Navigation Links
VaxGen Restructures Following Termination of Proposed Merger
Date:4/9/2008

SOUTH SAN FRANCISCO, Calif., April 9, 2008 /PRNewswire-FirstCall/ -- VaxGen, Inc. (OTC Bulletin Board: VXGN), a biopharmaceutical company, announced that the Company has initiated a restructuring to minimize expenses following the termination of the proposed merger between VaxGen and Raven biotechnologies, inc. VaxGen has moved to terminate the staff which it had retained in anticipation of the needs of the merged company. As a result, VaxGen will be terminating approximately 75% of its remaining staff of 22 persons, including Matthew Pfeffer, the Company's CFO and Senior Vice President of Finance and Administration.

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

"It is quite unfortunate that VaxGen must now terminate so many of our most capable and loyal staff, including Matt Pfeffer," said James P. Panek, VaxGen President and CEO. "Matt's performance since joining VaxGen in 2006 has been nothing short of outstanding. His talents, both as CFO and as a senior leader, became increasingly obvious as he brought VaxGen current with its financial filing obligations, worked to reduce expenditures and financial liabilities, and contributed notably to our pursuit of strategic initiatives."

"My tenure at VaxGen, while filled with many challenges, has also been marked by many successes and opportunities to work with many remarkable colleagues," said Matthew Pfeffer. "With VaxGen's financial filing obligations now current and the scope of its business greatly reduced, I am confident that VaxGen can ably fulfill all required financial and administrative responsibilities in my absence."

VaxGen's near term plan of action is quite straightforward: reduce staffing and expenses to reflect the realities of not merging with Raven; continue our efforts to sell the Anthrax vaccine program and manufacturing facility, and deal as best we can with our lease obligations; and importantly, reconfigure our board to deal with the future course of the Company. VaxGen is speaking with a number of its largest stockholders in order to get their input, including suggestions for potential new board members, and will be completing this reconfiguration process as expeditiously as possible.

About VaxGen

VaxGen is a biopharmaceutical company based in South San Francisco, California. The company owns a state-of-the-art biopharmaceutical manufacturing facility with a 1,000-liter bioreactor that can be used to make cell culture or microbial biologic products. 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, including statements regarding restructuring of VaxGen, the reconfiguration of its Board of Directors and its continuing efforts to divest assets. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Additional information concerning these and other risk factors is contained in VaxGen's Annual Report on Form 10-K for the year ended December 31, 2007. 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©2008 PR Newswire.
All rights reserved

Related medicine news :

1. VaxGen Provides Updates and Encourages Stockholders to Vote In Favor of Proposed Merger With Raven
2. VaxGen and Raven biotechnologies Announce Signing of Definitive Merger Agreement
3. Pharmos Restructures Operations in Israel
4. The Quantum Group Announces Increased Patient Enrollment Following Medicare Advantage Open Enrollment Period
5. New York City Staffing Company Charged With Violating H-1B Program Following U.S. Labor Department Finding Almost $3 Million in Back Wages Due 156 Workers
6. Following School Suicide, National Childrens Charity Issues Tips and Free Resources to Help Prevent 3rd Leading Cause of Death Among Youth
7. Heart attack rates fall following national smoking bans
8. Reynolds American Subsidiary to Receive Payment Following Gallaher Joint-Venture Termination
9. Natural Nutrition Announces Effectiveness of Forward Split of Common Stock Following 2007 Record Revenue Year
10. Surgical site infections more common than expected following breast procedures
11. Uninsured More Likely to Die From Cancer Following Diagnosis
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... ... February 05, 2016 , ... Love is in the air ... variety of colors, assortments and packaging. This staple for Valentine’s Day is a must-have, ... , For Valentine’s Day, not only are long-stem roses available, but also other ...
(Date:2/5/2016)... ... February 05, 2016 , ... The Muscular Dystrophy Association and ... launched the 14th annual “Appetite for a Cure” campaign on Feb. 1 to ... and related diseases that severely limit strength and mobility. , Now through ...
(Date:2/5/2016)... Miami, Florida (PRWEB) , ... February 05, 2016 ... ... largest non-profit organization devoted exclusively to funding innovative lymphoma research and serving the ... services – is poised to once again host, Swirl, A Wine Tasting Event ...
(Date:2/5/2016)... ... ... Give To Cure today announced that it is working with ... Cure’s campaign that is crowdfunding clinical trials to help find cures faster for Alzheimer’s ... smart device. In 2015 alone, Venmo processed $7.5 billion in transactions among users. , ...
(Date:2/5/2016)... ... February 05, 2016 , ... Stuart Bentkover, MD, FACS is ... to provide the most effective tattoo removal today, Dr. Bentkover is the only doctor ... by Cynosure, the PicoSure has been approved by the Food and Drug Administration (FDA) ...
Breaking Medicine News(10 mins):
(Date:2/5/2016)... Site Profile: --> Site ... People, announced their latest primary healthcare case study where speech recognition ... and to save the practice money. Site Profile: ... Challenge: --> ,- Wirral CCG ,- VoicePower client since ... Wirral CCG ,- VoicePower client since 2013 Challenge: ...
(Date:2/5/2016)... Feb. 5, 2016 ... the "Global Obstetrics Partnering 2010-2016: Deal ... to their offering. --> http://www.researchandmarkets.com/research/hcdvg6/global_obstetrics ... "Global Obstetrics Partnering 2010-2016: Deal trends, ... their offering. --> Research and ...
(Date:2/4/2016)...  Edwards Lifesciences Corporation (NYSE: EW ), the ... and critical care monitoring, announced today that it has ... Morgan Stanley & Co. LLC to repurchase $325 million ... the Company,s previously authorized program to repurchase up to ... --> --> Under the ...
Breaking Medicine Technology: