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Poniard Pharmaceuticals, Inc. Q2 2010 Earnings Call Transcript

Poniard Pharmaceuticals, Inc. Q2 2010 Earnings Call Transcript

Poniard Pharmaceuticals, Inc. (PARD)

Q2 2010 Earnings Call

August 9, 2010 4:30 pm ET


Susan Neath - Investor Relations

Ronald Martell – CEO

Dr. Michael Perry - President & CMO

Mike Jackson – Interim CFO


Simos Simeonidis - Rodman & Renshaw

Gary Polakoff - UBS


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Good day, and welcome to the Poniard Pharmaceuticals Second Quarter 2010 Earnings Conference Call. Today’s conference is being recorded.

At this time, I would like to turn the conference over to Susan Neath. Please go ahead, Susan.

Susan Neath

Good afternoon, and thank you for joining us to discuss the results of Poniard Pharmaceuticals Second Quarter 2010 Earnings Conference Call.

Poniard issued a press release today that is available on the company’s website at


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» Poniard Pharmaceuticals, Inc. Q1 2010 Earnings Call Transcript
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» Poniard Pharmaceuticals Inc Q4 2007 Earnings Call Transcript

Comments made on this call will contain forward-looking statements relating to, among other things, the commercial potential of the company’s Picoplatin and product candidates, the company’s corporate strategies and objectives, regulatory and partnering efforts, product development activities, clinical and regulatory goals, financial conditions, future expectations and prospects.

Actual results and events may differ materially from those indicated in these forward-looking statements based on a number of important factors, risks and uncertainties including the company’s anticipated future operating losses, future capital requirement and ability to obtain future funding, the risk that strategic partnerships may not be established on a timely on terms that are ultimately favorable to the company or at all, the potential safety, efficacy and commercial viability of Picoplatin, the risk of the company’s additional analysis of data from clinical trials of Picoplatin may produce 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 intellectual property rights, the company’s dependence on third-party manufacturers, supplies and other contractors, changes in technology, government regulation and general market conditions, the receipt and timing of FDA and other required regulatory approvals and the other risk and uncertainties described in the company’s 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 the company’s Form 10-Q for the quarter ended June 30, 2010.

You should not place undue reliance on these forward-looking statements which are based only on information currently known by the company.

The company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the day of this call or to reflect the occurrence of anticipated events.

With that, I will turn the call over to Ronald Martell, Chief Executive Officer of Poniard. Ron?

Ronald Martell

Thank you, Susan. Welcome to our Second Quarter 2010 Financial Results and Corporate Update Conference Call.

Before going into highlights for the second quarter, I would like to take a brief moment to thank Greg Weaver for his service to the company. As we announced this morning, Greg has left Poniard to pursue other opportunities. Mike Jackson, our Principal Accounting Office, and Controller has assumed Greg’s responsibilities and will serve as our interim CFO until such time as a permanent CFO is named.

Mike joined Poniard as controller in 2003, and has served as Senior Director of Finance since 2008. He is intimately familiar with our operations and finances, and we look forward to his contributions in this new role.

Poniard continues to take steps as an organization to focus our resources while we maintain key capabilities and operational flexibility for the long term. These efforts are consistent with our goal of enabling a strategic transaction.

Greg’s departure, as well as our plan to move our corporate headquarters to a smaller facility by September 15 fit with these efforts and with similar actions taken earlier this year.

Mike is joining me on today’s call along with Dr. Michael Perry, our President and Chief Medical Officer.

During the call, we will revenue recent clinical data, provide an overview of our Picoplatin clinical and regulatory plan, and review our financial results for this second quarter of 2010.

We will then close with a brief recap of objectives and follow that with a question-and-answer period.

Picoplatin represents an attractive asset as a late-stage versatile anticancer compound with demonstrated activity and tolerability in a variety of solid-tumor types.

To ensure that we optimize the value of this asset for our shareholders, we have been pursuing two principle strategic objectives. First, we are working with the Healthcare Investment Bank, Leerink Swann, to evaluate our strategic alternatives including a potential corporate merger, sale of the company, partnerships or financing.

This effort is continuing and we are in active-ongoing dialog regarding potential options. Because this process is dynamic and as one might expect, subject to uncertainty and negotiation, it is premature to provide specificity about the nature of any discussions.

That said, I would like to give you our top-level insight on our criteria for the next strategic step. Most importantly, the strategy we pursue must place an appropriate valuation on a Picoplatin program, including both its near and long-term value.

As we will discuss momentarily, we have worked diligently to strengthen the value proposition for Picoplatin in a variety of solid-tumor indications establishing multiple potential registration pathways based on extensive clinical evidence in small-cell lung, colorectal, prostate, and ovarian cancers.

Further, we want to ensure that where our shareholders remain invested in the Picoplatin program, action is taken that puts the right level of resources behind a program, both in terms of investment and level of commitment. The process is one that takes time and careful diligence.

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