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Restructuring

VaxGen restructures to reduce spending, names James Panek CEO after Lance Gordon resigns

Published in Vaccine Weekly, February 7th, 2007

VaxGen Inc. (VXGN.PK) announced that it has restructured the company to reduce operating costs and is pursuing avenues to enhance shareholder value through a strategic transaction.

The company also announced that Lance K. Gordon, PhD, has resigned as VaxGen's president, CEO and executive director. He will remain as an adviser to the company. VaxGen's board of directors unanimously appointed James P. Panek, VaxGen's executive vice president, as the company's new president and CEO and appointed him to fill the board vacancy left by Gordon.

VaxGen has retained Lazard to advise the company in exploring strategic alternatives. The process is being...

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