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

FDA Approves Pfizer's Trumenba for the Prevention of Meningitis B
October 30, 2014
EMA: Extrapolation Across Indications for Biosimilars a Possibility
October 30, 2014
Bristol-Myers Squibb Announces Agreement to Acquire HER2-Targeted Cancer Treatment
October 29, 2014
Contract Research and Manufacturing Organization Paragon Bioservices Raises $13 Million
October 28, 2014
Yale and Gilead Extend Sequencing Initiative
October 28, 2014
Author Guidelines

Click here