Market Value $1,124,000 a/o 05/18 2012
Shares Outstanding 1,499,159
AUTO 0.96 5
CDRG 1.11 5
MERQ 1.75 5
NITE 2.28 30
Book Value Per Share (mrq):2.08
Cash Value Per Share (mrq):1.32
52 Week High $30.00
Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products.
The Company is currently focused on developing picoplatin, a new and differentiated platinum-based chemotherapeutic agent that is in clinical development for multiple cancer indications, treatment combinations and by two routes of administration.
Poniard is headquartered in San Francisco, CA and has an office in Seattle, Washington. Poniard is traded on the NASDAQ Global Market under the symbol PARD.
November 18, 2011 – Poniard Pharmaceuticals, Inc. (Nasdaq: PARD), a biopharmaceutical company focused on innovative oncology therapies, announced today that it has entered into a licensing agreement with an undisclosed party for rights to Poniard’s focal adhesion kinase (FAK) technology, including a preclinical candidate that is a selective small molecule inhibitor of FAK.
Under terms of the agreement, Poniard granted the licensee worldwide rights for the development and commercialization of any FAK-related products, including the preclinical candidate, in exchange for an upfront cash payment of $250,000, milestone payments and other considerations, as well as royalty payments on net sales of any products covered by the license. The licensee is responsible for all costs related to further development and commercialization. Also known as protein tyrosine kinase 2 (PTK2), FAK is associated with the invasion and metastasis of tumor cells. Inhibition of FAK activity is thought to decrease the mobility of certain cancer cells, reducing the potential for metastases. FAK is also thought to play a role in tumor formation and progression. Poniard’s FAK technology was developed through a research funding agreement with The Scripps Research Institute.
“Poniard’s FAK technology includes novel inhibitors against a pathway which plays a potentially critical role in the proliferation of cancer,” said Ronald A. Martell, chief executive officer of Poniard. “Our discovery and early research efforts in this area began in 2005 under a funded research agreement with the Scripps Research Institute.
Verastem, Inc., (NASDAQ: VSTM): License fee expense of $842,000, representing 9% of total research and development expense during the year, comprised of upfront and annual license fees, including $406,000 for the obligation to issue a warrant for the purchase of 142,857 shares of our common stock to Poniard Pharmaceuticals, Inc.
VSTM also exclusively license a portfolio of patent applications relating to FAK inhibitors from Poniard Pharmaceuticals, Inc., or Poniard. As of December 31, 2011, VSTM holds licenses from Poniard to four patent applications, as well as foreign counterparts to these patent applications.
One of these patent applications is owned by The Scripps Research Institute, or Scripps, and licensed to Poniard and the other three are owned by Poniard.
VSTM has filed and own one patent application directed to formulations of VS-507 and one patent application directed to analogues of VS-507. Any U.S. or EU patents that may issue from these applications would have a statutory expiration date in 2032 or 2033.
Poniard Pharmaceuticals, Inc.
In November 2011, VSTM entered into a license agreement with Poniard under which VSTM acquired an exclusive, worldwide license under patent rights and know-how owned or controlled by Poniard to develop, make, use and sell compounds and products covered by the licensed patent rights for the diagnosis, treatment, prevention or control of all human diseases and conditions.
Under the agreement, VSTM paid Poniard an upfront license fee and agreed to pay Poniard milestone payments of up to an aggregate of $13,250,000 upon the achievement of specified development and regulatory milestones. VSTM also agreed to issue to Poniard a warrant to purchase 142,857 shares of common stock upon the first dosing of the first patient in VSTM's first Phase 1 clinical trial of a licensed product.
on March 30, 2012 The Company has ceased substantially all of its operations. The Company plans to seek short-term financing, which may be from a related party, to support minimal operations while the Company explores alternative sources of financing in order to continue its efforts to enter into an arrangement to support the continued development of its picoplatin product candidate.