Poniard (PARD) to Delist from Nasdaq; CEO Ronald Martell Shifts to Chairman Role
Poniard Pharmaceuticals, Inc. (Nasdaq: PARD) reports 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.
Effective with the opening of business on January 3, 2012, Poniard expects its common stock to begin trading under the "PARD" symbol on the OTCQB Marketplace, until such time as the Company is able to fulfill requirements for quotation on the OTC Bulletin Board. The transition to the OTCQB Marketplace does not change the Company's obligation to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws.
Poniard also announced today that, effective immediately, Ronald A. Martell has been appointed Chairman of the Company's board of directors, replacing Jerry McMahon, Ph.D., and has resigned as Chief Executive Officer of the Company. The CEO position will remain vacant and the Executive Committee of the board of directors, chaired by Fred B. Craves, Ph.D., will assume responsibility for leading the Company's management team. The Executive Committee is actively exploring alternatives for Poniard's business and assets. Also effective immediately, Dr. McMahon, along with E. Rolland Dickson, M.D., Gary A. Lyons and Nicholas J. Simon III, resigned as Company directors.
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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.
Effective with the opening of business on January 3, 2012, Poniard expects its common stock to begin trading under the "PARD" symbol on the OTCQB Marketplace, until such time as the Company is able to fulfill requirements for quotation on the OTC Bulletin Board. The transition to the OTCQB Marketplace does not change the Company's obligation to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws.
Poniard also announced today that, effective immediately, Ronald A. Martell has been appointed Chairman of the Company's board of directors, replacing Jerry McMahon, Ph.D., and has resigned as Chief Executive Officer of the Company. The CEO position will remain vacant and the Executive Committee of the board of directors, chaired by Fred B. Craves, Ph.D., will assume responsibility for leading the Company's management team. The Executive Committee is actively exploring alternatives for Poniard's business and assets. Also effective immediately, Dr. McMahon, along with E. Rolland Dickson, M.D., Gary A. Lyons and Nicholas J. Simon III, resigned as Company directors.
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