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Vical Incorporated
Vical Announces Strategic Restructuring and Staff Reduction
December 3rd, 2008
Vical Incorporated (NASDAQ:VICL) announced a strategic restructuring including a staff reduction of 29 employees, approximately 20% of the company's total workforce, and accelerated closure of a research facility. Following the restructuring, the company will have approximately 120 employees and expects to reduce future net losses and cash burn by approximately $4 million annually. The restructuring is designed to preserve capital and focus the company's efforts on its most advanced product development programs: its Allovectin- 7(R) immunotherapeutic currently in a pivotal Phase 3 trial in patients with advanced metastatic melanoma, and its DNA vaccine for...
Source: Vaccine Weekly (2008-12-03)
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