Poniard Pharmaceuticals Announces Shareholders Approve Merger With ALLOZYNE
November 21 2011 - 1:15PM
Marketwired
Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) announced today that
its shareholders have approved proposals to complete the previously
announced merger with ALLOZYNE, Inc., including (i) the issuance of
shares of Poniard common stock and resulting change of control of
Poniard resulting from the merger and (ii) effecting a 1-for-40
reverse stock split of Poniard common stock. ALLOZYNE stockholders
also have approved the merger. The transaction, which is subject to
customary closing conditions, is expected to be completed within
the next several weeks.
The Poniard reverse stock split should be effective at 5:00 PM,
Pacific Time, on November 22, 2011, and Poniard common stock is
expected to begin to trade on The NASDAQ Capital Market on a
split-adjusted basis at the opening of trading on November 23,
2011.
About Poniard Pharmaceuticals
Poniard Pharmaceuticals, Inc. is a biopharmaceutical company
focused on the development and commercialization of innovative
oncology products. For additional information please visit
www.poniard.com.
About ALLOZYNE
ALLOZYNE is a biopharmaceutical company creating a pipeline of
novel protein therapeutic product candidates to treat autoimmune
and inflammatory diseases and cancer. ALLOZYNE's current product
development efforts are based on its proprietary biocipher™
technology platforms which allow for the union of biological
protein engineering and medicinal chemistry in order to create
novel and enhanced protein therapeutics.
The technology underlying ALLOZYNE's biocipher™ platforms is
comprised of three components:
- the ability to site-specifically modify the amino acid sequence
of any protein;
- the ability to insert stable chemical hinges into these
modified sites within the protein; and
- the utilization of these hinges to attach bioconjugates such as
polymers, toxic drugs, and antibodies.
ALLOZYNE's mission is to leverage its platform technologies to
develop best-in-class and first-in-class product candidates
customized to optimize safety, efficacy, dosing convenience and
drug characteristics that ALLOZYNE believes may lead to enhanced
patient compliance and disease modification.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1994. Forward-looking statements include
statements regarding the timing of the effectiveness of the reverse
stock split, timing of trading on a split-adjusted basis and the
completion of the merger of Poniard and Allozyne. Such statements
are based on management's current expectations, but actual results
may differ materially due to various risks and uncertainties,
including, but not limited to, the inability of Poniard or Allozyne
to satisfy the conditions of the proposed merger, or that the
proposed merger is otherwise delayed or ultimately not consummated,
or other event and factors disclosed previously in Poniard's Form
S-4 filed with the Securities and Exchange Commission in connection
with the proposed merger with Allozyne, as amended.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Poniard undertakes no obligation to update any
forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events. All forward-looking statements
are qualified in their entirety by this cautionary statement.
For Further Information: Media: David Pitts Argot
Partners (212) 600-1902 Email Contact
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