In order to access the public markets, Allozyne, which specialises in conjugated protein therapeutics, has entered into a reverse merger agreement with cash-strapped Poniard Pharmaceuticals. The combined company will focus on advancing Allozyne’s development portfolio, which includes AZ01, a pegylated form of interferon beta for multiple sclerosis that could offer advantages in dosing. It will also seek a development partner for Poniard’s lead cancer drug, picoplatin, which failed to meet its primary end-point in a Phase III trial for advanced small-cell lung cancer.