Poniard Pharmaceuticals, Inc.
Poniard Pharmaceuticals Exercises Option to Draw Down $10 Million Second Tranche of Loan Facility
Published in Clinical Trials Week, October 20th, 2008
Poniard Pharmaceuticals, Inc. (NASDAQ:PARD), a biopharmaceutical company focused on oncology, announced that it has exercised its option to draw down a $10.0 million second tranche, which represents the balance of the Company's $27.6 million amended loan facility with GE Healthcare Financial Services and Silicon Valley Bank, a member company of SVB Financial Group. The $27.6 million loan facility included the refinancing of the $7.6 million outstanding principal balance on the company's existing term loan.
As previously announced, Poniard plans to use the proceeds for general corporate purposes, as well as to fund the ongoing Phase 3 SPEAR clinical trial of picoplatin,...
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Source: Clinical Trials Week (2008-10-20)
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