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Anthrax Vaccines
VaxGen Further Restructures to Preserve Cash as It Pursues Strategic Initiatives
October 5th, 2007
VaxGen Inc. (Pink Sheets: VXGN) announced further cost-cutting measures consistent with its continuing commitment to align its cost structure with its pursuit of strategic initiatives. VaxGen is reducing its workforce from 61 to 27 employees, which the company expects will lower its monthly cash expenditures used in operating activities to $1.4 million. The company will incur a restructuring charge of approximately $1.1 million in connection with this action. The terminations include executive officer Lance Ignon, Vice President of Corporate Affairs. This is VaxGen's third restructuring since the U.S. Department of Health and Human Services (HHS)...
Source: Health Business Week (2007-10-05)
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