UPDATE 1-Poniard cuts half of workforce; names new CEO

* To cut jobs by about 57 pct

* To take $1 mln charge in Q1 2010

* Names new CEO

* Shares down more than 5 pct

Feb 3 (Reuters) - Drug developer Poniard Pharmaceutical Inc PARD.O said it would cut more than half of its workforce to focus resources on the development of its key cancer drug picoplatin. Poniard also named Ronald Martell its new chief executive officer, succeeding Jerry McMahon, who held the post for about six years.

Poniard expects to incur a charge of $1 million related to the job cuts, which brings the company's total number of employees to 21, in the first quarter of 2010.

The company expects to cut operating expenses by $4 million in 2010.

The company has been trying to find a partner to market picoplatin to treat lung cancer, an indication in which the drug failed a late-stage study in November 2009.

Further development of the drug to treat colorectal cancer and prostate cancer were also pegged on the partnership, which would have funded the late-stage studies of picoplatin in the two other cancer types.

Shares of the South San Francisco, California-based company were down more than 5 percent at $1.73 Wednesday afternoon on Nasdaq.

(Reporting by Vidya L Nathan in Bangalore; Editing by Aradhana Aravindan)