Drug and vaccine developer GenVec announced today that it is reducing its headcount to keep costs in control. Twenty-two positions will be eliminated, leaving the company with 101 employees. Additionally, GenVec will also be lowering its operating costs to conserve cash and become more operationally efficient. "We are also focusing on reducing overhead expenses and discretionary spending," said CFO Douglas Swirsky in a statement. The cost-cutting measures will provide GenVec with 18 to 24 months of operating capital.
GenVec's lead drug candidate is TNFerade, which is in Phase III trials for advanced pancreatic cancer, with full results anticipated in 2010. The company said it will will continue efforts to increase revenues through additional collaborations, including a partnership on TNFerade. "These cost reductions will allow us to continue the development of TNFerade as we explore partnership opportunities for the program," noted Swirsky.
- see GenVec's release
ALSO: Australia's Tyrian Diagnostics has cut the number of staff in the R&D and technology development areas of the company. The cuts are part of Tyrian's efforts to focus on diagnostics activities. The company has reduced its headcount by 17 since June 2008, from 42 to 25, including positions lost from the closure of its therapeutics business in Boston. Release