Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) announced today that it intends to adjourn its annual meeting of shareholders scheduled for Friday, July 8, 2011, until Friday, July 22, 2011, in order to solicit additional proxies to vote in favor of a proposal authorizing the Board of Directors, in its discretion, to effect a reverse stock split in the range of 1-for-15 to 1-for-25. Of the common shares outstanding and entitled to vote, approximately 49.2 percent have returned proxies to date, with the remaining (approximately 50.8 percent) not yet voted. Among returned proxies, approximately 91.3 percent have voted in favor of the reverse stock split proposal. The reverse stock split proposal must be approved by a majority of the its common shares outstanding so the reverse split will most likely be approved.
CytRx Corporation (Nasdaq: CYTR), today announced it has been granted INNO-206 orphan drug designation for the treatment of patients with soft tissue sarcomas. It plans to begin a Phase 2b clinical trial with INNO-206 in patients with late-stage soft tissue sarcomas in the second half of 2011. The FDA may grant orphan drug designation to a drug intended to treat a rare disease or condition, which is generally a disease that affects fewer than 200,000 individuals in the country. The designation grants U.S. market exclusivity to a drug for a particular indication for a seven-year period if the sponsor complies with certain FDA requirements.