Poniard Pharmaceuticals Announces Licensing Agreement for Focal Adhesion Kinase Technology

Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) announced today that it has entered into a licensing agreement with an undisclosed party for rights to Poniard's focal adhesion kinase technology, including a preclinical candidate that is a selective small molecule inhibitor of FAK.

Under terms of the agreement, Poniard granted the licensee worldwide rights for the development and commercialization of any FAK-related products, including the preclinical candidate, in exchange for an upfront cash payment of $250,000, milestone payments and other considerations, as well as royalty payments on net sales of any products covered by the license. The licensee is responsible for all costs related to further development and commercialization.