Poniard recovers on Phase II picoplatin results

One day after it announced disappointing results from a Phase III lung cancer trial of picoplatin, Poniard Pharmaceuticals (PARD) reported that the drug achieved its primary endpoint in a Phase II metastatic colorectal cancer study. The news sent the company's shares, which had dropped precipitously, up 36 percent.

The Phase II results showed that the drug was comparable to Eloxatin, an approved chemotherapy marketed by Sanofi-Aventis. The company also revealed positive results from a Phase I cardiac safety study of picoplatin. "Based on the current data in colorectal cancer, as well as encouraging efficacy and safety data from more than 1,100 cancer patients treated with picoplatin in clinical trials, including the cardiac safety trial data presented today, we are continuing discussions with potential partners," Jerry McMahon, Poniard's chairman and CEO, says in a statement.

- check out Poniard's release
- see the story from Reuters