Published on December 23, 2009 at 3:58 AM
Poniard Pharmaceuticals (Nasdaq: PARD) today announced the sale of 3,489,728 of its common shares to Azimuth Opportunity Ltd. for net proceeds of approximately $6.5 million, or approximately $1.87 per share, under its existing committed equity financing facility with Azimuth.
The Company intends to use the proceeds from this sale to focus on regulatory and partnering activities for picoplatin, clinical development, other general corporate purposes and working capital. Based on its cash reserves, including the net proceeds from this offering, Poniard believes it has sufficient cash resources to meet its anticipated net cash needs to mid-2010.
The securities described above were sold by Poniard Pharmaceuticals pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission.
SOURCE Poniard Pharmaceuticals, Inc.