HilleVax announces job cuts, shares fall

HilleVax

31/07/2024 22:14

** Shares of vaccine developer HilleVax  HLVX.O  fall 6% to
$1.72 after the bell  
    ** Co announces workforce reduction of about 41 employees,
or about 40% of its workforce, to reduce operating expenses 
    ** The job cuts are intended to preserve cash, as co
"explores the potential for continued development of its HIL-214
and HIL-216 norovirus vaccine candidates" 
    ** Co estimates that it will incur charges associated with
the workforce reduction of about $3.4 mln
    ** Expects that the reduction in force will be substantially
complete with the majority of related charges recognized in Q3
of 2024- HLVX 
    ** Shares of HLVX hit a record low in earlier the month
after it said it would discontinue development of  HIL-214 in
infants 
    ** Up to last close, stock down 88.5% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))