Key Developments: Poniard Pharmaceuticals Inc (PARD.PK)
0.21USD
17 May 2013
$-0.02 (-8.70%)
$0.23
$0.21
$0.23
$0.21
17,237
1,062
$0.96
$0.20
Latest Key Developments (Source: Significant Developments)
Poniard Pharmaceuticals Inc Announces Board Change-Form 8-K
Poniard Pharmaceuticals Inc reported in its Form 8-K that on March 30, 2012, due to its current financial condition Poniard Pharmaceuticals, Inc. (the Company) terminated all of its employees. As part of that action it terminated without cause the employment of both Michael S. Perry, its President, Chief Operating Officer and Chief Medical Officer, and Michael K. Jackson, its Interim Chief Financial Officer and Chief Accounting Officer, effective March 31, 2012. Dr. Perry and Mr. Jackson will become consultants to the Company under consulting arrangements yet to be completed. Full Article
Poniard Pharmaceuticals Inc Announces Licensing Agreement for Focal Adhesion Kinase Technology
Poniard Pharmaceuticals Inc announced that it has entered into a licensing agreement with an undisclosed party for rights to Poniard's focal adhesion kinase (FAK) technology, including a preclinical candidate that is a selective small molecule inhibitor of FAK. Under terms of the agreement, Poniard granted the licensee worldwide rights for the development and commercialization of any FAK-related products, including the preclinical candidate, in exchange for an upfront cash payment of $250,000, milestone payments and other considerations, as well as royalty payments on net sales of any products covered by the license. The licensee is responsible for all costs related to further development and commercialization. Full Article
Poniard Pharmaceuticals Inc Announces Filing Of Form S-4 Registration Statement Related To Proposed Merger With ALLOZYNE
Poniard Pharmaceuticals Inc announced that it has filed a Form S-4 Registration Statement with the U.S. Securities and Exchange Commission (SEC) relating to its proposed merger with ALLOZYNE, Inc., a privately held biotechnology company focused on the development of bioconjugated protein therapeutics. The definitive merger agreement was entered into on June 22, 2011. The Boards of Directors of both companies have approved the merger transaction, which is subject to customary closing conditions, including approval by ALLOZYNE's and Poniard's respective stockholders and receipt of approval for listing of the combined company's common stock on The Nasdaq Capital Market. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation of Poniard Pharmaceuticals, Inc.
Levi & Korsinsky announced that it is investigating the Board of Directors of Poniard Pharmaceuticals, Inc. or possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to ALLOZYNE, Inc. Under the terms of the transaction, Poniard will issue shares of its common stock to ALLOZYNE stockholders based on an exchange ratio to be determined prior to the transaction’s closing. The exchange ratio has been calculated using the 5-day average closing sales price of Poniard common stock prior to the merger announcement, or $0.2270 per share. Former Poniard shareholders are expected to own approximately 35% of the combined company on a fully diluted basis. The investigation concerns whether the Poniard Board of Directors breached their fiduciary duties to Poniard stockholders by failing to adequately shop the Company before entering into this transaction which is dilutive to Poniard shareholders. In particular, at least one analyst set a target price for Poniard stock at $1 per share. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation of Poniard Pharmaceuticals, Inc.
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Poniard Pharmaceuticals, Inc. relating to the proposed merger with ALLOZYNE, Inc., a privately held biotechnology company. Under the terms of the transaction, Poniard will issue shares of its common stock to ALLOZYNE stockholders based on an exchange ratio to be determined prior to closing of the transaction. Under the exchange ratio formula in the merger agreement, the former ALLOZYNE stockholders are expected to own approximately 65 percent of the combined company, and the former Poniard shareholders are expected to own approximately 35 percent of the combined company. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Poniard by not acting in Poniard shareholders' best interests in connection with the proposed merger given the dilutive impact the deal will have on the shares held by current Poniard holders. Full Article
Poniard Pharmaceuticals, Inc. And ALLOZYNE, Inc. Sign Definitive Merger Agreement
Poniard Pharmaceuticals, Inc. announced the signing of a definitive merger agreement with ALLOZYNE, Inc., a privately held biotechnology company focused on the development of bioconjugated protein therapeutics. Under the terms of the merger agreement, Poniard will issue shares of its common stock to ALLOZYNE stockholders based on an exchange ratio to be determined prior to closing of the transaction. Under the exchange ratio formula in the merger agreement, the former ALLOZYNE stockholders are expected to own approximately 65% of the combined company, and the former Poniard shareholders are expected to own approximately 35% of the combined company, each on a fully diluted basis. The exchange ratio has been calculated using the 5-day average closing sales price of Poniard common stock prior to the merger announcement, or $0.2270 per share. The exchange ratio is subject to adjustment as described in the merger agreement. If the merger is consummated, the combined company will be renamed ALLOZYNE, Inc. and will be based in Seattle. The merger transaction has been approved by the boards of directors of both companies and is currently anticipated to close during the second half of 2011. Following closing of the merger, Meenu Chhabra, President and CEO of ALLOZYNE, will become President, CEO and a director of the combined company. The merger will take the form of a stock-for-stock merger intended to qualify as a tax-free reorganization. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
