VBLT - Vascular Biogenics cuts 35% of workforce to save costs
- Israeli biotech Vascular Biogenics ( NASDAQ: VBLT ) announced an approximately 35% cut to its workforce on Tuesday as part of an initiative to reduce operating expenses and preserve capital.
- In conjunction with the cost cutting measures, directors, Dr. Ron Cohen, Dr. Bennett Shapiro and Ms. Alison Finger have resigned from the board effective Aug. 01, clinical-stage drug developer for cancer and immune-inflammatory diseases said.
- “This is a necessary step we must take in order to streamline operations, secure our financial position and execute on our plan,” Chief Executive Prof. Dror Harats remarked.
- Vascular Biogenics ( VBLT ) expects its cash runway will be adequate fund operations for at least next 12 months.
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Vascular Biogenics cuts 35% of workforce to save costs