Officials with Gaithersburg-based Novavax Inc. said Wednesday they will lay off 30 percent of their workforce as they scramble to rework the company’s pipeline following a failed phase 3 clinical trial of its lead respiratory syncytial virus vaccine candidate for older adults.
During a third-quarter earnings call Wednesday, CEO Stanley Erck told shareholders the company will focus on its RSV vaccine for infants via maternal immunization. The company is also working to re-examine its RSV vaccine candidate for older adults in a phase 2 clinical trial and is investing in building up a Zika virus vaccine candidate.
“We have identified a clear path forward that we expect will provide us with important clinical data throughout 2017 and protect liquidity,” Erck said. “We have the balance sheet to execute this plan. We have resized our organization consistent with this plan and look forward to reporting data from these programs in 2017. We continue to have great confidence in our platform…
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