VBL Therapeutics announces job cuts, shares down

Notable Labs

02/08/2022 15:38

** Shares of cancer drug developer VBL Therapeutics  VBLT.O 
fall 3.6% to 22 cents in morning trading    
    ** VBL says it will reduce its workforce by ~35% as part of
cost-cutting initiatives; announces resignations of three board
directors  urn:newsml:reuters.com:*:nGNX2fbmv8
    ** Co had 41 employees, as of March 1, according to a
regulatory filing     
    ** VBL estimates that it has sufficient cash on hand to fund
planned operations for at least the next 12 months
    ** Stock has fallen ~90% since July 19 when co announced it
would stop the trial of its ovarian cancer treatment after it
did not meet its late-stage goals  urn:newsml:reuters.com:*:nL4N2Z03RZ


 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))