Proactive Investors - Run By Investors For Investors

Dynavax announces layoffs, floats selloff of immuno-oncology arm

The biopharmaceutical company is cutting 82 positions, roughly 37% of its workforce
placeholder
As part of the transition, CEO Eddie Gray announced he would step down

Dynavax Technologies Corporation (NASDAQ:DVAX) shares stumbled Friday after the company announced layoffs and teased plans to sell off its immuno-oncology portfolio late Thursday.

The biopharmaceutical company is cutting 82 positions, roughly 37% of its workforce. The move, coupled with the decision to explore strategic alternatives for its immuno-oncology portfolio, is an effort to prioritize the company’s approved Hepatitis B vaccine, its first commercial product. ‘

Its stock climbed more than 8% early in the Friday session but swiftly reversed course, dropping 7.6% to $5.86.

“Following a comprehensive analysis of our assets, strengths and opportunities, we have determined we should focus our resources on our approved vaccine, HEPLISAV-B,” CEO Eddie Gray said. “As a result, the board and management have made the difficult decision to reduce our workforce. We want to express our deepest appreciation to our employees for their invaluable contributions.”

As part of the transition, Gray announced he would step down. The company named David Noack and Ryan Spencer as interim co-presidents as the company searches for a new CEO. Novack and Spencer serve as vice presidents of operations and commercial, respectively.

Dynavex is a company focused on using the body’s innate immune responses to develop vaccines. It launched HEPLISAV-B in February 2018 after receiving approval from the US Food and Drug Administration.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

View full DVAX profile View Profile

Dynavax Technologies Timeline

Related Articles

Pictured is the company's myLotus test
May 15 2019
Here we take a closer look at testing firm Concepta PLC (LON:CPT)
Nemaura Medical Inc CEO Dr Faz Chowdhury
November 05 2018
The medtech company is eying explosive growth with sugarBEAT, on the cusp of launching in the UK, followed by the rest of Europe in 2018
Social media use
April 18 2019
Social first has allowed sites like UNILAD to amass a huge audience with very little capital injection, but what is social first publishing and how is it changing the nature of content and advertising?

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use