After calling off Poniard merger, Allozyne "redistributing" staff

Just before the Christmas break, Allozyne called off its attempt to go public by merging with Poniard, a public company in San Francisco that has seen its share price eviscerated over the course of 2011. Yesterday Poniard CEO Ronald Martell resigned, along with four board members, as the executive team took over scrutinizing its remaining options. And Xconomy reports that the Seattle-based Allozyne has let go some of its scientific staff. Allozyne CEO Meenu Chhabra, though, told Xconomy that the biotech has been "redistributing the talent" ahead of a Phase III study. Story

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