Biopharmaceutical firm Poniard Pharmaceuticals received a boost to its ongoing clinical trials of picoplatin yesterday (September 3rd) after it secured a $27.6 million loan.

The sum will help to fund and complete the Phase 3 SPEAR trial of picoplatin in small cell lung cancer, the Phase 2 trial in colorectal and prostate cancers, and the Phase 1 trial of oral picoplatin.

The US company, which specialises in the development and commercialisation of oncology products, will also use the loan - provided by GE Healthcare Financial Services and Silicon Valley Bank - for general corporate purposes.

Responding to the news, Chairman and Chief Executive Officer Jerry McMahon said: "The financing places Poniard in a better financial position to evaluate partnership opportunities for picoplatin and maximise its use in the marketplace with minimal dilution to our shareholders."



Source:

Poniard Pharmaceuticals Secures $27.6 Million Loan Financing (03/09/08)
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