VBI Vaccines Inc. has recently announced that it will be focusing its efforts and resources on treatments related to hepatitis B. The company will be reorganizing their operation to cut down costs and personnel. This will involve a reverse split of the stocks, with a 1-for-30 ratio. This new plan is going to be implemented on April 12th. Furthermore, VBI Vaccines will be reducing their headcount and staff to save more costs by the end of June.
Jeff Baxter, the CEO of VBI Vaccines Inc., said in a statement that the new measures are part of the company’s efforts to fight against hepatitis B. Furthermore, the chief financial officer Christopher McNulty will step down from his role on April 10th, and will be replaced by Nell Beattie, currently the organization’s Chief Business Officer.
VBI Vaccines, Inc. is a company based out of Cambridge, Massachusetts which focuses on developing and manufacturing vaccines to combat and prevent serious diseases. Their goal is to develop revolutionary treatments, delivery methods, and ultimately, to save and improve lives. They have a strong commitment to their partners and customers, also aiming to develop enduring relationships with them.
Christopher McNulty, the CFO that is stepping down, has been part of the team leading VBI Vaccines, Inc.’s financial strategy since the start of 2019. He has a vast experience in corporate finance, especially with regards to the healthcare sector. Mr. McNulty has pushed the boundaries to find creative ways to organize the financial structure for VBI Vaccines, Inc. Always aware of the latest market trends, Mr. McNulty has been instrumental in leading renewed financial strategies for the company.
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