Navigation Links
VaxGen Further Restructures to Preserve Cash as It Pursues Strategic Initiatives
Date:9/13/2007

SOUTH SAN FRANCISCO, Calif., Sept. 13 /PRNewswire-FirstCall/ -- VaxGen Inc. (Pink Sheets: VXGN) today announced further cost-cutting measures consistent with its continuing commitment to align its cost structure with its pursuit of strategic initiatives.

(Logo: http://www.newscom.com/cgi-bin/prnh/19991112/VAXGENLOGO)

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) cancelled the company's contract to provide a modern anthrax vaccine for civilian biodefense in December 2006.

"Throughout this year we have retained only those resources that management felt could build value for our shareholders, either because they enhanced our ability to complete a strategic transaction or they were required to meet essential business objectives," said James P. Panek, VaxGen's President and CEO. "Based on our understanding of the nature and structure of such potential transactions, we are now able to take this further restructuring action. We remain optimistic about completing a strategic transaction and are in various stages of discussions with a variety of companies."

VaxGen has retained key resources necessary to support its pursuit of strategic transactions, including key scientific personnel for technical due diligence. The company has also retained people associated with the company's financial reporting obligations to the Securities and Exchange Commission. "These are not easy decisions, especially when you are talking about letting go of many ta
'/>"/>

SOURCE VaxGen, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Page: 1 2

Related biology technology :

