Poniard Finds Cash to Keep Lights On: BioBuzz

SAN FRANCISCO (TheStreet) -- A compassionate lender has allowed Poniard Pharmaceuticals(PARD Quote) to dig itself out a financial hole -- at least temporarily.

The company raised $7.4 million Monday through the sale of 3.5 million shares of common stock at a discounted $2.15 a share. The buyer was Azimuth Opportunity, which agreed to lower the floor on Poniard's stock price under which it wouldn't do a deal.

Poniard had an existing $60 million equity credit line with Azimuth but the money couldn't be tapped after the company's stock price cratered last week following negative results from a phase III study of its lung cancer drug picoplatin.

The money raised gives Poniard enough cash to operate into the middle of 2010, the company said.

Poniard believes picoplatin still has life, despite last week's setback in the phase III study of small cell lung cancer patients. The company will try to partner the drug in colon cancer.

Poniard shares were down 7% to $2.35 in recent trading.

Cel-Sci Chairman Sells Stock, Despite Sweetheart Loan Deal

(At 10:14 AM ET)

VIENNA, Va. (TheStreet) -- Cel-Sci(CVM Quote) founder and chairman Maximilian de Clara sold nearly one quarter of his common stock holdings in the company, according to a late Friday filing with the Securities and Exchange Commission.

De Clara sold 100,000 shares of Cel-Sci common stock on Nov. 18 at $1.34 a share, leaving him with a bit more than 351,000 shares remaining, according to the SEC filing. De Clara sold his stock on the day that Cel-Sci announced the start of a preclinical study of its LEAPS-H1N1 flu drug.