SOUTH SAN FRANCISCO, Calif., Nov. 4, 2010 /PRNewswire/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced that it has been awarded $244,479 in grant funding as part of the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program established under Section 48D of the Internal Revenue Code. Poniard plans to use the grant to advance the development of its lead product candidate, picoplatin, in the treatment of cancer.
"This grant serves as recognition of picoplatin's potential as a new therapy to treat areas of unmet medical needs for solid tumors," said Ronald A. Martell, chief executive officer of Poniard Pharmaceuticals. "We plan to use the proceeds from the grant to support our ongoing clinical and regulatory objectives, which are aimed at advancing picoplatin into pivotal testing in one of several solid-tumor indications in which it has demonstrated promising results."
The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act. Eligibility for the grant requires that a project have the potential to develop new treatments that address unmet medical needs or chronic and acute diseases, reduce long-term health care costs or represent a significant advance in finding a cure for cancer.
About Poniard PharmaceuticalsPoniard 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 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 and realizing shareholder value from picoplatin. 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 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; and 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 June 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. SOURCE Poniard Pharmaceuticals, Inc.