Dynavax Technologies said that as part of a restructuring plan it will focus resources on its hepatitis B vaccine Heplisav-B and explore strategic alternatives for its immuno-oncology portfolio. The company added that it will also cut around 37 percent of its current US workforce, while CEO Eddie Gray will retire as of August 1.
Heplisav-B gained FDA approval in 2017 for the prevention of infection caused by all known subtypes of hepatitis B virus in adults. Gray remarked "Heplisav-B, which, as the only two-dose hepatitis B vaccine, is gaining market share and is well positioned to become the new standard of care in the US."
The executive added that "we plan to curtail further investment in our immuno-oncology portfolio and will seek strategic alternatives for these programmes." Dynavax said it is also "assessing additional opportunities to leverage its 1018 adjuvant, as well as evaluating other opportunities for growth."
According to Dynavax, the affected positions, which total around 82, are mainly related to research and clinical development for the immuno-oncology programmes, as well as general and administrative functions.
Meanwhile, the board will consider both internal and external candidates in its search for the company’s next CEO. The board also created an interim office of the president and has appointed David Novack, currently senior vice president of operations, and Ryan Spencer, who serves as senior vice president for commercial, as co-presidents, effective immediately.
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