Poniard expands picoplatin agreement with AnorMED

By Lisa Kerner

Charlotte, N.C., Sept. 19 - Poniard Pharmaceuticals, Inc. amended its license agreement with AnorMED Inc. for Poniard's anticancer drug picoplatin (NX473), eliminating the payment of development milestones and reducing the royalty rate payable to AnorMED on potential picoplatin sales to single digits from up to 15%.

Poniard will receive exclusive rights to picoplatin in Japan and will pay $10 million to AnorMED in two installments, on Oct. 16 and by March 31, 2007.

"We believe that this expanded agreement will improve our financial returns on any picoplatin products that we successfully develop and may enhance our ability to partner picoplatin in the future," Poniard president and chief executive officer Jerry McMahon said in a news release.

The South San Francisco, Calif.-based specialty pharmaceutical company recently completed enrollment in a phase 2 trial of picoplatin platinum therapy in small cell lung cancer.

AnorMED is a biopharmaceutical company located in Vancouver, B.C.

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