Poniard Pharmaceuticals is cutting more than half its workforce so it can save money and continue clinical trials on its new cancer drug.
Poniard, which currently has a staff of about 50 divided between San Francisco and Seattle, will eliminate about 28 positions effective Friday. The moves are expected to save about $4 million and should keep the company solvent through mid-year, according to Business Journals.
Poniard is hoping to find an investor to bankroll a Phase III trial of its cancer-treatment drug Picoplatin. Phase II concluded with mixed results, but company officials said long-term investors remain behind the product.
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