UPDATE: Poniard Pharmaceuticals Common Stock to Be Delisted From Nasdaq Stock Market, Intention to List on OTC Bulletin Board

Poniard Pharmaceuticals, Inc. PARD announced today that the Nasdaq Hearings Panel has determined to delist the Company's common stock from the Nasdaq Stock Market and suspend trading in the shares effective at the open of business today, January 3, 2012. The delisting will be complete once the Nasdaq Stock Market files a Form 25-NSE Notification of Delisting with the Securities and Exchange Commission. On December 22, 2011, Poniard announced that Poniard and Allozyne, Inc. had mutually agreed to terminate the Agreement and Plan of Merger and Reorganization dated June 22, 2011. The termination followed the parties' determination that the common stock of the combined company resulting from the proposed merger would not qualify for listing on The Nasdaq Capital Market, which was a condition to closing of the merger.