Poniard Pharmaceuticals Common Stock to Be Delisted From Nasdaq Stock Market, Intention to List on OTC Bulletin Board
January 03 2012 - 8:00AM
Marketwired
Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) announced today that
the Nasdaq Hearings Panel has determined to delist the Company's
common stock from the Nasdaq Stock Market and suspend trading in
the shares effective at the open of business today, January 3,
2012. The delisting will be complete once the Nasdaq Stock Market
files a Form 25-NSE Notification of Delisting with the Securities
and Exchange Commission.
On December 22, 2011, Poniard announced that Poniard and
Allozyne, Inc. had mutually agreed to terminate the Agreement and
Plan of Merger and Reorganization dated June 22, 2011. The
termination followed the parties' determination that the common
stock of the combined company resulting from the proposed merger
would not qualify for listing on The Nasdaq Capital Market, which
was a condition to closing of the merger.
Effective with the opening of business on January 3, 2012,
Poniard expects its common stock to begin trading under the "PARD"
symbol on the OTCQB Marketplace, until such time as the Company is
able to fulfill requirements for quotation on the OTC Bulletin
Board®. The transition to the OTCQB Marketplace does not change the
Company's obligation to file periodic and other reports with the
Securities and Exchange Commission under applicable federal
securities laws.
Poniard also announced today that, effective immediately, Ronald
A. Martell has been appointed Chairman of the Company's board of
directors, replacing Jerry McMahon, Ph.D., and has resigned as
Chief Executive Officer of the Company. The CEO position will
remain vacant and the Executive Committee of the board of
directors, chaired by Fred B. Craves, Ph.D., will assume
responsibility for leading the Company's management team. The
Executive Committee is actively exploring alternatives for
Poniard's business and assets. Also effective immediately, Dr.
McMahon, along with E. Rolland Dickson, M.D., Gary A. Lyons and
Nicholas J. Simon III, resigned as Company directors.
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
http://www.poniard.com.
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 expected quotation of the Company's common
stock on the OTCQB Marketplace, the qualification of the Company's
common stock for quotation on the OTC Bulletin Board and the timing
thereof, and the continued fulfillment of the Company's reporting
obligations with the SEC. 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,
actions by the OTCQB Marketplace and the OTC Bulletin Board and the
market makers issuing quotations, if any, in the Company's common
stock in the over-the-counter marketplace, the Company's immediate
need for capital, and the risks and uncertainties described in the
Company's current and periodic reports filed with the Securities
and Exchange Commission (SEC), including the Company's Annual
Report on Form 10-K for the year ended December 31, 2010 and its
Quarterly Report on Form 10-Q for the period ended September 30,
2011.
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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