Tuesday, November 9, 2010

Poniard faces loan default if it can't raise cash

Poniard Pharmaceuticals Inc. lost $6.5 million in the September quarter.
Poniard is obligated by a debt agreement to keep cash equal to $17.9 million or the amount of its loan plus $4 million (on Sept. 30 that sum was $15.8 million).
Considering the cash it has to keep on hand per that agreement, Poniard thinks it has enough money to keep operating “at least through the end of 2010.” If it can’t raise more money by then, it will default on that loan agreement.

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