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
