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Article: Ahead of Picoplatin SCLC Data, Poniard Opts for $60M CEFF.
- Article from:
- BIOWORLD Today
- Article date:
- August 21, 2009
- Author:
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jennifer Boggs, Assistant Managing Editor
Poniard Pharmaceuticals Inc., set to report Phase III data next quarter for its next-generation platinum chemotherapy picoplatin in small-cell lung cancer, is adding some flexibility to its financial position with a $60 million committed equity financing facility.
The South San Francisco-based firm can draw down funds, if needed, over the next 18 months by selling common stock to Azimuth Opportunity Ltd., an investment firm that has entered similar deals with a number of biotechs over the last several years, most recently an 18-month, $40 million CEFF with Bedminster, N.J.-based NPS Pharmaceuticals Inc. ...