Issue Date: January 15, 2007
VaxGen restructures after contract loss
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.
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