1. A Further Step in Understanding Apoptosis Direct Detection of PARP Cleavage
2. OpGen recruits CEO to further gene-mapping business
3. Better collaboration urged to further Wisconsin biotech
4. Johnson Controls jumping further into hybrid-vehicle battery world
5. Preserve Samples for RNA Expression Microarrays RNAlater Around the World
6. RNAlater Preserves Bacterial Gene Expression Profiles for Array Analysis
7. Genomic DNA Preparation from RNAlater Preserved Tissues
8. QBIs PreserveX product passes initial test
9. Technology and mergers: Getting the strategic applications
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/31/2015)... Research and Markets ( http://www.researchandmarkets.com/research/53wxp3/israel_biomedical ) has ... Market - Growth, Trends & Forecasts (2014-2020)" report ... Sensors market is estimated at $0.19 billion by 2018 ... The near future will bring biomedical sensors ... individual. These sensors can be set to trigger alerts ...
(Date:8/31/2015)... Aug. 31, 2015 /PRNewswire/ - Portage Biotech Inc. ("Portage" ... PBT.U), is pleased to announce that its wholly owned ... lead candidate, PPL-003, to an Investigational New Drug (IND) ... and uveitis.  PPL recently completed a study in a ... solution achieved highly significant efficacy and a more rapid ...
(Date:8/31/2015)... SHANGHAI , Aug. 31, 2015 ... developing next-generation antibiotics, today announced positive top-line results ... its lead drug candidate MRX-I. MRX-I is an ... such as MRSA and VRE, while offering physicians ... option than currently available oxazolidinone agents. ...
(Date:8/31/2015)... Trimb Healthcare AB ("Trimb") today announced that it has ... a Dutch OTC company with operations in key European ... 16 million, with solid growth and leading brands in ... build a leading international OTC company, and this acquisition ... us a stronger North European OTC platform, from which ...
Breaking Biology Technology:Israel Biomedical Sensors Market 2015 - Growth, Trends & Forecasts to 2020 2Portage's PPL will advance its lead candidate PPL-003 to an IND for dry eye disease and uveitis 2Portage's PPL will advance its lead candidate PPL-003 to an IND for dry eye disease and uveitis 3MicuRX Reports Positive Top-Line Results In Phase 2 Clinical Trial For Novel Antibiotic MRX-I In Complicated Skin And Soft Tissue Infections 2
... tech-savvy workers and managers for Wisconsins knowledge-based economy ... will require partnerships between business, education and government ... K-through-gray learning spectrum. , ,The latest example of ... UW-Stout to streamline transfer of credits for technical ...
... HR executives in London, UK. The participants were managers ... multinational firms. The subject of discussion was agile resourcing ... the workforce more flexible. The goal of agile resourcing ... the right people, with the right skills, in the ...
... Wingra Technologies announced Tuesday its release ... of software tools that automates the migration of server ... , ,Earlier versions of GroupWise Migrator for Exchange ... and personal distribution lists from GroupWise to Exchange. The ...
Cached Biology Technology:Higher ed cooperation will produce more skilled workers for Wisconsin 2Higher ed cooperation will produce more skilled workers for Wisconsin 3Stuck in Talent Gridlock 2Stuck in Talent Gridlock 3Wingra Technologies releases new e-mail-message migration software 2
(Date:8/18/2015)... , Aug. 18, 2015  Navitas today ... contributor to the Submission Content Management webinar ... a non-profit forum. Dedicated to the Implementation of ... neutral platform for industry, vendors, health authorities, ... and work towards a standard method of ...
(Date:8/12/2015)... CORAL SPRINGS, Florida , August 12, 2015 /PRNewswire/ ... globally, the pace of mobile payment innovation and advanced ... continues to replace the way consumers rely on using ... forges ahead with reinventing the future for payment services ... Inc. (NASDAQ: NXTD ), :  Google, Inc. (NASDAQ: ...
(Date:8/10/2015)... , August 10, 2015 ... Eye Tracking Technology for more than two decades, announces ... for integration into all consumer display formats. The SMI ... integration of eye tracking into consumer tablets, laptops, desktop ... smart glasses. Omnivision,s leading sensor technology contributes to the ...
Breaking Biology News(10 mins):Navitas, a Key Contributor in IRISS Forum Webinar 2Navitas, a Key Contributor in IRISS Forum Webinar 3Digital Wallet Devices & Mobile Payment Management Services Gain a Distinct Advantage in the Digital Payment Evolution as Demand Continues to Grow 2Digital Wallet Devices & Mobile Payment Management Services Gain a Distinct Advantage in the Digital Payment Evolution as Demand Continues to Grow 3Digital Wallet Devices & Mobile Payment Management Services Gain a Distinct Advantage in the Digital Payment Evolution as Demand Continues to Grow 4Digital Wallet Devices & Mobile Payment Management Services Gain a Distinct Advantage in the Digital Payment Evolution as Demand Continues to Grow 5Digital Wallet Devices & Mobile Payment Management Services Gain a Distinct Advantage in the Digital Payment Evolution as Demand Continues to Grow 6SMI Completes OEM Eye Tracking Platform to Cover All Consumer Displays 2SMI Completes OEM Eye Tracking Platform to Cover All Consumer Displays 3
... edition of Environmental Health Perspectives reports that during the past ... year in the U.S. and Japan. In a review of ... found significantly fewer boys being born relative to girls in ... fetuses that die are male. They note that the decline ...
... forests of Cambodia, conservationists from the Wildlife Conservation Society ... colony of slender-billed vultures, one of the world's ... forested country just east of the Mekong River in ... of the only known slender-billed vulture nesting areas in ...
... they had already eaten -- in this case, leftover chicken-wing ... no such environmental cues, finds a new Cornell study. , ... a table where leftover bones accumulated compared with those whose ... women. , "The results suggest that people restrict their ...
Cached Biology News:Pitt study notes decline in male births in the US and Japan 2Cambodian vulture nests offer hope for species 2
Abgene's ALTO-8 is the first automated decapper/capper for Abgene Twist-Lock tubes....
Request Info...
... bank refrigerators: ,Each upright model provides ... 4C temperature uniformity for refrigerated blood. The ... Surveillance Module for complete blood storage monitoring. ... equipped with the HemaPro 101 alarm/monitor. All ...
... BR4i refrigerated multifunction centrifuges are equally capable of ... low sound level with a large range of ... rotor exchange system without tools ensures that the ... Instant rotor exchange (5 sec.) ...
Biology Products: