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Business
VaxGen restructures after contract loss
January 15, 2007
| A version of this story appeared in
Volume 85, Issue 3
VaxGen plans to reduce spending and jobs after the Department of Health & Human Services canceled its $877.5 million contract to provide antianthrax vaccines. VaxGen has begun a restructuring that will cut its workforce by approximately 51% and decrease monthly expenses to less than $3 million. Lance K. Gordon has resigned as president, and Chairman Randall L-W. Caudill says VaxGen is "in early-stage discussions with several potential strategic partners." Despite the downsizing, VaxGen remains confident in the vaccine's eventual success and says it retains the ability to manufacture it.
The power is now in your (nitrile gloved) hands
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