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news.Poniard Pharmaceuticals, a biopharmaceutical company, has discontinued its in-house preclinical research operations and reduced its workforce by approximately 12% or eight employees, effective March 31, 2009.
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The company has also announced that it will concentrate its cash resources on the clinical and commercial development of its late-stage oncology candidate, picoplatin. The company continues to evaluate strategic alternatives for its preclinical research programs.
Jerry McMahon, chairman and CEO of Poniard, said: “Concentrating our resources on advancing our lead product candidate, picoplatin, currently in Phase II and III clinical trials for the treatment of lung, colorectal and prostate cancers, supports our goal of commercializing picoplatin in 2010, initially for the treatment of small cell lung cancer.
“We believe these measures will bring us closer to near-term success and build shareholder value. I would like to thank the Poniard employees who have been affected by this change for their significant contributions to the company.”