Poniard Pharmaceuticals Inc. (PARDD) Thursday reported the termination of its agreement to merge with privately-held Allozyne Inc. on the grounds that the company formed from the merger would not qualify for listing on the Nasdaq Capital Market, thus failing to meet one of the conditions spelled out in the merger agreement. The original agreement was announced June 22, 2011.
The agreement between the two companies anticipated the creation of a combined company named Allozyne Inc. Further, the proposed listing would have required Poniard Pharma to conduct a reverse stock split in order to obtain Nasdaq compliance.
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