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To: Scoop who wrote (47212)	7/27/2006 1:11:29 PM
From: KonKilo	Respond to of 79282

Poniard Pharmaceuticals to Seek Shareholder Approval for Reverse Stock Split Thursday July 27, 9:30 am ET SEATTLE and SAN FRANCISCO, July 27 /PRNewswire-FirstCall/ -- Poniard Pharmaceuticals, Inc. (Nasdaq: PARD - News), a specialty pharmaceutical company focused on oncology, today announced that its board of directors has authorized the Company to seek shareholder approval to authorize an amendment to the Company's articles of incorporation to effect a one-for-six reverse stock split. If approved by the Company's shareholders, the reverse stock split would affect all shares of common stock, including those shares underlying stock options and warrants, outstanding immediately prior to the effective time of the reverse stock split. As of July 26, 2006, Poniard had approximately 136.8 million common shares outstanding. ADVERTISEMENT "We are recommending a reverse stock split because we believe that all of our shareholders will benefit from a capital structure more appropriate for a company of our operational and financial status," said Jerry McMahon, Ph.D., chairman, president and CEO of Poniard. "We view capital restructuring as a logical next step in our corporate transformation and in our efforts to position the Company to reflect potential value generated as key milestones are announced over the next 12 months. The reverse stock split also may have the benefits of increasing both the marketability of our stock to potential new investors and the ability of large institutional investors to hold our shares." A special meeting of Poniard's shareholders is scheduled to be held on September 22, 2006, to consider the proposed reverse stock split. The date for determining shareholders of record entitled to receive notice of, and to vote at, the special meeting is August 16, 2006. If approved by the shareholders, the reverse stock split will become effective as soon as practicable after the date of the special meeting. Poniard filed today preliminary proxy materials with the Securities and Exchange Commission (SEC) and, subject to satisfaction of SEC requirements, intends to mail definitive proxy materials to shareholders in mid-August. Detailed information about the reverse stock split will be contained in the definitive proxy statement. Shareholders of Poniard are advised to read the definitive proxy statement and any other relevant documents filed with the SEC when they become available because they will contain important information. The definitive proxy statement will be available free of charge at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of the definitive proxy statement by contacting Poniard at the address and telephone number below. The Company, its board of directors, executive officers, employees and certain other persons may be deemed to be participants in the solicitation of proxies of Company shareholders in connection with the proposed reverse stock split. These individuals may have interests in the reverse stock split, including interests resulting from their ownership of common stock or other securities of Poniard. Information concerning these individuals, their interests in the reverse stock split and their participation in the solicitation will be set forth in the definitive proxy statement. About Poniard Pharmaceuticals