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Poniard
Pharmaceuticals, Inc.
PARDD today announced that Poniard
and Allozyne, Inc. have mutually agreed to terminate the Agreement
and Plan of Merger and Reorganization dated June 22, 2011. The
termination follows the parties' determination that the common stock
of the combined company resulting from the proposed merger will not
qualify for listing on The Nasdaq Capital Market, which is a
condition to closing of the merger. Poniard's board of directors is
actively exploring alternatives for Poniard's business and assets.
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