details
Poniard's management team will host a conference call and
Webcast today at 4:30 p.m. Eastern
Time/1:30 p.m. Pacific Time.
To participate in the call by telephone, please dial 866-804-6921
(United States) or 857-350-1667
(International). The passcode for the conference call is 12705036.
In addition, the call is being Webcast and can be accessed on the
"Events" page of the "News & Events" section of the Company's
Web site at http://www.poniard.com. A replay of the Webcast will be
available on the Company's Web site for 10 days.
About Poniard Pharmaceuticals
Poniard Pharmaceuticals, Inc. is a biopharmaceutical company
focused on the development and commercialization of innovative
oncology products. For additional information please visit
http://www.poniard.com.
Forward-Looking Statements
This release contains forward-looking statements describing,
among other things, the Company's projected financial position and
future operations, the adequacy of its cash resources, the
Company's plan to focus its resources on the continued development
of picoplatin, the Company's assessment of the value of the
picoplatin asset and the commercial and therapeutic potential of
picoplatin, the Company's plan to explore strategic alternatives to
support the continued development of picoplatin, and the Company's
goal of optimizing shareholder value. Actual results and events may
differ materially from those indicated in these forward-looking
statements based on a number of factors, including risks and
uncertainties inherent in the Company's business, including the
Company's anticipated future operating losses, need for future
capital and ability to obtain future funding on a timely basis, on
favorable terms, or at all; the risk that strategic relationships
may not be established on a timely basis, on terms that are
ultimately favorable to the Company, or at all; the potential
safety, efficacy and commercial viability of picoplatin; the risk
that the Company's additional analyses of data from clinical trials
of picoplatin may produce negative or inconclusive results, or may
be inconsistent with previously announced results or previously
conducted trials; the Company's ability to retain key personnel;
competition from third parties; the Company's ability to preserve
and protect its intellectual property rights; the Company's
dependence on third-party manufacturers, suppliers and other
contractors; changes in technology, government regulation and
general market conditions; the receipt and timing of FDA and other
required regulatory approvals, if at all; the Company's ability to
maintain compliance with Nasdaq listing standards; and other the
risks and uncertainties described in the Company's current and
periodic reports filed with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ended December 31, 2009 and its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2010. Readers are cautioned 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,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Revenues
|
|
$
-
|
|
$
-
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
(Note 1)
|
|
891
|
|
5,056
|
|
7,870
|
|
18,545
|
|
General and administrative
(Note 1)
|
|
5,060
|
|
4,142
|
|
13,747
|
|
10,929
|
|
Restructuring & asset
impairment
|
|
-
|
|
-
|
|
1,626
|
|
1,056
|
|
Total operating
expenses
|
|
5,951
|
|
9,198
|
|
23,243
|
|
30,530
|
|
Loss 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
|
|
$
(6,497)
|
|
$
(10,002)
|
|
$
(25,572)
|
|
$
(32,922)
|
|
Loss per share:
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
(0.13)
|
|
$
(0.29)
|
|
$
(0.55)
|
|
$
(0.95)
|
|
Shares used in calculation of
loss per share:
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
48,237
|
|
34,769
|
|
46,357
|
|
34,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
(In
thousands)
|
|
|
|
September
30, 2010
|
|
December 31,
2009
|
|
|
|
(Unaudited)
|
|
(Note
2)
|
|
ASSETS:
|
|
|
|
|
|
Cash and investment
securities
|
|
$
23,345
|
|
$
43,389
|
|
Cash - restricted
|
|
158
|
|
281
|
|
Facilities and equipment,
net
|
|
73
|
|
219
|
|
Licensed products,
net
|
|
6,681
|
|
7,592
|
|
Other assets
|
|
887
|
|
961
|
|
Total assets
|
|
$
31,144
|
|
$
52,442
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Current liabilities
|
|
$
12,425
|
|
$
17,127
|
|
Long term liabilities
|
|
6,585
|
|
11,671
|
|
Shareholders' equity
|
|
12,134
|
|
23,644
|
|
Total liabilities and
shareholders' equity
|
|
$
31,144
|
|
$
52,442
|
|
|
|
|
|
|
|
Note 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 Form 10-K for the year ended December 31,
2009.
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SOURCE Poniard Pharmaceuticals, Inc.