Novavax to Cut Workforce by 30%By
Novavax, a Gaithersburg, Maryland-based clinical-stage vaccine company, has announced a restructuring plan that includes an immediate reduction in its workforce of approximately 30%. The company expects to incur one-time restructuring costs of approximately $3 million to $4 million, including severance expenses, in the fourth quarter of 2016.
In addition, the company’s management has initiated expense-reduction measures relating to pre-commercialization activities, capital equipment investments, project-specific and general research and development, and general and administrative expenses.
In September 2016, the company announced that its RSV F-protein recombinant nanoparticle vaccine candidate (RSV F Vaccine) failed to meet the primary endpoint in a Phase III clinical trial.