Poniard Pharmaceuticals fails to comply with Nasdaq continued listing requirements

By Angela McDaniels

Seattle, Aug. 10 - Poniard Pharmaceuticals, Inc. was notified by the Nasdaq Stock Market Inc. on Monday that it is not in compliance with the continued listing requirements of the stock exchange because the minimum bid price of the company's common stock fell below $1.00 for 30 consecutive business days, according to a company news release.

The company's stock closed at $0.51 on Thursday (Nasdaq: PARD).

Poniard has until Feb. 5, 2007 to regain compliance. The bid price of its common stock must close at $1.00 per share or more for at least 10 consecutive business days.

The company will seek approval of a one-for-six reverse stock split from its shareholders at a special meeting on Sept. 22.

If compliance is not regained, the company will receive a written notice that its common stock is to be delisted. At such time, the company would have the right to appeal the delisting determination.

Poniard, formerly NeoRx Corp., is a specialty pharmaceutical company focused on oncology. It has headquarters in Seattle and plans to move to San Francisco.

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