VBL Therapeutics (NASDAQ:VBLT), a biotechnology company developing targeted medicines for cancer and immune-inflammatory diseases, today announced an organizational streamlining designed to reduce operating expenses and preserve capital. As a result, VBL will reduce its workforce by approximately 35%. As part of the cost cutting initiatives, Dr. Ron Cohen, Dr. Bennett Shapiro and Ms. Alison Finger resigned from the board of directors, effective August 1, 2022.
“I would like to express my sincere thanks to our employees who are being affected by this decision,” said Prof. Dror Harats, M.D., chief executive officer of VBL Therapeutics. “We are grateful for their dedication and contributions to our efforts to bring a new treatment to cancer patients in need. This is a necessary step we must take in order to streamline operations, secure our financial position and execute on our plan. I would also like to thank our outgoing board members Ron, Ben and Alison for their service to VBL.”
VBL estimates that it currently has sufficient cash on hand to fund planned operations for at least the next 12 months.
