VBI Vaccines Announces Cost Cutting Measures, Reverse Stock Split

VBI Vaccines Inc VBIV plans to focus 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.
The company will reduce its internal workforce by 30-35% – a reduction expected to begin in April and be complete by the end of June 2023.
VBI also expects its operating expenses from normal business to be 30-35% lower in the second half of 2023 than in the second half of 2022.
Additionally, Christopher McNulty, VBI's current CFO, Head of Business Development, and director, will resign effective April 10, 2023.
VBI Vaccines has appointed Nell Beattie, its current Chief Business Officer, as the new CFO and Head of Corporate Development.
VBI's Board of Directors approved a 1-for-30 reverse stock split of its issued and outstanding common shares to be effective as of 12:01 AM on Wednesday, April 12, 2023
PreHevbrio generated net product sales of $0.9 million in 2022, following the U.S. launch at the end of Q1 2022.
Initial Phase 2 data, announced in February 2023, suggest VBI-2601 in combination with BRII-835 induced stronger anti-hepatitis B surface antigen (HBsAg)-specific T-cell and antibody responses compared to the siRNA alone.
Additional data from this combination study expected to be announced later in 2023.
Price Action: VBIV shares are down 45.98% at $0.16 on the last check Tuesday.