Counting its remaining cash, Vical axes 40 staffers and circles wagons around two Phase II assets
Just days after Vical $VICL and its partners at Astellas announced that their late-stage study of the CMV vaccine ASP0113 had failed badly, the San Diego-based biotech is axing more than half of its staff and circling the wagons around its remaining clinical-stage assets.
The biotech reports that it is laying off 40 out of 74 staffers in the painful restructuring, which comes a little more than a week after the trial flop. All the remaining efforts around ASP0113 are being terminated as well. Vical execs say they should have enough cash in the bank to pay for development work through 2019.
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