Poniard Pharmaceuticals says it will take a look at "strategic alternatives" for the developer's preclinical development program, a decision that triggered the departure of Dr. David Karlin, the head of clinical development. Poniard also said that CFO Caroline Loewy was leaving to take another position.
Poniard didn't spell out what kind of alternatives it had in mind for the preclinical program, but specified that the company plans to focus on commercializing picoplatin, a tumor treatment. Picoplatin will conclude a late-stage trial for small cell lung cancer next year and Poniard hopes to start selling it in 2010.
The San Francisco Business Times notes that Poniard's move comes at a time a host of small and mid-sized biotech companies are looking to strengthen their balance sheets and cut expenses. Poniard drew down a $20 million line of credit last fall.
- here's Poniard's release
- read the story from the San Francisco Business Times
ALSO: Poniard inked a manufacturing deal with Baxter Oncology for picoplatin. Report