March 16, 2010 (FinancialWire) — Poniard Pharmaceuticals, Inc. (NASDAQ: PARD), a biopharmaceutical company focused on oncology therapies, said it sold 4,229,000 of its common shares to Commerce Court Small Cap Value Fund, Ltd. for gross proceeds of around $6.3 million, or around $1.49 per share, under its existing committed equity financing facility with Commerce Court.

Poniard plans to use the around $6.1 million in net proceeds from this offering to fund the company’s regulatory and partnering strategies focused on the continued development of picoplatin in small cell lung cancer and other indications.

The company said that, based on its existing cash and investment securities, together with the net proceeds from this offering, the company believes it has adequate resources to fund operations at least through the end of 2010.

California-based Poniard Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of innovative oncology products.

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