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VBI Vaccines Announces Cost Cutting Measures, Reverse Stock Split

VBI Vaccines Inc (NASDAQ:VBIV) plans to focus concentrating on broadening access to VBI’s FDA-approved 3-antigen HBV vaccine for adults, PreHevbrio [Hepatitis…
byVandana Singh
April 4, 2023
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  • VBI Vaccines Inc (NASDAQ: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.
 
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