Poniard Pharmaceuticals, Inc. (PARD)

Q1 2010 Earnings Call

May 10, 2010 4:30 pm ET

Executives

Ronald Martell - CEO

Dr. Michael Perry - President & CMO

Greg Weaver - CFO

Susan Neath - Investor Relations

Analysts

Simos Simeonidis - Rodman & Renshaw

Presentation

Operator

Good day and welcome to the Poniard Pharmaceuticals first quarter 2010 earnings conference call. Today's conference is being recorded. At this time, I’d 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 first quarter 2010 earnings conference call. Poniard issued a press release this afternoon that is available on the company’s website at www.poniard.com.

Comments made on this call will contain forward-looking statements relating to the company’s picoplatin and product candidate and describing the company’s corporate strategies and objectives, regulatory and partnering efforts, product development activities, clinical and regulatory goals, financial conditions, future expectations, prospectus, projections and believes.

Actual results and events may differ materially from those indicated in these forward-looking statements based on a number of important factors including risks and uncertainties inherent in the company’s business including the company’s anticipated future operating losses, future capital requirement and ability to obtain future funding.

Direct strategic partners 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 the company picoplatin product candidates, the risk that the company’s additional analysis of data some clinical trails of picoplatin may produce negative or inconclusive results are maybe inconsistent with previously announced results are previously conducted trials.

The company’s ability to retain key personnel, competition from third-parties the company’s ability to preserve and protected intellectual property rights, the company’s dependence on third-party manufacture suppliers and other contractors, changes in technology, government regulation and general market conditions and receipt and timing of FDA and other require regulatory approvals and the other risks and uncertainties describe 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 the company’s Form 10-Q for the quarter ended March 31, 2010.

You’re cautioned not to place undue reliance on these forward-looking statements which are based only on fact and factors currently know by the company. The company undertakes no obligations to update any forward-looking statements to reflect new information events or circumstances, after the day of this call or to reflect the occurrence of unanticipated 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 first quarter 2010 financial results and corporate update conference call. Joining me on the call today are our President and Chief Medical Officer, Dr. Michael Perry; and Greg Weaver, our Chief Financial Officer.

We would like to focus today’s call on our corporate strategy. I will begin with Poniard recent events and an overview of our strategic plan. Dr. Perry will then discuss the strategic approach to our picoplatin development program. Greg will review our financial results for the first quarter of 2010 and I will close with the brief recap of our objectives for the remainder of the year and then open up the call for questions.

Over the past few months, we announced several important initiatives to support our overall strategy to move the picoplatin program forward and to optimize its value for shareholders, together these initiative have focused our corporate organization, strengthened our balance sheet, crystallize the value proposition for picoplatin and advanced our efforts to identify an effective fast forward for this promising compound.

As we have previously discussed, we believe that picoplatin represents an attractive asset as a late-stage, highly differentiated, anticancer compound that has demonstrated positive clinical activity including favorable efficacy and safety data in a variety of solid tumor types.

At the beginning of 2010, we were fast with the difficult challenge, how to best advance this potentially high value program in both the near and long-term, given our current strategic position. It was clear that we needed to entirely review our strategic efforts to ensure that we were focusing our attention and resources on activities that we believe, offer us the best opportunity to advance picoplatin to market and optimize the value of the program.

We have evaluated all of our ongoing initiatives. In particular, our registration strategy in small cell lung cancer, following a detail analysis of primary and updated data from our Phase III SPEAR study in small cell lung cancer and an evaluation of the new drug application process with the FDA, a strategic decision was made to suspend our efforts to obtain regulatory approval based on a SPEAR data.

As we announced in late March, we are directing our energy and resources towards developing registration strategies in small cell lung, colorectal, prostate, and ovarian cancers. In support of this refocused strategy, we implemented a workforce reduction to align our operations with our continuing activities and reduced our operating expenses. This leads Poniard a linear organization, but one that we believe is equipped to execute our clinical and corporate strategies.

With this new direction, we also recognized the need to undertake a comprehensive review of strategic alternatives, including a potential corporate merger, sale, partnership or capital raise. The healthcare investment bank Leerink Swann was engaged to provide strategic advice and to lead this process.

Read the rest of this transcript for free on seekingalpha.com

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