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Poniard Pharmaceuticals and Allozyne Terminate Planned Merger

SAN FRANCISCO, CA -- (MARKET WIRE) -- 12/22/11 -- Poniard Pharmaceuticals, Inc. (NASDAQ: PARDD) today announced that Poniard and Allozyne, Inc. have mutually agreed to terminate the Agreement and Plan of Merger and Reorganization dated June 22, 2011. The termination follows the parties' determination that the common stock of the combined company resulting from the proposed merger will not qualify for listing on The Nasdaq Capital Market, which is a condition to closing of the merger. Poniard's board of directors is actively exploring alternatives for Poniard's business and assets.

About Poniard Pharmaceuticals

Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of innovative oncology products. For additional information please visit

For Further Information:

David Pitts
Argot Partners
(212) 600-1902
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Source: Poniard Pharmaceuticals

Posted: December 2011