VBI Vaccines Inc has announced its intend to cut its workforce by 30% to 35% as part of a restructuring, while shifting its focus to that of exploring the potential of a functional cure regimen for chronic hepatitis B patients with its VBI-2601 immunotherapeutic candidate. In order to gain compliance with Nasdaq’s continued listing requirements, the company is also implementing a reverse stock split of 1-to-30, which will reduce the number of shares outstanding to roughly 8.6 million.
Christopher McNulty, Chief Financial Officer and Head of Business Development to VBI Vaccines, will be leaving the company by mutual agreement next week. Nell Beattie, the company’s Chief Business Officer, has been appointed CFO and Head of Corporate Development in his place.
The restructuring is expected to reduce operating expenses from normal business by 30% to 35% in the second half of the year compared to last year. VBI plans to focus on broadening access to its FDA-approved three-antigen hepatitis B vaccine for adults, PreHevbrio. The restructuring was confirmed before of Tuesday’s market opening, and company’s stock fell 3.3% in premarket trading.
VBI Vaccines Inc is a biopharmaceutical company that was established in 2000. It is based in Cambridge, Massachusetts and currently has around 190 employees. It focuses on developing and commercializing innovative vaccines to address unmet needs in infectious disease and immune-oncology.
Christopher McNulty, VBI Chief Financial Officer and Head of Business Development, has played a key role in the company’s growth since he joined in 2008. He previously held positions in the finance departments of Bose Corporation, Autodesk and Visa USA. McNulty has also served as a board member for MassBio and Watertown Saving Bank.
