Vical Restructures and Reduces Staff - - BioPharm International

ADVERTISEMENT

Vical Restructures and Reduces Staff



The biopharmaceutical company, Vical is restructuring which includes a staff reduction of 47 employees, or approximately 39% of the company's total workforce. Following the restructuring, the company will have approximately 74 employees. In addition, the company is focusing its resources on its infectious disease vaccine programs and terminating activities related to Allovectin, the company's investigational cancer immunotherapy which recently failed to meet its Phase III efficacy endpoints.

The company expects restructuring charges of approximately $2.2 million in the third quarter of 2013. Vical’s currently available cash and investments will be adequate to satisfy its needs at least through 2015, according to the company.

Source: Vical

blog comments powered by Disqus

ADVERTISEMENT

ADVERTISEMENT

AbbVie/Shire Deal Officially Off
October 20, 2014
Amgen Sues Sanofi and Regeneron over Patent for mAb Targeting PCSK9
October 20, 2014
EMA Works to Speed Up Ebola Treatment
October 20, 2014
Lilly to Close Manufacturing Facility in Puerto Rico
October 17, 2014
BioReliance Introduces New Predictive Assays
October 17, 2014
Author Guidelines

Click here