Poniard Pharmaceuticals Receives Favorable NASDAQ Decision for Continued Listing of Company Shares

Poniard Pharmaceuticals, Inc. PARD today announced that, on September 2, 2011, it received written notification that the Nasdaq Listing Qualifications Hearings Panel has granted the Company's request for continued listing of its common stock on The Nasdaq Capital Market, subject to satisfaction of certain conditions by December 31, 2011, including implementation of a reverse stock split sufficient to allow the stock to trade above $4.00, completion of the Company's planned merger with ALLOZYNE, Inc. and approval from Nasdaq of the combined entity's application for initial listing on The Nasdaq Capital Market upon completion of the merger. As previously announced, on July 19, 2011, the Nasdaq Listing Qualifications Staff notified the Company that its securities were subject to delisting from The Nasdaq Capital Market because the Company did not meet the $1.00 minimum bid price requirement for continued listing. On July 25, 2011, the Company requested a hearing before the Panel to present its plan for achieving and maintaining compliance with Nasdaq listing rules, which action stayed delisting of its securities. The Company participated in a hearing before the Panel on August 25, 2011.