Oral vaccine player lays off 27% of staff as it shelves Covid work
After spending much of the past few years touting its experimental Covid-19 vaccine pill, Vaxart is pulling back and shelving all further trials.
It has laid off 27% of its staff, which was 164 employees at the end of 2022, in a bid to preserve cash and is prioritizing the norovirus program moving forward. The move is expected to extend its cash runway into mid-2024.
News of layoffs has dominated biotech headlines in recent months as execs, facing a funding crunch, look for ways to make their money last longer. Endpoints News‘ Kyle LaHucik first reported Vaxart’s reduction in headcount in March, although the biotech declined to detail the numbers back then.
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