Poniard Pharmaceuticals Inc. is a company working on medicine to treat cancer. The company is currently working on its key cancer drug picoplatin. This drug is very expensive and requires Poniard to cut about half of its work force, to focus more intently on the drug. The company will reap $1 million by cutting most of its work force, leaving it with only 21 employees. This change will take place on Friday, February 5, 2009. Part of Poniard Pharmaceuticals’ desire is to partner with another company to help promote their drug, but this is intangible due to a failed drug test in November 2009.
