Issue Date: March 30, 2009
Cortex And Poniard Cut Their Workforces
Cortex Pharmaceuticals is restructuring its operations and halving its workforce of about 30. To increase its available cash, the company has also reduced the salaries of its executives and is exploring licensing, partnering, and other business options. It will focus on developing CX717 for opioid-induced respiratory depression and CX1739 for sleep apnea while scaling back its early-stage programs. Meanwhile, Poniard Pharmaceuticals is directing its resources toward its late-stage oncology candidate, picoplatin. It has discontinued preclinical research and trimmed its workforce by about 12%, or eight employees.
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