UPDATE 1-Poniard shares up on positive colorectal cancer data

* Says picoplatin comparable to oxaliplatin

* Says safety study shows no cardiac events

* Shares up as much as 36 pct Nov 17 (Reuters) - Poniard Pharmaceuticals Inc PARD.O said its lead drug picoplatin continued to show comparable efficacy to an already approved treatment in a mid-stage colorectal cancer study, sending its shares up as much as 36 percent.

The updated mid-stage results, along with positive results from a cardiac safety study, provided some respite to the stock, which had lost three-fourths of its value Monday after the company announced that picoplatin had failed a late-stage lung cancer study. [ID:nBNG53575]

The drug is in development as a treatment for small-cell lung cancer, colorectal cancer and prostate cancer.

Poniard said it was continuing partnership discussions based on the mid-stage data and other data from clinical trials.

While the updated colorectal trial data indicated that picoplatin could be superior to oxaliplatin -- marketed by Sanofi-Aventis (SASY.PA) as Eloxatin -- the cardiac safety study did not show any cardiac-related events. Shares of the South San Francisco, California-based company were up 34 percent at $2.45 Tuesday, making it the top percentage gainer on Nasdaq. The shares closed down 75 percent at $1.83 Monday. (Reporting by Vidya L Nathan in Bangalore; Editing by Anthony Kurian)