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 talented and dedicated employees," Mr. Panek said. "In particular, Lance Ignon has tirelessly and competently fulfilled a variety of responsibilities during his more than seven years of service to VaxGen. Nonetheless, these staffing decisions are appropriate given the opportunities we are pursuing and the obligation we have to our shareholders."

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco, California. For more information, please visit the company's web site at http://www.vaxgen.com.

Note: This press release contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include without limitation, statements regarding the company's ability to reduce monthly cash expenditures used in operating activities and the possibility of selling or merging the company's remaining assets. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. VaxGen undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.


'/>"/>
SOURCE VaxGen, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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:6/23/2016)... ... June 23, 2016 , ... UAS LifeSciences, one of ... their brand, UP4™ Probiotics, into Target stores nationwide. The company, which has been ... Target to its list of well-respected retailers. This list includes such fine stores ...
(Date:6/23/2016)... Houston Methodist Willowbrook Hospital has signed ... to serve as their official health care provider. ... will provide sponsorship support, athletic training services, and ... volunteers, athletes and families. "We are ... and to bring Houston Methodist quality services and ...
(Date:6/23/2016)... SAN FRANCISCO , June 23, 2016   ... it has secured $1 million in debt financing from ... to ramp up automation and to advance its drug ... for its new facility. "SVB has been ... goes beyond the services a traditional bank would provide," ...
(Date:6/23/2016)... 23, 2016 Apellis Pharmaceuticals, Inc. today ... trials of its complement C3 inhibitor, APL-2. The ... ascending dose studies designed to assess the safety, ... injection in healthy adult volunteers. Forty ... a single dose (ranging from 45 to 1,440mg) ...
Breaking Biology Technology:
(Date:6/22/2016)... June 22, 2016   Acuant , ... verification solutions, has partnered with RightCrowd ® ... for Visitor Management, Self-Service Kiosks and Continuous ... that add functional enhancements to existing physical ... and venues with an automated ID verification ...
(Date:6/20/2016)... -- Securus Technologies, a leading provider of civil ... investigation, corrections and monitoring announced that after exhaustive ... the final acceptance by all three (3) Department ... (MAS) installed. Furthermore, Securus will have contracts for ... October, 2016. MAS distinguishes between legitimate wireless device ...
(Date:6/9/2016)... attendance control systems is proud to announce the introduction of fingerprint attendance control software, ... employees are actually signing in, and to even control the opening of doors. ... ... ... Photo - http://photos.prnewswire.com/prnh/20160609/377487 ...
Breaking Biology News(10 mins):