VBI Vaccines to reduce workforce by 30%-35%, announces CFO resignation

VBI Vaccines announced plans to focus the company’s efforts on the fight against hepatitis B, or HBV, concentrating on broadening access to VBI’s FDA-approved 3-antigen HBV vaccine for adults, PreHevbrio Hepatitis B Vaccine Recombinant, and advancing its HBV immunotherapeutic candidate, VBI-2601, which has the potential to be part of a functional cure regimen for chronic HBV patients. As part of this commitment, the company intends to reduce its internal workforce by 30%-35%, a reduction which is expected to begin in April and complete by the end of June. As a result of this and other reductions in spend, VBI also expects its operating expenses from normal business to be 30%-35% lower in the second half of 2023 as compared with the second half of 2022. Additionally, by mutual agreement, Christopher McNulty, VBI’s current CFO will resign from the company and the board of directors effective April 10. In his place, the company and its board of directors have appointed Nell Beattie, VBI’s current chief business officer, as the new CFO and head of corporate development. Beattie has also been elected to VBI’s board.