(EMAILWIRE.COM, November 25, 2009 ) Dallas, TX - Poniard Pharmaceuticals, Inc. (NASDAQ:PARD) declined 5.58% to close the day at $2.20 on 4.27 million shares after the company yesterday announced that the sale of 3,465,878 of its common shares to Azimuth Opportunity Ltd. for gross proceeds of approximately $7.4 million, or approximately $2.15 per share, under its existing committed equity financing facility with Azimuth. The Company intends to use the $7.3 million in net proceeds from this sale to focus on regulatory and partnering activities for picoplatin, clinical development, other general corporate purposes and working capital.

CytRx Corporation (NASDAQ:CYTR) decreased 4.42% to $1.08 after the company announced that it plans to initiate a multinational Phase 2 clinical trial with its doxorubicin prodrug INNO-206 as a treatment for patients with advanced soft tissue sarcomas who have failed surgery and radiation. Soft tissue sarcomas are cancers that are formed in the muscle, fat, fibrous tissue, blood vessels or other supporting tissue of the body. In the open-label Phase 2 clinical trial, 50 patients will receive INNO-206 once every three weeks for four consecutive cycles.

Inovio Biomedical Corp. (AMEX:INO) plunged 10.83% to close the day at $1.40. The stock hit an intraday high and an intraday low of $1.55 and $1.40 respectively. In the last six months the stock went up over 218%. Inovio Biomedical Corporation is a San Diego-based biomedical company focused on the development of vaccines to prevent or treat cancers and chronic infectious diseases.

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